UTWY vs. GSG
UTWY (F/m US Treasury 20 Year Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, UTWY returned -0.54%/yr vs 19.31%/yr for GSG. At a correlation of -0.18, they often move in opposite directions. UTWY charges 0.15%/yr vs 0.75%/yr for GSG.
Performance
UTWY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -0.64% return, which is significantly lower than GSG's 42.58% return.
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
UTWY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -0.64% | 4.82% | -4.92% | -1.81% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 1.16% |
Correlation
The correlation between UTWY and GSG is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | -0.18 |
The correlation between UTWY and GSG shifts across timeframes, from -0.36 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UTWY vs. GSG — Risk / Return Rank
UTWY
GSG
UTWY vs. GSG - 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 iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.40 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 5.47 | -4.81 |
| Martin ratioReturn relative to average drawdown | 1.81 | 14.39 | -12.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UTWY | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 2.26 | -1.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | -0.09 | +0.01 |
Drawdowns
UTWY vs. GSG - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UTWY and GSG.
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Drawdown Indicators
| UTWY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -89.62% | +71.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -9.46% | +2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | -14.94% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -6.03% | -56.95% | +50.92% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -63.71% | +56.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 3.59% | -1.12% |
Volatility
UTWY vs. GSG - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.50%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 7.65% | -5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 20.42% | -14.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 22.95% | -14.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 22.61% | -11.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.11% | 22.03% | -10.92% |
UTWY vs. GSG - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
UTWY vs. GSG - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 4.69%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 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
UTWY and GSG have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to UTWY (2.50%). In terms of maximum drawdown, UTWY dropped -18.19% vs GSG's -89.62%.
On 3-year performance, GSG leads with 19.31% vs -0.54% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, UTWY has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 19.31% return vs -0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.
UTWY has the higher dividend yield at 4.69%, compared with 0.00% for GSG.
UTWY is categorized as Government Bonds, while GSG is Commodities. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.15% for UTWY and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 0.55), 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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