SPYGX vs. UTEN

Last updated Apr 1, 2026

Compare and contrast key facts about Spyglass Growth Fund (SPYGX) and US Treasury 10 Year Note ETF (UTEN).

SPYGX is managed by Spyglass Capital Management. It was launched on Dec 29, 2017. UTEN is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross. It was launched on Aug 8, 2022.

Performance

SPYGX vs. UTEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spyglass Growth Fund (SPYGX) and US Treasury 10 Year Note ETF (UTEN). The values are adjusted to include any dividend payments, if applicable.

SPYGX vs. UTEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYGX Spyglass Growth Fund	-27.11%	15.74%	38.10%	54.03%	-18.29%
UTEN US Treasury 10 Year Note ETF	-0.06%	7.82%	-1.67%	3.18%	-7.79%

Returns By Period

In the year-to-date period, SPYGX achieves a -27.11% return, which is significantly lower than UTEN's -0.06% return.

SPYGX

• 1D: 0.12%
• 1M: -12.59%
• YTD: -27.11%
• 6M: -26.70%
• 1Y: -0.41%
• 3Y*: 16.88%
• 5Y*: -3.53%
• 10Y*: —

UTEN

• 1D: 0.27%
• 1M: -2.43%
• YTD: -0.06%
• 6M: 0.86%
• 1Y: 3.78%
• 3Y*: 1.65%
• 5Y*: —
• 10Y*: —

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

SPYGX vs. UTEN - Expense Ratio Comparison

SPYGX has a 1.05% expense ratio, which is higher than UTEN's 0.15% expense ratio.

SPYGX

Spyglass Growth Fund

UTEN

US Treasury 10 Year Note ETF

Return for Risk

SPYGX vs. UTEN — Risk / Return Rank

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

SPYGX

SPYGX Risk / Return Rank: 5
SPYGX Sharpe Ratio Rank: 5
SPYGX Sortino Ratio Rank: 6
SPYGX Omega Ratio Rank: 6
SPYGX Calmar Ratio Rank: 5
SPYGX Martin Ratio Rank: 4

UTEN

UTEN Risk / Return Rank: 34
UTEN Sharpe Ratio Rank: 36
UTEN Sortino Ratio Rank: 34
UTEN Omega Ratio Rank: 29
UTEN Calmar Ratio Rank: 42
UTEN Martin Ratio Rank: 31

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.

SPYGX vs. UTEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spyglass Growth Fund (SPYGX) and US Treasury 10 Year Note ETF (UTEN). 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.

	SPYGX	UTEN	Difference
Sharpe ratio Return per unit of total volatility	-0.05	0.64	-0.70
Sortino ratio Return per unit of downside risk	0.14	0.95	-0.80
Omega ratio Gain probability vs. loss probability	1.02	1.11	-0.09
Calmar ratio Return relative to maximum drawdown	-0.13	1.04	-1.18
Martin ratio Return relative to average drawdown	-0.43	2.63	-3.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYGX vs. UTEN - Sharpe Ratio Comparison

The current SPYGX Sharpe Ratio is -0.05, which is lower than the UTEN Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of SPYGX and UTEN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPYGX	UTEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	0.64	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.03	+0.27

Correlation

The correlation between SPYGX and UTEN is 0.14, 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

SPYGX vs. UTEN - Dividend Comparison

SPYGX has not paid dividends to shareholders, while UTEN's dividend yield for the trailing twelve months is around 4.44%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPYGX Spyglass Growth Fund	0.00%	0.00%	0.00%	0.00%	0.06%	10.07%	2.71%	0.25%	4.95%
UTEN US Treasury 10 Year Note ETF	4.44%	4.11%	4.13%	3.62%	1.39%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPYGX vs. UTEN - Drawdown Comparison

The maximum SPYGX drawdown since its inception was -60.08%, which is greater than UTEN's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for SPYGX and UTEN.

Drawdown Indicators

	SPYGX	UTEN	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-13.36%	-46.72%
Max Drawdown (1Y) Largest decline over 1 year	-30.05%	-3.87%	-26.18%
Max Drawdown (5Y) Largest decline over 5 years	-59.90%	—	—
Current Drawdown Current decline from peak	-29.97%	-2.43%	-27.54%
Average Drawdown Average peak-to-trough decline	-19.67%	-4.93%	-14.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.31%	1.53%	+7.78%

Volatility

SPYGX vs. UTEN - Volatility Comparison

Spyglass Growth Fund (SPYGX) has a higher volatility of 7.46% compared to US Treasury 10 Year Note ETF (UTEN) at 2.09%. This indicates that SPYGX's price experiences larger fluctuations and is considered to be riskier than UTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYGX	UTEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.46%	2.09%	+5.37%
Volatility (6M) Calculated over the trailing 6-month period	18.04%	3.54%	+14.50%
Volatility (1Y) Calculated over the trailing 1-year period	30.83%	5.89%	+24.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.20%	8.17%	+22.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.16%	8.17%	+20.99%