SHY vs. UTWO
Compare and contrast key facts about iShares 1-3 Year Treasury Bond ETF (SHY) and US Treasury 2 Year Note ETF (UTWO).
SHY and UTWO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHY is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 1-3 Year Treasury Bond Index. It was launched on Jul 22, 2002. UTWO is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. It was launched on Aug 8, 2022. Both SHY and UTWO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SHY vs. UTWO - Performance Comparison
Loading graphics...
SHY vs. UTWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.27% | 4.95% | 3.92% | 4.16% | -0.73% |
UTWO US Treasury 2 Year Note ETF | 0.25% | 4.79% | 3.71% | 3.45% | -0.81% |
Returns By Period
In the year-to-date period, SHY achieves a 0.27% return, which is significantly higher than UTWO's 0.25% return.
SHY
- 1D
- 0.08%
- 1M
- -0.47%
- YTD
- 0.27%
- 6M
- 1.34%
- 1Y
- 3.61%
- 3Y*
- 3.88%
- 5Y*
- 1.70%
- 10Y*
- 1.65%
UTWO
- 1D
- 0.10%
- 1M
- -0.46%
- YTD
- 0.25%
- 6M
- 1.36%
- 1Y
- 3.47%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
SHY vs. UTWO - Expense Ratio Comparison
Both SHY and UTWO have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
SHY vs. UTWO — Risk / Return Rank
SHY
UTWO
SHY vs. UTWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and US Treasury 2 Year Note ETF (UTWO). 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.
| SHY | UTWO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.50 | 2.31 | +0.19 |
Sortino ratioReturn per unit of downside risk | 4.12 | 3.69 | +0.43 |
Omega ratioGain probability vs. loss probability | 1.52 | 1.48 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 4.15 | 3.92 | +0.23 |
Martin ratioReturn relative to average drawdown | 16.03 | 13.93 | +2.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| SHY | UTWO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.31 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.29 | 1.49 | -0.20 |
Correlation
The correlation between SHY and UTWO is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SHY vs. UTWO - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.75%, less than UTWO's 3.81% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.75% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
UTWO US Treasury 2 Year Note ETF | 3.81% | 3.63% | 4.22% | 4.39% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SHY vs. UTWO - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, which is greater than UTWO's maximum drawdown of -2.04%. Use the drawdown chart below to compare losses from any high point for SHY and UTWO.
Loading graphics...
Drawdown Indicators
| SHY | UTWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -2.04% | -3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -0.90% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | — | — |
Current DrawdownCurrent decline from peak | -0.47% | -0.46% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -0.49% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.25% | -0.02% |
Volatility
SHY vs. UTWO - Volatility Comparison
iShares 1-3 Year Treasury Bond ETF (SHY) has a higher volatility of 0.58% compared to US Treasury 2 Year Note ETF (UTWO) at 0.54%. This indicates that SHY's price experiences larger fluctuations and is considered to be riskier than UTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| SHY | UTWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 0.54% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.89% | 0.86% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.45% | 1.51% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 2.10% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 2.10% | -0.54% |