UTWY vs. CERY

Last updated Jun 24, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, UTWY returned 3.50% vs 27.40% for CERY. At a correlation of -0.16, they often move in opposite directions. UTWY charges 0.15%/yr vs 0.28%/yr for CERY.

Performance

UTWY vs. CERY - 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 SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a 0.13% return, which is significantly lower than CERY's 18.11% return.

UTWY

• 1D: 0.14%
• 1M: 1.73%
• YTD: 0.13%
• 6M: 0.04%
• 1Y: 3.50%
• 3Y*: -0.43%
• 5Y*: —
• 10Y*: —

CERY

• 1D: -1.20%
• 1M: -9.49%
• YTD: 18.11%
• 6M: 16.37%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTWY vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UTWY F/m US Treasury 20 Year Bond ETF	0.13%	4.82%	-7.96%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%

Correlation

The correlation between UTWY and CERY is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.16

Return for Risk

UTWY vs. CERY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTWY

UTWY Risk / Return Rank: 15
UTWY Sharpe Ratio Rank: 15
UTWY Sortino Ratio Rank: 14
UTWY Omega Ratio Rank: 14
UTWY Calmar Ratio Rank: 15
UTWY Martin Ratio Rank: 15

CERY

CERY Risk / Return Rank: 53
CERY Sharpe Ratio Rank: 56
CERY Sortino Ratio Rank: 52
CERY Omega Ratio Rank: 52
CERY Calmar Ratio Rank: 47
CERY Martin Ratio Rank: 60

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTWY vs. CERY - 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 Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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	CERY	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.78	-1.33
Sortino ratio: Return per unit of downside risk	0.69	2.38	-1.69
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.52	2.21	-1.69
Martin ratio: Return relative to average drawdown	1.34	10.02	-8.68

UTWY vs. CERY - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is 0.45, which is lower than the CERY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of UTWY and CERY, 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. CERY - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for UTWY and CERY.

Drawdown Indicators

	UTWY	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-12.44%	-5.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-12.44%	+5.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	—	—
Current Drawdown Current decline from peak	-5.30%	-12.44%	+7.14%
Average Drawdown Average peak-to-trough decline	-7.00%	-2.29%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.76%	-0.14%

Volatility

UTWY vs. CERY - Volatility Comparison

The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 1.92%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.64%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	3.64%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	13.63%	-7.86%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	15.66%	-7.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	14.74%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	14.74%	-3.69%

UTWY vs. CERY - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is lower than CERY's 0.28% expense ratio.

Dividends

UTWY vs. CERY - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 4.65%, more than CERY's 4.23% yield.

Position	TTM	2025	2024	2023
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	4.65%	4.62%	4.56%	2.94%

Frequently Asked Questions

Can I hold both UTWY and CERY in my portfolio?

UTWY and CERY have a correlation of -0.24, 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 CERY?

CERY has higher volatility (3.64%) compared to UTWY (1.92%). In terms of maximum drawdown, UTWY dropped -18.19% vs CERY's -12.44%.

Which ETF is better, UTWY or CERY?

On 1-year performance, CERY leads with 27.40% vs 3.50% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, UTWY has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or CERY?

Over the 1-year period, CERY has performed better with a 27.40% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or CERY?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.28% for CERY.

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

UTWY has the higher dividend yield at 4.65%, compared with 4.23% for CERY.

What is the main difference between UTWY and CERY?

UTWY is categorized as Government Bonds, while CERY is Commodities. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: F/m Investments and State Street. Their fees differ too: 0.15% for UTWY and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.78 vs 0.45), 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.