TUA vs. UTWO
TUA (Simplify Short Term Treasury Futures Strategy ETF) and UTWO (US Treasury 2 Year Note ETF) are both exchange-traded funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. TUA is actively managed, while UTWO is passively managed. Over the past 3 years, TUA returned 0.67%/yr vs 3.96%/yr for UTWO. Their 0.97 correlation means they have historically moved very closely together. TUA charges 0.16%/yr vs 0.15%/yr for UTWO.
Performance
TUA vs. UTWO - Performance Comparison
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Returns By Period
In the year-to-date period, TUA achieves a -6.37% return, which is significantly lower than UTWO's 0.61% return.
TUA
- 1D
- -0.32%
- 1M
- -1.10%
- 6M
- -5.88%
- YTD
- -6.37%
- 1Y
- -5.24%
- 3Y*
- 0.67%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.64%
UTWO
- 1D
- -0.07%
- 1M
- 0.01%
- 6M
- 0.44%
- YTD
- 0.61%
- 1Y
- 2.33%
- 3Y*
- 3.96%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.89M | $10.24M | $8.33M | |
| $3.81M | $4.33M | $4.58M |
TUA vs. UTWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | -6.37% | 7.27% | -3.59% | -2.04% | -0.83% |
UTWO US Treasury 2 Year Note ETF | 0.61% | 4.79% | 3.71% | 3.45% | 0.38% |
Correlation
The correlation between TUA and UTWO is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022 | 0.97 |
The correlation between TUA and UTWO has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
TUA vs. UTWO — Risk / Return Rank
TUA
UTWO
TUA vs. UTWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TUA | UTWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.42 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.21 | -3.58 |
| Martin ratioReturn relative to average drawdown | -0.81 | 11.11 | -11.92 |
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Drawdowns
TUA vs. UTWO - Drawdown Comparison
The maximum TUA drawdown since its inception was -15.85%, which is greater than UTWO's maximum drawdown of -2.04%. Use the drawdown chart below to compare losses from any high point for TUA and UTWO.
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Drawdown Indicators
| TUA | UTWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -2.04% | -13.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.96% | -0.90% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -1.08% | -8.06% |
Current DrawdownCurrent decline from peak | -10.99% | -0.10% | -10.89% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -0.48% | -7.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 0.26% | +3.38% |
Volatility
TUA vs. UTWO - Volatility Comparison
Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 1.91% compared to US Treasury 2 Year Note ETF (UTWO) at 0.40%. This indicates that TUA'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.
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Volatility by Period
| TUA | UTWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 0.40% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 1.07% | +4.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.01% | 1.38% | +5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.65% | 2.05% | +8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.65% | 2.05% | +8.60% |
TUA vs. UTWO - Expense Ratio Comparison
TUA has a 0.16% expense ratio, which is higher than UTWO's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TUA vs. UTWO - Dividend Comparison
TUA's dividend yield for the trailing twelve months is around 3.12%, less than UTWO's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.12% | 3.84% | 5.19% | 4.83% | 0.15% |
UTWO US Treasury 2 Year Note ETF | 3.54% | 3.63% | 4.22% | 4.39% | 1.22% |
Frequently Asked Questions
With a correlation of 0.97, TUA and UTWO 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.
TUA has higher volatility (1.91%) compared to UTWO (0.40%). In terms of maximum drawdown, TUA dropped -15.85% vs UTWO's -2.04%.
On 3-year performance, UTWO leads with 3.96% vs 0.67% for TUA. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTWO has performed better with a 3.96% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWO is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.
UTWO has the higher dividend yield at 3.54%, compared with 3.12% for TUA.
TUA is categorized as Intermediate Core Bond, while UTWO is Government Bonds. They also come from different issuers: Simplify and US Benchmark Series. Their fees differ too: 0.16% for TUA and 0.15% for UTWO.
UTWO currently has the higher Sharpe Ratio (2.10 vs -0.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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