SPIT vs. UTWY

Last updated Apr 1, 2026

Compare and contrast key facts about F/m Emerald Special Situations ETF (SPIT) and F/m US Treasury 20 Year Bond ETF (UTWY).

SPIT and UTWY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPIT is an actively managed fund by F/m Investments. It was launched on Aug 1, 2014. UTWY is a passively managed fund by F/m Investments that tracks the performance of the Bloomberg US Treasury Bellwether 20 Year Index. It was launched on Mar 27, 2023.

Performance

SPIT vs. UTWY - Performance Comparison

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

SPIT vs. UTWY - Yearly Performance Comparison

	2026 (YTD)	2025
SPIT F/m Emerald Special Situations ETF	2.31%	5.20%
UTWY F/m US Treasury 20 Year Bond ETF	-0.15%	0.05%

Returns By Period

In the year-to-date period, SPIT achieves a 2.31% return, which is significantly higher than UTWY's -0.15% return.

SPIT

• 1D: 4.68%
• 1M: -6.38%
• YTD: 2.31%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UTWY

• 1D: 0.26%
• 1M: -3.75%
• YTD: -0.15%
• 6M: -0.31%
• 1Y: 0.62%
• 3Y*: -1.22%
• 5Y*: —
• 10Y*: —

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

SPIT vs. UTWY - Expense Ratio Comparison

SPIT has a 0.89% expense ratio, which is higher than UTWY's 0.15% expense ratio.

SPIT

F/m Emerald Special Situations ETF

UTWY

F/m US Treasury 20 Year Bond ETF

Return for Risk

SPIT 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: 13
UTWY Sharpe Ratio Rank: 14
UTWY Sortino Ratio Rank: 12
UTWY Omega Ratio Rank: 12
UTWY Calmar Ratio Rank: 15
UTWY Martin Ratio Rank: 14

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.

SPIT vs. UTWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Emerald Special Situations ETF (SPIT) 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

	SPIT	UTWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	-0.07	+0.67

Correlation

The correlation between SPIT and UTWY is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPIT vs. UTWY - Dividend Comparison

SPIT's dividend yield for the trailing twelve months is around 7.02%, more than UTWY's 5.07% yield.

	TTM	2025	2024	2023
SPIT F/m Emerald Special Situations ETF	7.02%	7.18%	0.00%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	5.07%	4.62%	4.56%	2.94%

Drawdowns

SPIT vs. UTWY - Drawdown Comparison

The maximum SPIT drawdown since its inception was -12.49%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for SPIT and UTWY.

Drawdown Indicators

	SPIT	UTWY	Difference
Max Drawdown Largest peak-to-trough decline	-12.49%	-18.19%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.47%	—
Current Drawdown Current decline from peak	-8.39%	-5.56%	-2.83%
Average Drawdown Average peak-to-trough decline	-3.00%	-7.09%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.40%	—

Volatility

Volatility by Period

	SPIT	UTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	9.32%	+18.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.61%	11.29%	+16.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.61%	11.29%	+16.32%