USVN vs. UTRE

Last updated Aug 2, 2026

USVN (US Treasury 7 Year Note ETF) and UTRE (US Treasury 3 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 UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, USVN returned 3.10%/yr vs 3.91%/yr for UTRE. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

USVN vs. UTRE - 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 3 Year Note ETF (UTRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVN achieves a -1.32% return, which is significantly lower than UTRE's 0.04% return.

USVN

• 1D: -0.30%
• 1M: -1.04%
• 6M: -1.21%
• YTD: -1.32%
• 1Y: 0.48%
• 3Y*: 3.10%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.04%

UTRE

• 1D: -0.10%
• 1M: -0.20%
• 6M: -0.11%
• YTD: 0.04%
• 1Y: 1.70%
• 3Y*: 3.91%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USVN US Treasury 7 Year Note ETF	$25.14K	$50.72K	$59.22K
UTRE US Treasury 3 Year Note ETF	$121.32K	$163.50K	$259.20K

USVN vs. UTRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVN US Treasury 7 Year Note ETF	-1.32%	7.66%	0.03%	0.67%
UTRE US Treasury 3 Year Note ETF	0.04%	5.68%	2.96%	2.34%

Correlation

The correlation between USVN and UTRE is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.92

The correlation between USVN and UTRE has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

USVN vs. UTRE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USVN

USVN Risk / Return Rank: 18
USVN Sharpe Ratio Rank: 20
USVN Sortino Ratio Rank: 18
USVN Omega Ratio Rank: 17
USVN Calmar Ratio Rank: 18
USVN Martin Ratio Rank: 18

UTRE

UTRE Risk / Return Rank: 45
UTRE Sharpe Ratio Rank: 47
UTRE Sortino Ratio Rank: 50
UTRE Omega Ratio Rank: 45
UTRE Calmar Ratio Rank: 46
UTRE Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USVN vs. UTRE - 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 3 Year Note ETF (UTRE). 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.

	USVN	UTRE	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.18	-0.79
Sortino ratio: Return per unit of downside risk	0.59	1.80	-1.21
Omega ratio: Gain probability vs. loss probability	1.07	1.21	-0.15
Calmar ratio: Return relative to maximum drawdown	0.44	1.66	-1.22
Martin ratio: Return relative to average drawdown	1.00	3.92	-2.92

USVN vs. UTRE - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.39, which is lower than the UTRE Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of USVN and UTRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USVN vs. UTRE - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, which is greater than UTRE's maximum drawdown of -2.80%. Use the drawdown chart below to compare losses from any high point for USVN and UTRE.

Drawdown Indicators

	USVN	UTRE	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-2.80%	-5.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-1.44%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-1.86%	-3.99%
Current Drawdown Current decline from peak	-3.28%	-0.95%	-2.33%
Average Drawdown Average peak-to-trough decline	-2.35%	-0.78%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.61%	+1.00%

Volatility

USVN vs. UTRE - Volatility Comparison

US Treasury 7 Year Note ETF (USVN) has a higher volatility of 1.06% compared to US Treasury 3 Year Note ETF (UTRE) at 0.53%. This indicates that USVN's price experiences larger fluctuations and is considered to be riskier than UTRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVN	UTRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.53%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	1.58%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	2.03%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	2.68%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.72%	2.68%	+3.04%

USVN vs. UTRE - Expense Ratio Comparison

Both USVN and UTRE 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. UTRE - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 4.15%, more than UTRE's 3.84% yield.

Position	TTM	2025	2024	2023
USVN US Treasury 7 Year Note ETF	3.86%	3.81%	4.07%	2.91%
UTRE US Treasury 3 Year Note ETF	3.52%	3.60%	4.01%	3.14%

Frequently Asked Questions

Can I hold both USVN and UTRE in my portfolio?

With a correlation of 0.94, USVN and UTRE 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 UTRE?

USVN has higher volatility (1.06%) compared to UTRE (0.53%). In terms of maximum drawdown, USVN dropped -8.27% vs UTRE's -2.80%.

Which ETF is better, USVN or UTRE?

On 3-year performance, UTRE leads with 3.91% vs 3.10% for USVN. Both ETFs have the same 0.15% expense ratio. On volatility, UTRE has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVN or UTRE?

Over the 3-year period, UTRE has performed better with a 3.91% return vs 3.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVN or UTRE?

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

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

USVN has the higher dividend yield at 3.86%, compared with 3.52% for UTRE.

What is the main difference between USVN and UTRE?

USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

UTRE currently has the higher Sharpe Ratio (1.18 vs 0.39), 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.