USVN vs. UTEN

Last updated Jun 3, 2026

USVN (US Treasury 7 Year Note ETF) and UTEN (US Treasury 10 Year Note ETF) are both Government Bonds funds from US Benchmark Series - USVN tracks the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross while UTEN tracks the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, USVN returned 2.78%/yr vs 1.95%/yr for UTEN. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.

Performance

USVN vs. UTEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 7 Year Note ETF (USVN) and US Treasury 10 Year Note ETF (UTEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVN achieves a -0.48% return, which is significantly lower than UTEN's -0.44% return.

USVN

• 1D: 0.04%
• 1M: -0.27%
• YTD: -0.48%
• 6M: -0.69%
• 1Y: 3.67%
• 3Y*: 2.78%
• 5Y*: —
• 10Y*: —

UTEN

• 1D: 0.05%
• 1M: -0.15%
• YTD: -0.44%
• 6M: -0.81%
• 1Y: 4.43%
• 3Y*: 1.95%
• 5Y*: —
• 10Y*: —

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

USVN vs. UTEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVN US Treasury 7 Year Note ETF	-0.48%	7.66%	0.03%	0.67%
UTEN US Treasury 10 Year Note ETF	-0.44%	7.82%	-1.67%	-0.28%

Correlation

The correlation between USVN and UTEN is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.98

The correlation between USVN and UTEN has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

USVN vs. UTEN — Risk / Return Rank

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

USVN

USVN Risk / Return Rank: 22
USVN Sharpe Ratio Rank: 24
USVN Sortino Ratio Rank: 24
USVN Omega Ratio Rank: 22
USVN Calmar Ratio Rank: 20
USVN Martin Ratio Rank: 22

UTEN

UTEN Risk / Return Rank: 22
UTEN Sharpe Ratio Rank: 24
UTEN Sortino Ratio Rank: 24
UTEN Omega Ratio Rank: 22
UTEN Calmar Ratio Rank: 19
UTEN Martin Ratio Rank: 21

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.

USVN vs. UTEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.

	USVN	UTEN	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.85	+0.02
Sortino ratio Return per unit of downside risk	1.30	1.28	+0.02
Omega ratio Gain probability vs. loss probability	1.15	1.15	0.00
Calmar ratio Return relative to maximum drawdown	0.91	0.86	+0.05
Martin ratio Return relative to average drawdown	2.74	2.63	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USVN vs. UTEN - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.87, which is comparable to the UTEN Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of USVN and UTEN, 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

	USVN	UTEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.85	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.01	+0.41

Drawdowns

USVN vs. UTEN - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum UTEN drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for USVN and UTEN.

Drawdown Indicators

	USVN	UTEN	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-13.36%	+5.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-4.57%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-8.60%	+2.71%
Current Drawdown Current decline from peak	-2.45%	-2.80%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.34%	-4.83%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.50%	-0.28%

Volatility

USVN vs. UTEN - Volatility Comparison

The current volatility for US Treasury 7 Year Note ETF (USVN) is 1.39%, while US Treasury 10 Year Note ETF (UTEN) has a volatility of 1.75%. This indicates that USVN experiences smaller price fluctuations and is considered to be less risky than UTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVN	UTEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.75%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	3.69%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	5.26%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	8.06%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	8.06%	-2.27%

USVN vs. UTEN - Expense Ratio Comparison

Both USVN and UTEN 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%.

Dividends

USVN vs. UTEN - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 3.74%, less than UTEN's 4.04% yield.

Position	TTM	2025	2024	2023	2022
USVN US Treasury 7 Year Note ETF	3.74%	3.81%	4.07%	2.91%	0.00%
UTEN US Treasury 10 Year Note ETF	4.04%	4.11%	4.13%	3.62%	1.39%

Frequently Asked Questions

Can I hold both USVN and UTEN in my portfolio?

With a correlation of 0.98, USVN and UTEN 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, USVN or UTEN?

UTEN has higher volatility (1.75%) compared to USVN (1.39%). In terms of maximum drawdown, USVN dropped -8.27% vs UTEN's -13.36%.

Which ETF is better, USVN or UTEN?

On 3-year performance, USVN leads with 2.78% vs 1.95% for UTEN. Both ETFs have the same 0.15% expense ratio. On volatility, USVN has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVN or UTEN?

Over the 3-year period, USVN has performed better with a 2.78% return vs 1.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVN or UTEN?

USVN and UTEN have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, USVN or UTEN?

UTEN has the higher dividend yield at 4.04%, compared with 3.74% for USVN.

What is the main difference between USVN and UTEN?

USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

USVN currently has the higher Sharpe Ratio (0.87 vs 0.85), 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.