UTWO vs. BUCK

Last updated Jul 16, 2026

UTWO (US Treasury 2 Year Note ETF) and BUCK (Simplify Treasury Option Income ETF) are both Government Bonds funds. UTWO is passively managed, while BUCK is actively managed. Over the past 3 years, UTWO returned 3.92%/yr vs 5.21%/yr for BUCK. At a 0.06 correlation, their price movements are largely independent. UTWO charges 0.15%/yr vs 0.35%/yr for BUCK.

Performance

UTWO vs. BUCK - Performance Comparison

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

Returns By Period

In the year-to-date period, UTWO achieves a 0.61% return, which is significantly lower than BUCK's 2.42% return.

UTWO

• 1D: 0.07%
• 1M: 0.14%
• 6M: 0.58%
• YTD: 0.61%
• 1Y: 3.05%
• 3Y*: 3.92%
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.00%
• 1M: 0.38%
• 6M: 2.10%
• YTD: 2.42%
• 1Y: 7.75%
• 3Y*: 5.21%
• 5Y*: —
• 10Y*: —

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

UTWO vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTWO US Treasury 2 Year Note ETF	0.61%	4.79%	3.71%	3.45%	0.38%
BUCK Simplify Treasury Option Income ETF	2.42%	4.13%	7.25%	4.63%	0.59%

Correlation

The correlation between UTWO and BUCK is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.06

Return for Risk

UTWO vs. BUCK — Risk / Return Rank

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

UTWO

UTWO Risk / Return Rank: 85
UTWO Sharpe Ratio Rank: 86
UTWO Sortino Ratio Rank: 92
UTWO Omega Ratio Rank: 89
UTWO Calmar Ratio Rank: 80
UTWO Martin Ratio Rank: 79

BUCK

BUCK Risk / Return Rank: 96
BUCK Sharpe Ratio Rank: 94
BUCK Sortino Ratio Rank: 95
BUCK Omega Ratio Rank: 96
BUCK Calmar Ratio Rank: 97
BUCK Martin Ratio Rank: 98

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.

UTWO vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and Simplify Treasury Option Income ETF (BUCK). 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.

	UTWO	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.84	-0.62
Sortino ratio: Return per unit of downside risk	3.54	4.39	-0.84
Omega ratio: Gain probability vs. loss probability	1.45	1.63	-0.19
Calmar ratio: Return relative to maximum drawdown	3.41	9.30	-5.89
Martin ratio: Return relative to average drawdown	11.91	43.59	-31.68

UTWO vs. BUCK - Sharpe Ratio Comparison

The current UTWO Sharpe Ratio is 2.21, which is comparable to the BUCK Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of UTWO and BUCK, 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

UTWO vs. BUCK - Drawdown Comparison

The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum BUCK drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for UTWO and BUCK.

Drawdown Indicators

	UTWO	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-2.04%	-5.43%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-0.84%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	-5.43%	+4.35%
Current Drawdown Current decline from peak	-0.09%	-0.02%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.48%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.18%	+0.08%

Volatility

UTWO vs. BUCK - Volatility Comparison

US Treasury 2 Year Note ETF (UTWO) has a higher volatility of 0.52% compared to Simplify Treasury Option Income ETF (BUCK) at 0.44%. This indicates that UTWO's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWO	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.44%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	1.34%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	2.80%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	3.44%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.06%	3.44%	-1.38%

UTWO vs. BUCK - Expense Ratio Comparison

UTWO has a 0.15% expense ratio, which is lower than BUCK's 0.35% expense ratio.

Dividends

UTWO vs. BUCK - Dividend Comparison

UTWO's dividend yield for the trailing twelve months is around 3.50%, less than BUCK's 7.29% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.29%	7.59%	8.84%	4.84%	0.59%
UTWO US Treasury 2 Year Note ETF	3.50%	3.63%	4.22%	4.39%	1.22%

Frequently Asked Questions

Can I hold both UTWO and BUCK in my portfolio?

UTWO and BUCK have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTWO or BUCK?

UTWO has higher volatility (0.52%) compared to BUCK (0.44%). In terms of maximum drawdown, UTWO dropped -2.04% vs BUCK's -5.43%.

Which ETF is better, UTWO or BUCK?

On 3-year performance, BUCK leads with 5.21% vs 3.92% for UTWO. On fees, UTWO is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWO or BUCK?

Over the 3-year period, BUCK has performed better with a 5.21% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWO or BUCK?

UTWO is cheaper with a 0.15% expense ratio, compared with 0.35% for BUCK.

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

BUCK has the higher dividend yield at 7.29%, compared with 3.50% for UTWO.

What is the main difference between UTWO and BUCK?

They also come from different issuers: US Benchmark Series and Simplify. Their fees differ too: 0.15% for UTWO and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.84 vs 2.21), 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.