UTWY vs. CPAG

Last updated Jun 4, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and CPAG (F/m Compoundr U.S. Aggregate Bond ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while CPAG is a Total Bond Market fund tracking the Nasdaq Compoundr U.S. Aggregate Bond Index. Both are passively managed. With a 0.95 correlation, they move nearly in lockstep. UTWY charges 0.15%/yr vs 0.31%/yr for CPAG.

Performance

UTWY vs. CPAG - 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 F/m Compoundr U.S. Aggregate Bond ETF (CPAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a -0.64% return, which is significantly lower than CPAG's -0.02% return.

UTWY

• 1D: -0.35%
• 1M: 0.54%
• YTD: -0.64%
• 6M: -1.78%
• 1Y: 4.46%
• 3Y*: -0.54%
• 5Y*: —
• 10Y*: —

CPAG

• 1D: -0.21%
• 1M: 0.14%
• YTD: -0.02%
• 6M: -0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTWY vs. CPAG - Yearly Performance Comparison

	2026 (YTD)	2025
UTWY F/m US Treasury 20 Year Bond ETF	-0.64%	2.40%
CPAG F/m Compoundr U.S. Aggregate Bond ETF	-0.02%	2.22%

Correlation

The correlation between UTWY and CPAG is 0.95 - 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 (All Time) Calculated using the full available price history since Aug 13, 2025	0.95

Return for Risk

UTWY vs. CPAG — Risk / Return Rank

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

UTWY

UTWY Risk / Return Rank: 17
UTWY Sharpe Ratio Rank: 18
UTWY Sortino Ratio Rank: 17
UTWY Omega Ratio Rank: 16
UTWY Calmar Ratio Rank: 17
UTWY Martin Ratio Rank: 18

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. CPAG - 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 F/m Compoundr U.S. Aggregate Bond ETF (CPAG). 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.

	UTWY	CPAG	Difference
Sharpe ratio Return per unit of total volatility	0.55	—	—
Sortino ratio Return per unit of downside risk	0.85	—	—
Omega ratio Gain probability vs. loss probability	1.10	—	—
Calmar ratio Return relative to maximum drawdown	0.67	—	—
Martin ratio Return relative to average drawdown	1.81	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UTWY	CPAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.75	-0.83

Drawdowns

UTWY vs. CPAG - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than CPAG's maximum drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for UTWY and CPAG.

Drawdown Indicators

	UTWY	CPAG	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-2.78%	-15.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	—	—
Current Drawdown Current decline from peak	-6.03%	-1.68%	-4.35%
Average Drawdown Average peak-to-trough decline	-7.03%	-0.74%	-6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	—	—

Volatility

Volatility by Period

	UTWY	CPAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.10%	3.67%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	3.67%	+7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	3.67%	+7.44%

UTWY vs. CPAG - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is lower than CPAG's 0.31% expense ratio.

Dividends

UTWY vs. CPAG - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 4.69%, while CPAG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.00%	0.00%	0.00%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	4.69%	4.62%	4.56%	2.94%

Frequently Asked Questions

Can I hold both UTWY and CPAG in my portfolio?

With a correlation of 0.95, UTWY and CPAG 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.

Which ETF is better, UTWY or CPAG?

On fees, UTWY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UTWY or CPAG?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.31% for CPAG.

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

UTWY has the higher dividend yield at 4.69%, compared with 0.00% for CPAG.

What is the main difference between UTWY and CPAG?

UTWY is categorized as Government Bonds, while CPAG is Total Bond Market. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index. Their fees differ too: 0.15% for UTWY and 0.31% for CPAG.