UTWY vs. BUCK

Last updated Aug 2, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and BUCK (Simplify Treasury Option Income ETF) are both Government Bonds funds. UTWY is passively managed, while BUCK is actively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 5.15%/yr for BUCK. Their 0.18 correlation means their historical movements had little consistent relationship. UTWY charges 0.15%/yr vs 0.35%/yr for BUCK.

Performance

UTWY vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 20 Year Bond ETF (UTWY) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than BUCK's 2.42% 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%

BUCK

• 1D: -0.04%
• 1M: 0.17%
• 6M: 1.84%
• YTD: 2.42%
• 1Y: 5.36%
• 3Y*: 5.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUCK Simplify Treasury Option Income ETF	$3.71M	$3.63M	$3.94M
UTWY F/m US Treasury 20 Year Bond ETF	$108.36K	$60.31K	$63.45K

UTWY vs. BUCK - 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%
BUCK Simplify Treasury Option Income ETF	2.42%	4.13%	7.25%	3.53%

Correlation

The correlation between UTWY and BUCK is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.18

Return for Risk

UTWY vs. BUCK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTWY

UTWY Risk / Return Rank: 10
UTWY Sharpe Ratio Rank: 10
UTWY Sortino Ratio Rank: 9
UTWY Omega Ratio Rank: 9
UTWY Calmar Ratio Rank: 10
UTWY Martin Ratio Rank: 10

BUCK

BUCK Risk / Return Rank: 95
BUCK Sharpe Ratio Rank: 92
BUCK Sortino Ratio Rank: 93
BUCK Omega Ratio Rank: 94
BUCK Calmar Ratio Rank: 97
BUCK Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTWY vs. BUCK - 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 Simplify Treasury Option Income ETF (BUCK). 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	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.41	-2.45
Sortino ratio: Return per unit of downside risk	-0.01	3.58	-3.59
Omega ratio: Gain probability vs. loss probability	1.00	1.52	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.05	7.39	-7.45
Martin ratio: Return relative to average drawdown	-0.12	34.83	-34.95

UTWY vs. BUCK - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is -0.05, which is lower than the BUCK Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of UTWY and BUCK, 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

UTWY vs. BUCK - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for UTWY and BUCK.

Drawdown Indicators

	UTWY	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-5.43%	-12.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-0.84%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-11.88%	-5.43%	-6.45%
Current Drawdown Current decline from peak	-8.47%	-0.11%	-8.36%
Average Drawdown Average peak-to-trough decline	-6.98%	-0.47%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	0.18%	+2.82%

Volatility

UTWY vs. BUCK - Volatility Comparison

F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.09% compared to Simplify Treasury Option Income ETF (BUCK) at 0.39%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	0.39%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	1.24%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	2.59%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	3.42%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	3.42%	+7.55%

UTWY vs. BUCK - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is lower than BUCK's 0.35% expense ratio.

Dividends

UTWY vs. BUCK - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 5.27%, less than BUCK's 7.20% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.20%	7.59%	8.84%	4.84%	0.59%
UTWY F/m US Treasury 20 Year Bond ETF	4.85%	4.62%	4.56%	2.94%	0.00%

Frequently Asked Questions

Can I hold both UTWY and BUCK in my portfolio?

UTWY and BUCK have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTWY or BUCK?

UTWY has higher volatility (2.09%) compared to BUCK (0.39%). In terms of maximum drawdown, UTWY dropped -18.19% vs BUCK's -5.43%.

Which ETF is better, UTWY or BUCK?

On 3-year performance, BUCK leads with 5.15% vs -0.41% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, BUCK has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or BUCK?

Over the 3-year period, BUCK has performed better with a 5.15% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or BUCK?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.35% for BUCK.

Which ETF pays a higher dividend yield, UTWY or BUCK?

BUCK has the higher dividend yield at 7.20%, compared with 4.85% for UTWY.

What is the main difference between UTWY and BUCK?

They also come from different issuers: F/m and Simplify. Their fees differ too: 0.15% for UTWY and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.41 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.