- ISIN
- US74933W4868
- Issuer
- US Benchmark Series
- Inception Date
- Aug 8, 2022
- Region
- North America (U.S.)
- Category
- Government Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $431M
Share Price Chart
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Performance
UTWO Performance Chart
US Treasury 2 Year Note ETF (UTWO) is up 0.2% since the beginning of the year. UTWO is currently trading at $48 per share.
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Returns By Period
US Treasury 2 Year Note ETF (UTWO) has returned 0.22% so far this year and 2.87% over the past 12 months.
US Treasury 2 Year Note ETF
- 1D
- -0.29%
- 1M
- 0.03%
- YTD
- 0.22%
- 6M
- 0.37%
- 1Y
- 2.87%
- 3Y*
- 3.81%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
UTWO Monthly Returns History
Based on dividend-adjusted daily data since Aug 9, 2022, UTWO's average daily return is +0.01%, while the average monthly return is +0.24%. At this rate, an investment would double in approximately 24.1 years.
Historically, 70% of months were positive and 30% were negative. The best month was Mar 2023 with a return of +1.7%, while the worst month was Sep 2022 at -1.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, UTWO closed higher 51% of trading days. The best single day was Mar 13, 2023 with a return of +1.1%, while the worst single day was Mar 16, 2023 at -0.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.17% | 0.54% | -0.46% | 0.10% | 0.08% | -0.21% | 0.22% | ||||||
| 2025 | 0.39% | 0.68% | 0.46% | 0.83% | -0.29% | 0.55% | -0.15% | 0.88% | 0.25% | 0.35% | 0.43% | 0.32% | 4.79% |
| 2024 | 0.37% | -0.47% | 0.28% | -0.41% | 0.71% | 0.53% | 1.14% | 0.93% | 0.75% | -0.68% | 0.29% | 0.22% | 3.71% |
| 2023 | 0.58% | -0.86% | 1.65% | 0.21% | -0.51% | -0.57% | 0.20% | 0.42% | -0.12% | 0.31% | 0.97% | 1.15% | 3.45% |
| 2022 | -0.20% | -1.05% | -0.23% | 0.47% | 0.17% | -0.84% |
Benchmark Metrics
US Treasury 2 Year Note ETF has an annualized alpha of 2.96%, beta of -0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since August 09, 2022.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (7.84%) than losses (0.15%) - typical of diversified or defensive assets.
- Beta of -0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.96%
- Beta
- -0.00
- R²
- 0.00
- Upside Capture
- 7.84%
- Downside Capture
- 0.15%
Expense Ratio
UTWO has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
UTWO ranks 73 for risk / return — better than 73% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UTWO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 2.65 | +0.56 |
| Martin ratioReturn relative to average drawdown | 11.39 | 11.88 | -0.49 |
Dividends
Dividend History
US Treasury 2 Year Note ETF provided a 3.50% dividend yield over the last twelve months, with an annual payout of $1.68 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $1.68 | $1.76 | $2.03 | $2.12 | $0.59 |
Dividend yield | 3.50% | 3.63% | 4.22% | 4.39% | 1.22% |
Monthly Dividends
The table displays the monthly dividend distributions for US Treasury 2 Year Note ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.14 | $0.14 | $0.13 | $0.15 | $0.14 | $0.00 | $0.70 | ||||||
| 2025 | $0.00 | $0.16 | $0.16 | $0.16 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.14 | $0.13 | $0.27 | $1.76 |
| 2024 | $0.00 | $0.17 | $0.16 | $0.18 | $0.17 | $0.19 | $0.19 | $0.18 | $0.17 | $0.15 | $0.13 | $0.32 | $2.03 |
| 2023 | $0.00 | $0.17 | $0.16 | $0.18 | $0.16 | $0.15 | $0.16 | $0.18 | $0.18 | $0.19 | $0.19 | $0.39 | $2.12 |
| 2022 | $0.09 | $0.17 | $0.34 | $0.59 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the US Treasury 2 Year Note ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the US Treasury 2 Year Note ETF was 2.04%, occurring on Nov 7, 2022. Recovery took 85 trading sessions.
The current US Treasury 2 Year Note ETF drawdown is 0.49%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -2.04%Nov 2022 | 2mo 20d | 4mo 6d | 6mo 26dAug 2022 - Mar 2023 |
2023 pullback2023 | -1.82%Jul 2023 | 2mo 2d | 4mo 25d | 6mo 27dMay 2023 - Nov 2023 |
2024 pullback2024 | -1.08%Nov 2024 | 1mo 18d | 2mo 20d | 4mo 8dSep 2024 - Jan 2025 |
2026 pullback2026 | -0.90%Mar 2026 | 24d | — | 3mo 18dMar 2026 - now |
2025 selloff2025 | -0.77%May 2025 | 13d | 1mo 11d | 1mo 24dMay 2025 - Jun 2025 |
Drawdown Indicators
| UTWO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.04% | -56.78% | +54.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -9.10% | +8.20% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -18.90% | +17.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.49% | -2.49% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -10.72% | +10.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 2.03% | -1.78% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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