UTWY vs. BIL
UTWY (F/m US Treasury 20 Year Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 4.56%/yr for BIL. Their -0.08 correlation means they have often moved in opposite directions in the past. UTWY charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
UTWY vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than BIL's 2.08% return.
UTWY
- 1D
- -0.65%
- 1M
- -3.22%
- 6M
- -3.26%
- YTD
- -3.22%
- 1Y
- -1.66%
- 3Y*
- -0.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.63%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -4.92% | -1.86% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 3.89% |
Correlation
The correlation between UTWY and BIL is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | -0.08 |
The correlation between UTWY and BIL shifts across timeframes, from -0.18 (1 year) to -0.07 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTWY vs. BIL — Risk / Return Rank
UTWY
BIL
UTWY vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 20 Year Bond ETF (UTWY) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| UTWY | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.18 | ||
| Sortino ratioReturn per unit of downside risk | -153.15 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 69.35 | -68.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 349.28 | -349.33 |
| Martin ratioReturn relative to average drawdown | -0.12 | 2,476.90 | -2,477.02 |
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Drawdowns
UTWY vs. BIL - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for UTWY and BIL.
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Drawdown Indicators
| UTWY | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -0.78% | -17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -0.01% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -0.01% | -11.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -8.47% | 0.00% | -8.47% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -0.26% | -6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.00% | +3.00% |
Volatility
UTWY vs. BIL - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.09% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 0.07% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 0.14% | +5.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 0.20% | +7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 0.26% | +10.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 0.26% | +10.71% |
UTWY vs. BIL - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
UTWY vs. BIL - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTWY and BIL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWY has higher volatility (2.09%) compared to BIL (0.07%). In terms of maximum drawdown, UTWY dropped -18.19% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.56% vs -0.41% for UTWY. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BIL has performed better with a 4.56% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.85%, compared with 3.46% for BIL.
UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: F/m and State Street. Their fees differ too: 0.15% for UTWY and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 vs -0.05), 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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