TUA vs. UTWO

Last updated Jun 3, 2026

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 -0.75%/yr vs 3.80%/yr for UTWO. With a 0.97 correlation, they move nearly in lockstep. TUA charges 0.16%/yr vs 0.15%/yr for UTWO.

Performance

TUA vs. UTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Short Term Treasury Futures Strategy ETF (TUA) and US Treasury 2 Year Note ETF (UTWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TUA achieves a -5.01% return, which is significantly lower than UTWO's 0.37% return.

TUA

• 1D: 0.00%
• 1M: -1.10%
• YTD: -5.01%
• 6M: -4.73%
• 1Y: -1.63%
• 3Y*: -0.75%
• 5Y*: —
• 10Y*: —

UTWO

• 1D: -0.03%
• 1M: 0.01%
• YTD: 0.37%
• 6M: 0.72%
• 1Y: 3.13%
• 3Y*: 3.80%
• 5Y*: —
• 10Y*: —

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

TUA vs. UTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	-5.01%	7.27%	-3.59%	-2.04%	-0.81%
UTWO US Treasury 2 Year Note ETF	0.37%	4.79%	3.71%	3.45%	0.26%

Correlation

The correlation between TUA and UTWO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 16, 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.

Return for Risk

TUA vs. UTWO — Risk / Return Rank

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

TUA

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

UTWO

UTWO Risk / Return Rank: 73
UTWO Sharpe Ratio Rank: 70
UTWO Sortino Ratio Rank: 84
UTWO Omega Ratio Rank: 78
UTWO Calmar Ratio Rank: 67
UTWO Martin Ratio Rank: 67

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.

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.

	TUA	UTWO	Difference
Sharpe ratio Return per unit of total volatility	-0.24	2.33	-2.57
Sortino ratio Return per unit of downside risk	-0.30	3.84	-4.14
Omega ratio Gain probability vs. loss probability	0.97	1.47	-0.51
Calmar ratio Return relative to maximum drawdown	-0.31	3.38	-3.69
Martin ratio Return relative to average drawdown	-0.83	12.53	-13.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUA vs. UTWO - Sharpe Ratio Comparison

The current TUA Sharpe Ratio is -0.24, which is lower than the UTWO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of TUA and UTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TUA	UTWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	2.33	-2.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	1.45	-1.58

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.

Drawdown Indicators

	TUA	UTWO	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-2.04%	-13.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-0.90%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-9.14%	-1.08%	-8.06%
Current Drawdown Current decline from peak	-9.70%	-0.34%	-9.36%
Average Drawdown Average peak-to-trough decline	-8.37%	-0.49%	-7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	0.24%	+2.26%

Volatility

TUA vs. UTWO - Volatility Comparison

Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 2.00% compared to US Treasury 2 Year Note ETF (UTWO) at 0.37%. 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.

Volatility by Period

	TUA	UTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	0.37%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	0.92%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	1.35%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	2.07%	+8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.76%	2.07%	+8.69%

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 3.54%, more than UTWO's 3.49% yield.

Position	TTM	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	3.54%	3.84%	5.19%	4.83%	0.15%
UTWO US Treasury 2 Year Note ETF	3.49%	3.63%	4.22%	4.39%	1.22%

Frequently Asked Questions

Can I hold both TUA and UTWO in my portfolio?

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.

Which is riskier, TUA or UTWO?

TUA has higher volatility (2.00%) compared to UTWO (0.37%). In terms of maximum drawdown, TUA dropped -15.85% vs UTWO's -2.04%.

Which ETF is better, TUA or UTWO?

On 3-year performance, UTWO leads with 3.80% vs -0.75% for TUA. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUA or UTWO?

Over the 3-year period, UTWO has performed better with a 3.80% return vs -0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUA or UTWO?

UTWO is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.

Which ETF pays a higher dividend yield, TUA or UTWO?

TUA has the higher dividend yield at 3.54%, compared with 3.49% for UTWO.

What is the main difference between TUA and UTWO?

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.

Which has better risk-adjusted returns?

UTWO currently has the higher Sharpe Ratio (2.33 vs -0.24), 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.