UTWO vs. TUA
UTWO (US Treasury 2 Year Note ETF) and TUA (Simplify Short Term Treasury Futures Strategy 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 TUA is a Intermediate Core Bond fund actively managed by Simplify. UTWO is passively managed, while TUA is actively managed. Over the past 3 years, UTWO returned 3.96%/yr vs 0.67%/yr for TUA. Their 0.97 correlation means they have historically moved very closely together. UTWO charges 0.15%/yr vs 0.16%/yr for TUA.
Performance
UTWO vs. TUA - Performance Comparison
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Returns By Period
In the year-to-date period, UTWO achieves a 0.61% return, which is significantly higher than TUA's -6.37% return.
UTWO
- 1D
- -0.07%
- 1M
- 0.01%
- 6M
- 0.44%
- YTD
- 0.61%
- 1Y
- 2.33%
- 3Y*
- 3.96%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.93%
TUA
- 1D
- -0.32%
- 1M
- -1.10%
- 6M
- -5.88%
- YTD
- -6.37%
- 1Y
- -5.24%
- 3Y*
- 0.67%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.89M | $10.24M | $8.33M | |
| $3.81M | $4.33M | $4.58M |
UTWO vs. TUA - 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% |
TUA Simplify Short Term Treasury Futures Strategy ETF | -6.37% | 7.27% | -3.59% | -2.04% | -0.83% |
Correlation
The correlation between UTWO and TUA is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022 | 0.97 |
The correlation between UTWO and TUA has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
UTWO vs. TUA — Risk / Return Rank
UTWO
TUA
UTWO vs. TUA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and Simplify Short Term Treasury Futures Strategy ETF (TUA). 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 | TUA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.52 | ||
| Sortino ratioReturn per unit of downside risk | +3.90 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.94 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | -0.37 | +3.58 |
| Martin ratioReturn relative to average drawdown | 11.11 | -0.81 | +11.92 |
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Drawdowns
UTWO vs. TUA - Drawdown Comparison
The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum TUA drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for UTWO and TUA.
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Drawdown Indicators
| UTWO | TUA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.04% | -15.85% | +13.81% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -7.96% | +7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -9.14% | +8.06% |
Current DrawdownCurrent decline from peak | -0.10% | -10.99% | +10.89% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -8.45% | +7.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 3.64% | -3.38% |
Volatility
UTWO vs. TUA - Volatility Comparison
The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.40%, while Simplify Short Term Treasury Futures Strategy ETF (TUA) has a volatility of 1.91%. This indicates that UTWO experiences smaller price fluctuations and is considered to be less risky than TUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWO | TUA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 1.91% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 5.57% | -4.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 7.01% | -5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.05% | 10.65% | -8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.05% | 10.65% | -8.60% |
UTWO vs. TUA - Expense Ratio Comparison
UTWO has a 0.15% expense ratio, which is lower than TUA's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
UTWO vs. TUA - Dividend Comparison
UTWO's dividend yield for the trailing twelve months is around 3.84%, more than TUA's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.12% | 3.84% | 5.19% | 4.83% | 0.15% |
UTWO US Treasury 2 Year Note ETF | 3.54% | 3.63% | 4.22% | 4.39% | 1.22% |
Frequently Asked Questions
With a correlation of 0.97, UTWO and TUA 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.
TUA has higher volatility (1.91%) compared to UTWO (0.40%). In terms of maximum drawdown, UTWO dropped -2.04% vs TUA's -15.85%.
On 3-year performance, UTWO leads with 3.96% vs 0.67% for TUA. 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.
Over the 3-year period, UTWO has performed better with a 3.96% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWO is cheaper with a 0.15% expense ratio, compared with 0.16% for TUA.
UTWO has the higher dividend yield at 3.54%, compared with 3.12% for TUA.
UTWO is categorized as Government Bonds, while TUA is Intermediate Core Bond. They also come from different issuers: US Benchmark Series and Simplify. Their fees differ too: 0.15% for UTWO and 0.16% for TUA.
UTWO currently has the higher Sharpe Ratio (2.10 vs -0.42), 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.
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