UTWO vs. PPL.TO
UTWO (US Treasury 2 Year Note ETF) is Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while PPL.TO (Pembina Pipeline Corporation) is a stock. Over the past 3 years, UTWO returned 3.89%/yr vs 22.00%/yr for PPL.TO. At a correlation of -0.02, they often move in opposite directions.
Performance
UTWO vs. PPL.TO - Performance Comparison
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Different Trading Currencies
UTWO is traded in USD, while PPL.TO is traded in CAD. To make them comparable, the PPL.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, UTWO achieves a 0.43% return, which is significantly lower than PPL.TO's 28.18% return.
UTWO
- 1D
- -0.04%
- 1M
- 0.18%
- YTD
- 0.43%
- 6M
- 0.68%
- 1Y
- 3.13%
- 3Y*
- 3.89%
- 5Y*
- —
- 10Y*
- —
PPL.TO
- 1D
- -0.64%
- 1M
- -1.43%
- YTD
- 28.18%
- 6M
- 26.37%
- 1Y
- 32.53%
- 3Y*
- 22.00%
- 5Y*
- 13.84%
- 10Y*
- 10.60%
UTWO vs. PPL.TO - 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% |
PPL.TO Pembina Pipeline Corporation | 28.18% | 8.72% | 13.13% | 8.13% | -3.17% |
Correlation
The correlation between UTWO and PPL.TO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.02 |
The correlation between UTWO and PPL.TO shifts across timeframes, from -0.15 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UTWO vs. PPL.TO — Risk / Return Rank
UTWO
PPL.TO
UTWO vs. PPL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and Pembina Pipeline Corporation (PPL.TO). 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 | PPL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.31 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 2.80 | +0.63 |
| Martin ratioReturn relative to average drawdown | 12.29 | 6.47 | +5.82 |
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Drawdowns
UTWO vs. PPL.TO - Drawdown Comparison
The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum PPL.TO drawdown of -71.00%. Use the drawdown chart below to compare losses from any high point for UTWO and PPL.TO.
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Drawdown Indicators
| UTWO | PPL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.04% | -71.00% | +68.96% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -12.40% | +11.50% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -19.03% | +17.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.00% | — |
Current DrawdownCurrent decline from peak | -0.28% | -2.65% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -14.11% | +13.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 5.35% | -5.10% |
Volatility
UTWO vs. PPL.TO - Volatility Comparison
The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.40%, while Pembina Pipeline Corporation (PPL.TO) has a volatility of 6.14%. This indicates that UTWO experiences smaller price fluctuations and is considered to be less risky than PPL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWO | PPL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 6.14% | -5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 0.94% | 13.80% | -12.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 19.58% | -18.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 19.85% | -17.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.07% | 31.56% | -29.49% |
Dividends
UTWO vs. PPL.TO - Dividend Comparison
UTWO's dividend yield for the trailing twelve months is around 3.49%, less than PPL.TO's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPL.TO Pembina Pipeline Corporation | 4.20% | 5.39% | 5.15% | 5.82% | 5.55% | 6.57% | 8.37% | 4.90% | 5.53% | 4.48% | 4.52% | 5.97% |
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
UTWO and PPL.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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