TLT vs. UTWY
Compare and contrast key facts about iShares 20+ Year Treasury Bond ETF (TLT) and F/m US Treasury 20 Year Bond ETF (UTWY).
TLT and UTWY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. 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. Both TLT and UTWY 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
TLT vs. UTWY - Performance Comparison
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TLT vs. UTWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.69% | 4.25% | -8.05% | -2.61% |
UTWY F/m US Treasury 20 Year Bond ETF | 0.10% | 4.82% | -4.92% | -1.81% |
Returns By Period
In the year-to-date period, TLT achieves a 0.69% return, which is significantly higher than UTWY's 0.10% return.
TLT
- 1D
- 0.61%
- 1M
- -2.26%
- YTD
- 0.69%
- 6M
- -0.72%
- 1Y
- -1.22%
- 3Y*
- -2.76%
- 5Y*
- -5.75%
- 10Y*
- -1.34%
UTWY
- 1D
- 0.48%
- 1M
- -2.24%
- YTD
- 0.10%
- 6M
- -0.39%
- 1Y
- -0.53%
- 3Y*
- -1.25%
- 5Y*
- —
- 10Y*
- —
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TLT vs. UTWY - Expense Ratio Comparison
Both TLT and UTWY 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
TLT vs. UTWY — Risk / Return Rank
TLT
UTWY
TLT vs. UTWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | UTWY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.07 | 0.03 | -0.10 |
Sortino ratioReturn per unit of downside risk | -0.01 | 0.11 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.02 | -0.11 |
Martin ratioReturn relative to average drawdown | -0.19 | 0.05 | -0.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLT | UTWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.07 | 0.03 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | -0.06 | +0.32 |
Correlation
The correlation between TLT and UTWY is 0.98, 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
TLT vs. UTWY - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.51%, less than UTWY's 4.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.51% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.66% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TLT vs. UTWY - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than UTWY's maximum drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for TLT and UTWY.
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Drawdown Indicators
| TLT | UTWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -18.19% | -30.16% |
Max Drawdown (1Y)Largest decline over 1 year | -9.23% | -7.47% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -39.86% | -5.33% | -34.53% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -7.08% | -6.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.40% | 3.41% | +0.99% |
Volatility
TLT vs. UTWY - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 3.79% compared to F/m US Treasury 20 Year Bond ETF (UTWY) at 3.44%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than UTWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | UTWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 3.44% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.63% | 5.57% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 9.29% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 11.28% | +4.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 11.28% | +3.65% |