UTWY vs. IBGK
UTWY (F/m US Treasury 20 Year Bond ETF) and IBGK (iShares iBonds Dec 2054 Term Treasury ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury Index. Both are passively managed. Over the past year, UTWY returned -1.66% vs -2.38% for IBGK. Their 0.98 correlation means they have historically moved very closely together. UTWY charges 0.15%/yr vs 0.07%/yr for IBGK.
Performance
UTWY vs. IBGK - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly higher than IBGK's -3.58% 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%
IBGK
- 1D
- -0.75%
- 1M
- -3.84%
- 6M
- -3.50%
- YTD
- -3.58%
- 1Y
- -2.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.21K | $15.17K | $32.94K | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. IBGK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -1.00% |
IBGK iShares iBonds Dec 2054 Term Treasury ETF | -3.58% | 3.66% | -3.44% |
Correlation
The correlation between UTWY and IBGK is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.98 |
The correlation between UTWY and IBGK has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
UTWY vs. IBGK — Risk / Return Rank
UTWY
IBGK
UTWY vs. IBGK - 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 iBonds Dec 2054 Term Treasury ETF (IBGK). 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 | IBGK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.99 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.15 | +0.09 |
| Martin ratioReturn relative to average drawdown | -0.12 | -0.33 | +0.21 |
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Drawdowns
UTWY vs. IBGK - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, which is greater than IBGK's maximum drawdown of -14.62%. Use the drawdown chart below to compare losses from any high point for UTWY and IBGK.
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Drawdown Indicators
| UTWY | IBGK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -14.62% | -3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -7.48% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | — | — |
Current DrawdownCurrent decline from peak | -8.47% | -12.13% | +3.66% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -8.15% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.41% | -0.41% |
Volatility
UTWY vs. IBGK - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.09%, while iShares iBonds Dec 2054 Term Treasury ETF (IBGK) has a volatility of 2.38%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than IBGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | IBGK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.38% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 6.58% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 8.93% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 11.63% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 11.63% | -0.66% |
UTWY vs. IBGK - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is higher than IBGK's 0.07% 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. IBGK - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than IBGK's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 4.41% | 4.59% | 3.15% | 0.00% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% |
Frequently Asked Questions
With a correlation of 0.99, UTWY and IBGK 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.
IBGK has higher volatility (2.38%) compared to UTWY (2.09%). In terms of maximum drawdown, UTWY dropped -18.19% vs IBGK's -14.62%.
On 1-year performance, UTWY leads with -1.66% vs -2.38% for IBGK. On fees, IBGK is cheaper at 0.07% per year. On volatility, UTWY has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UTWY has performed better with a -1.66% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGK is cheaper with a 0.07% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.85%, compared with 4.41% for IBGK.
UTWY is categorized as Government Bonds, while IBGK is Long-Term Bond. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while IBGK tracks ICE 2054 Maturity US Treasury Index. They also come from different issuers: F/m and iShares. Their fees differ too: 0.15% for UTWY and 0.07% for IBGK.
UTWY currently has the higher Sharpe Ratio (-0.05 vs -0.12), 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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