CPAG vs. UTWY

Last updated Jun 4, 2026

CPAG (F/m Compoundr U.S. Aggregate Bond ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both exchange-traded funds - CPAG is a Total Bond Market fund tracking the Nasdaq Compoundr U.S. Aggregate Bond Index, while UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index. Both are passively managed. With a 0.95 correlation, they move nearly in lockstep. CPAG charges 0.31%/yr vs 0.15%/yr for UTWY.

Performance

CPAG vs. UTWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Compoundr U.S. Aggregate Bond ETF (CPAG) and F/m US Treasury 20 Year Bond ETF (UTWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPAG achieves a -0.02% return, which is significantly higher than UTWY's -0.64% return.

CPAG

• 1D: -0.21%
• 1M: 0.14%
• YTD: -0.02%
• 6M: -0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UTWY

• 1D: -0.35%
• 1M: 0.54%
• YTD: -0.64%
• 6M: -1.78%
• 1Y: 4.46%
• 3Y*: -0.54%
• 5Y*: —
• 10Y*: —

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

CPAG vs. UTWY - Yearly Performance Comparison

	2026 (YTD)	2025
CPAG F/m Compoundr U.S. Aggregate Bond ETF	-0.02%	2.22%
UTWY F/m US Treasury 20 Year Bond ETF	-0.64%	2.40%

Correlation

The correlation between CPAG and UTWY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.95

Return for Risk

CPAG vs. UTWY — Risk / Return Rank

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

UTWY

UTWY Risk / Return Rank: 17
UTWY Sharpe Ratio Rank: 18
UTWY Sortino Ratio Rank: 17
UTWY Omega Ratio Rank: 16
UTWY Calmar Ratio Rank: 17
UTWY Martin Ratio Rank: 18

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.

CPAG vs. UTWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Compoundr U.S. Aggregate Bond ETF (CPAG) and F/m US Treasury 20 Year Bond ETF (UTWY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CPAG	UTWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	-0.08	+0.83

Drawdowns

CPAG vs. UTWY - Drawdown Comparison

The maximum CPAG drawdown since its inception was -2.78%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for CPAG and UTWY.

Drawdown Indicators

	CPAG	UTWY	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-18.19%	+15.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.70%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.98%	—
Current Drawdown Current decline from peak	-1.68%	-6.03%	+4.35%
Average Drawdown Average peak-to-trough decline	-0.74%	-7.03%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.47%	—

Volatility

Volatility by Period

	CPAG	UTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	8.10%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	11.11%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	11.11%	-7.44%

CPAG vs. UTWY - Expense Ratio Comparison

CPAG has a 0.31% expense ratio, which is higher than UTWY's 0.15% expense ratio.

Dividends

CPAG vs. UTWY - Dividend Comparison

CPAG has not paid dividends to shareholders, while UTWY's dividend yield for the trailing twelve months is around 4.69%.

Position	TTM	2025	2024	2023
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.00%	0.00%	0.00%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	4.69%	4.62%	4.56%	2.94%

Frequently Asked Questions

Can I hold both CPAG and UTWY in my portfolio?

With a correlation of 0.95, CPAG and UTWY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CPAG or UTWY?

On fees, UTWY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPAG or UTWY?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.31% for CPAG.

Which ETF pays a higher dividend yield, CPAG or UTWY?

UTWY has the higher dividend yield at 4.69%, compared with 0.00% for CPAG.

What is the main difference between CPAG and UTWY?

CPAG is categorized as Total Bond Market, while UTWY is Government Bonds. CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index. Their fees differ too: 0.31% for CPAG and 0.15% for UTWY.