UTWO vs. CRAK

Last updated Jun 14, 2026

UTWO (US Treasury 2 Year Note ETF) and CRAK (VanEck Oil Refiners ETF) are both exchange-traded funds - UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while CRAK is a Energy Equities fund tracking the MVIS Global Oil Refiners Index. Both are passively managed. Over the past 3 years, UTWO returned 3.89%/yr vs 20.46%/yr for CRAK. At a correlation of -0.02, they often move in opposite directions. UTWO charges 0.15%/yr vs 0.62%/yr for CRAK.

Performance

UTWO vs. CRAK - Performance Comparison

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

Returns By Period

In the year-to-date period, UTWO achieves a 0.43% return, which is significantly lower than CRAK's 29.26% return.

UTWO

• 1D: -0.04%
• 1M: 0.18%
• YTD: 0.43%
• 6M: 0.68%
• 1Y: 3.13%
• 3Y*: 3.89%
• 5Y*: —
• 10Y*: —

CRAK

• 1D: 0.01%
• 1M: -1.07%
• YTD: 29.26%
• 6M: 26.17%
• 1Y: 55.23%
• 3Y*: 20.46%
• 5Y*: 13.12%
• 10Y*: 13.50%

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

UTWO vs. CRAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTWO US Treasury 2 Year Note ETF	0.43%	4.79%	3.71%	3.45%	-0.84%
CRAK VanEck Oil Refiners ETF	29.26%	39.11%	-15.05%	13.73%	8.52%

Correlation

The correlation between UTWO and CRAK 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	-0.02
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.02

Return for Risk

UTWO vs. CRAK — Risk / Return Rank

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

UTWO

UTWO Risk / Return Rank: 82
UTWO Sharpe Ratio Rank: 82
UTWO Sortino Ratio Rank: 91
UTWO Omega Ratio Rank: 87
UTWO Calmar Ratio Rank: 76
UTWO Martin Ratio Rank: 74

CRAK

CRAK Risk / Return Rank: 92
CRAK Sharpe Ratio Rank: 93
CRAK Sortino Ratio Rank: 92
CRAK Omega Ratio Rank: 90
CRAK Calmar Ratio Rank: 94
CRAK Martin Ratio Rank: 89

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. CRAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and VanEck Oil Refiners ETF (CRAK). 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	CRAK	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.98	-0.67
Sortino ratio: Return per unit of downside risk	3.80	3.91	-0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	3.43	6.49	-3.06
Martin ratio: Return relative to average drawdown	12.29	17.24	-4.95

UTWO vs. CRAK - Sharpe Ratio Comparison

The current UTWO Sharpe Ratio is 2.31, which is comparable to the CRAK Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of UTWO and CRAK, 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. CRAK - Drawdown Comparison

The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum CRAK drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for UTWO and CRAK.

Drawdown Indicators

	UTWO	CRAK	Difference
Max Drawdown Largest peak-to-trough decline	-2.04%	-58.80%	+56.76%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-8.57%	+7.67%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	-35.61%	+34.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.80%	—
Current Drawdown Current decline from peak	-0.28%	-6.68%	+6.40%
Average Drawdown Average peak-to-trough decline	-0.48%	-12.48%	+12.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	3.22%	-2.97%

Volatility

UTWO vs. CRAK - Volatility Comparison

The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.40%, while VanEck Oil Refiners ETF (CRAK) has a volatility of 5.81%. This indicates that UTWO experiences smaller price fluctuations and is considered to be less risky than CRAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWO	CRAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	5.81%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	0.94%	14.72%	-13.78%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	18.66%	-17.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	20.67%	-18.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.07%	22.17%	-20.10%

UTWO vs. CRAK - Expense Ratio Comparison

UTWO has a 0.15% expense ratio, which is lower than CRAK's 0.62% expense ratio.

Dividends

UTWO vs. CRAK - Dividend Comparison

UTWO's dividend yield for the trailing twelve months is around 3.49%, more than CRAK's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.56%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
UTWO US Treasury 2 Year Note ETF	3.49%	3.63%	4.22%	4.39%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTWO and CRAK in my portfolio?

UTWO and CRAK 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 CRAK?

CRAK has higher volatility (5.81%) compared to UTWO (0.40%). In terms of maximum drawdown, UTWO dropped -2.04% vs CRAK's -58.80%.

Which ETF is better, UTWO or CRAK?

On 3-year performance, CRAK leads with 20.46% vs 3.89% for UTWO. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWO or CRAK?

Over the 3-year period, CRAK has performed better with a 20.46% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWO or CRAK?

UTWO is cheaper with a 0.15% expense ratio, compared with 0.62% for CRAK.

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

UTWO has the higher dividend yield at 3.49%, compared with 1.56% for CRAK.

What is the main difference between UTWO and CRAK?

UTWO is categorized as Government Bonds, while CRAK is Energy Equities. UTWO tracks ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while CRAK tracks MVIS Global Oil Refiners Index. They also come from different issuers: US Benchmark Series and VanEck. Their fees differ too: 0.15% for UTWO and 0.62% for CRAK.

Which has better risk-adjusted returns?

CRAK currently has the higher Sharpe Ratio (2.98 vs 2.31), 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.