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 3.85%/yr vs -0.18%/yr for TUA. With a 0.97 correlation, they move nearly in lockstep. UTWO charges 0.15%/yr vs 0.16%/yr for TUA.
Performance
UTWO vs. TUA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UTWO achieves a 0.33% return, which is significantly higher than TUA's -6.11% return.
UTWO
- 1D
- 0.09%
- 1M
- 0.15%
- YTD
- 0.33%
- 6M
- 0.51%
- 1Y
- 2.73%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
TUA
- 1D
- 0.49%
- 1M
- -0.44%
- YTD
- -6.11%
- 6M
- -5.54%
- 1Y
- -3.80%
- 3Y*
- -0.18%
- 5Y*
- —
- 10Y*
- —
UTWO vs. TUA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTWO US Treasury 2 Year Note ETF | 0.33% | 4.79% | 3.71% | 3.45% | 0.38% |
TUA Simplify Short Term Treasury Futures Strategy ETF | -6.11% | 7.27% | -3.59% | -2.04% | -0.83% |
Correlation
The correlation between UTWO and TUA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +3.89 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.92 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | -0.52 | +3.56 |
| Martin ratioReturn relative to average drawdown | 10.64 | -1.30 | +11.94 |
Loading charts...
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.
Loading charts...
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% | -7.37% | +6.47% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -9.14% | +8.06% |
Current DrawdownCurrent decline from peak | -0.38% | -10.75% | +10.37% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -8.39% | +7.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 2.93% | -2.67% |
Volatility
UTWO vs. TUA - Volatility Comparison
The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.48%, while Simplify Short Term Treasury Futures Strategy ETF (TUA) has a volatility of 2.72%. 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.
Loading charts...
Volatility by Period
| UTWO | TUA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.72% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 5.28% | -4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 7.03% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 10.75% | -8.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.07% | 10.75% | -8.68% |
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 3.50%, less than TUA's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.58% | 3.84% | 5.19% | 4.83% | 0.15% |
UTWO US Treasury 2 Year Note ETF | 3.50% | 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 (2.72%) compared to UTWO (0.48%). In terms of maximum drawdown, UTWO dropped -2.04% vs TUA's -15.85%.
On 3-year performance, UTWO leads with 3.85% vs -0.18% for TUA. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.48%. 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 3.85% return vs -0.18%. 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.
TUA has the higher dividend yield at 3.58%, compared with 3.50% for UTWO.
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 (2.00 vs -0.54), 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.
Find the right allocation for UTWO and TUA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer