UTWY vs. IBTF
UTWY (F/m US Treasury 20 Year Bond ETF) and IBTF (iShares iBonds Dec 2025 Term Treasury ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while IBTF tracks the ICE 2025 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, UTWY returned -0.54%/yr vs 3.66%/yr for IBTF. At a 0.36 correlation, their price movements are largely independent. UTWY charges 0.15%/yr vs 0.07%/yr for IBTF.
Performance
UTWY vs. IBTF - Performance Comparison
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Returns By Period
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
IBTF
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.09%
- 1Y
- 2.14%
- 3Y*
- 3.66%
- 5Y*
- 0.90%
- 10Y*
- —
UTWY vs. IBTF - 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% |
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 0.00% | 3.81% | 4.60% | 2.49% |
Correlation
The correlation between UTWY and IBTF is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.36 |
The correlation between UTWY and IBTF shifts across timeframes, from -0.01 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UTWY vs. IBTF — Risk / Return Rank
UTWY
IBTF
UTWY vs. IBTF - 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 2025 Term Treasury ETF (IBTF). 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 | IBTF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.52 | ||
| Sortino ratioReturn per unit of downside risk | -19.23 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 6.23 | -5.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 59.41 | -58.74 |
| Martin ratioReturn relative to average drawdown | 1.81 | 269.70 | -267.88 |
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 | IBTF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 7.08 | -6.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.44 | -0.52 |
Drawdowns
UTWY vs. IBTF - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, which is greater than IBTF's maximum drawdown of -10.45%. Use the drawdown chart below to compare losses from any high point for UTWY and IBTF.
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Drawdown Indicators
| UTWY | IBTF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -10.45% | -7.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -0.04% | -6.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | -0.67% | -14.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.53% | — |
Current DrawdownCurrent decline from peak | -6.03% | 0.00% | -6.03% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -3.33% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 0.01% | +2.46% |
Volatility
UTWY vs. IBTF - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.50% compared to iShares iBonds Dec 2025 Term Treasury ETF (IBTF) at 0.00%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than IBTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | IBTF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 0.00% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 0.19% | +5.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 0.36% | +7.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 2.38% | +8.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.11% | 2.56% | +8.55% |
UTWY vs. IBTF - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is higher than IBTF'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. IBTF - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 4.69%, more than IBTF's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 2.08% | 3.83% | 4.32% | 4.03% | 1.93% | 0.57% | 0.59% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.69% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTWY and IBTF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWY has higher volatility (2.50%) compared to IBTF (0.00%). In terms of maximum drawdown, UTWY dropped -18.19% vs IBTF's -10.45%.
On 3-year performance, IBTF leads with 3.66% vs -0.54% for UTWY. On fees, IBTF is cheaper at 0.07% per year. On volatility, IBTF has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBTF has performed better with a 3.66% return vs -0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTF is cheaper with a 0.07% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.69%, compared with 2.08% for IBTF.
UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while IBTF tracks ICE 2025 Maturity US Treasury Index. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.15% for UTWY and 0.07% for IBTF.
IBTF currently has the higher Sharpe Ratio (7.08 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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