UTWY vs. ILTB
UTWY (F/m US Treasury 20 Year Bond ETF) and ILTB (iShares Core 10+ Year USD Bond ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while ILTB is a Long-Term Bond fund tracking the Bloomberg U.S. Universal 10+ Year Index (USD). Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 2.14%/yr for ILTB. Their 0.97 correlation means they have historically moved very closely together. UTWY charges 0.15%/yr vs 0.06%/yr for ILTB.
Performance
UTWY vs. ILTB - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than ILTB's -2.69% 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%
ILTB
- 1D
- -0.46%
- 1M
- -3.52%
- 6M
- -2.81%
- YTD
- -2.69%
- 1Y
- 0.14%
- 3Y*
- 2.14%
- 5Y*
- -4.50%
- 10Y*
- 0.60%
- ALL TIME*
- 3.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.80M | $1.79M | $2.53M | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. ILTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -4.92% | -1.86% |
ILTB iShares Core 10+ Year USD Bond ETF | -2.69% | 7.22% | -3.00% | 3.67% |
Correlation
The correlation between UTWY and ILTB is 0.97 - 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. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.97 |
The correlation between UTWY and ILTB has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
UTWY vs. ILTB — Risk / Return Rank
UTWY
ILTB
UTWY vs. ILTB - 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 Core 10+ Year USD Bond ETF (ILTB). 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 | ILTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.03 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.16 | -0.22 |
| Martin ratioReturn relative to average drawdown | -0.12 | 0.37 | -0.49 |
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Drawdowns
UTWY vs. ILTB - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum ILTB drawdown of -36.88%. Use the drawdown chart below to compare losses from any high point for UTWY and ILTB.
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Drawdown Indicators
| UTWY | ILTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -36.88% | +18.69% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -5.60% | -1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -11.33% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.22% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.88% | — |
Current DrawdownCurrent decline from peak | -8.47% | -23.63% | +15.16% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -10.03% | +3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 2.46% | +0.54% |
Volatility
UTWY vs. ILTB - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) and iShares Core 10+ Year USD Bond ETF (ILTB) have volatilities of 2.09% and 2.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | ILTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 5.86% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 7.62% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 12.59% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 11.54% | -0.57% |
UTWY vs. ILTB - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is higher than ILTB's 0.06% 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. ILTB - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than ILTB's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ILTB iShares Core 10+ Year USD Bond ETF | 4.70% | 4.83% | 4.91% | 4.38% | 4.31% | 3.04% | 3.32% | 3.45% | 4.13% | 3.97% | 3.99% | 4.20% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, UTWY and ILTB 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.
UTWY has higher volatility (2.09%) compared to ILTB (2.05%). In terms of maximum drawdown, UTWY dropped -18.19% vs ILTB's -36.88%.
On 3-year performance, ILTB leads with 2.14% vs -0.41% for UTWY. On fees, ILTB is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ILTB has performed better with a 2.14% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILTB is cheaper with a 0.06% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.85%, compared with 4.70% for ILTB.
UTWY is categorized as Government Bonds, while ILTB is Long-Term Bond. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while ILTB tracks Bloomberg U.S. Universal 10+ Year Index (USD). They also come from different issuers: F/m and iShares. Their fees differ too: 0.15% for UTWY and 0.06% for ILTB.
ILTB currently has the higher Sharpe Ratio (0.12 vs -0.05), 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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