UTRE vs. USVN

Last updated Jun 3, 2026

UTRE (US Treasury 3 Year Note ETF) and USVN (US Treasury 7 Year Note ETF) are both Government Bonds funds from US Benchmark Series - UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross while USVN tracks the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, UTRE returned 3.67%/yr vs 2.78%/yr for USVN. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

UTRE vs. USVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) and US Treasury 7 Year Note ETF (USVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UTRE

• 1D: -0.03%
• 1M: -0.17%
• YTD: -0.00%
• 6M: 0.25%
• 1Y: 2.96%
• 3Y*: 3.67%
• 5Y*: —
• 10Y*: —

USVN

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

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

UTRE vs. USVN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	-0.00%	5.68%	2.96%	2.16%
USVN US Treasury 7 Year Note ETF	-0.48%	7.66%	0.03%	0.67%

Correlation

The correlation between UTRE and USVN is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.92

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

Return for Risk

UTRE vs. USVN — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 41
UTRE Sharpe Ratio Rank: 41
UTRE Sortino Ratio Rank: 45
UTRE Omega Ratio Rank: 40
UTRE Calmar Ratio Rank: 40
UTRE Martin Ratio Rank: 38

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

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.

UTRE vs. USVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) and US Treasury 7 Year Note ETF (USVN). 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.

	UTRE	USVN	Difference
Sharpe ratio Return per unit of total volatility	1.47	0.87	+0.61
Sortino ratio Return per unit of downside risk	2.30	1.30	+1.00
Omega ratio Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio Return relative to maximum drawdown	1.99	0.91	+1.08
Martin ratio Return relative to average drawdown	6.01	2.74	+3.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTRE vs. USVN - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 1.47, which is higher than the USVN Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of UTRE and USVN, 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

	UTRE	USVN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	0.87	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.42	+0.84

Drawdowns

UTRE vs. USVN - Drawdown Comparison

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

Drawdown Indicators

	UTRE	USVN	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-8.27%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-3.68%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	-5.89%	+4.03%
Current Drawdown Current decline from peak	-0.99%	-2.45%	+1.46%
Average Drawdown Average peak-to-trough decline	-0.77%	-2.34%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.22%	-0.74%

Volatility

UTRE vs. USVN - Volatility Comparison

The current volatility for US Treasury 3 Year Note ETF (UTRE) is 0.59%, while US Treasury 7 Year Note ETF (USVN) has a volatility of 1.39%. This indicates that UTRE experiences smaller price fluctuations and is considered to be less risky than USVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTRE	USVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	1.39%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	3.00%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	4.27%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	5.79%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	5.79%	-3.09%

UTRE vs. USVN - Expense Ratio Comparison

Both UTRE and USVN 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

UTRE vs. USVN - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.50%, less than USVN's 3.74% yield.

Position	TTM	2025	2024	2023
USVN US Treasury 7 Year Note ETF	3.74%	3.81%	4.07%	2.91%
UTRE US Treasury 3 Year Note ETF	3.50%	3.60%	4.01%	3.14%

Frequently Asked Questions

Can I hold both UTRE and USVN in my portfolio?

With a correlation of 0.94, UTRE and USVN 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, UTRE or USVN?

USVN has higher volatility (1.39%) compared to UTRE (0.59%). In terms of maximum drawdown, UTRE dropped -2.80% vs USVN's -8.27%.

Which ETF is better, UTRE or USVN?

On 3-year performance, UTRE leads with 3.67% vs 2.78% for USVN. Both ETFs have the same 0.15% expense ratio. On volatility, UTRE has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTRE or USVN?

Over the 3-year period, UTRE has performed better with a 3.67% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTRE or USVN?

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

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

USVN has the higher dividend yield at 3.74%, compared with 3.50% for UTRE.

What is the main difference between UTRE and USVN?

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

Which has better risk-adjusted returns?

UTRE currently has the higher Sharpe Ratio (1.47 vs 0.87), 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.