BESF vs. ZTWO

Last updated Jul 18, 2026

BESF (Bastion Energy ETF) and ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - BESF is a Energy Equities fund actively managed by Bastion, while ZTWO is a Short-Term Bond fund tracking the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross. BESF is actively managed, while ZTWO is passively managed. Over the past year, BESF returned 54.65% vs 3.90% for ZTWO. At a correlation of -0.27, they often move in opposite directions. BESF charges 0.80%/yr vs 0.15%/yr for ZTWO.

Performance

BESF vs. ZTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bastion Energy ETF (BESF) and F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BESF achieves a 18.86% return, which is significantly higher than ZTWO's 1.36% return.

BESF

• 1D: 1.01%
• 1M: 3.92%
• 6M: 14.31%
• YTD: 18.86%
• 1Y: 54.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTWO

• 1D: 0.00%
• 1M: 0.44%
• 6M: 1.30%
• YTD: 1.36%
• 1Y: 3.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BESF vs. ZTWO - Yearly Performance Comparison

	2026 (YTD)	2025
BESF Bastion Energy ETF	18.86%	38.76%
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	1.36%	3.10%

Correlation

The correlation between BESF and ZTWO is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.31
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.27

Return for Risk

BESF vs. ZTWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BESF

BESF Risk / Return Rank: 86
BESF Sharpe Ratio Rank: 88
BESF Sortino Ratio Rank: 86
BESF Omega Ratio Rank: 82
BESF Calmar Ratio Rank: 94
BESF Martin Ratio Rank: 83

ZTWO

ZTWO Risk / Return Rank: 94
ZTWO Sharpe Ratio Rank: 95
ZTWO Sortino Ratio Rank: 96
ZTWO Omega Ratio Rank: 95
ZTWO Calmar Ratio Rank: 90
ZTWO Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BESF vs. ZTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bastion Energy ETF (BESF) and F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	BESF	ZTWO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.88	-0.65
Sortino ratio: Return per unit of downside risk	3.05	4.64	-1.59
Omega ratio: Gain probability vs. loss probability	1.37	1.59	-0.22
Calmar ratio: Return relative to maximum drawdown	5.01	4.19	+0.81
Martin ratio: Return relative to average drawdown	12.10	19.70	-7.59

BESF vs. ZTWO - Sharpe Ratio Comparison

The current BESF Sharpe Ratio is 2.23, which is comparable to the ZTWO Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of BESF and ZTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BESF vs. ZTWO - Drawdown Comparison

The maximum BESF drawdown since its inception was -10.97%, which is greater than ZTWO's maximum drawdown of -0.93%. Use the drawdown chart below to compare losses from any high point for BESF and ZTWO.

Drawdown Indicators

	BESF	ZTWO	Difference
Max Drawdown Largest peak-to-trough decline	-10.97%	-0.93%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-0.93%	-10.04%
Current Drawdown Current decline from peak	-6.57%	-0.03%	-6.54%
Average Drawdown Average peak-to-trough decline	-3.08%	-0.10%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	0.20%	+4.33%

Volatility

BESF vs. ZTWO - Volatility Comparison

Bastion Energy ETF (BESF) has a higher volatility of 5.78% compared to F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) at 0.48%. This indicates that BESF's price experiences larger fluctuations and is considered to be riskier than ZTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BESF	ZTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	0.48%	+5.30%
Volatility (6M) Calculated over the trailing 6-month period	14.75%	1.07%	+13.68%
Volatility (1Y) Calculated over the trailing 1-year period	24.64%	1.36%	+23.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.17%	1.50%	+22.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.17%	1.50%	+22.67%

BESF vs. ZTWO - Expense Ratio Comparison

BESF has a 0.80% expense ratio, which is higher than ZTWO's 0.15% expense ratio.

Dividends

BESF vs. ZTWO - Dividend Comparison

BESF's dividend yield for the trailing twelve months is around 5.78%, more than ZTWO's 4.07% yield.

Position	TTM	2025	2024
BESF Bastion Energy ETF	5.78%	6.39%	0.00%
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	4.07%	4.31%	0.39%

Frequently Asked Questions

Can I hold both BESF and ZTWO in my portfolio?

BESF and ZTWO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BESF or ZTWO?

BESF has higher volatility (5.78%) compared to ZTWO (0.48%). In terms of maximum drawdown, BESF dropped -10.97% vs ZTWO's -0.93%.

Which ETF is better, BESF or ZTWO?

On 1-year performance, BESF leads with 54.65% vs 3.90% for ZTWO. On fees, ZTWO is cheaper at 0.15% per year. On volatility, ZTWO has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BESF or ZTWO?

Over the 1-year period, BESF has performed better with a 54.65% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BESF or ZTWO?

ZTWO is cheaper with a 0.15% expense ratio, compared with 0.80% for BESF.

Which ETF pays a higher dividend yield, BESF or ZTWO?

BESF has the higher dividend yield at 5.78%, compared with 4.07% for ZTWO.

What is the main difference between BESF and ZTWO?

BESF is categorized as Energy Equities, while ZTWO is Short-Term Bond. They also come from different issuers: Bastion and F/m. Their fees differ too: 0.80% for BESF and 0.15% for ZTWO.

Which has better risk-adjusted returns?

ZTWO currently has the higher Sharpe Ratio (2.88 vs 2.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.