UTWY vs. SPTB

Last updated Aug 2, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, UTWY returned -1.66% vs 1.09% for SPTB. Their 0.95 correlation means they have historically moved very closely together. UTWY charges 0.15%/yr vs 0.03%/yr for SPTB.

Performance

UTWY vs. SPTB - 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 State Street SPDR Portfolio Treasury ETF (SPTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than SPTB's -0.64% 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%

SPTB

• 1D: -0.22%
• 1M: -1.20%
• 6M: -0.75%
• YTD: -0.64%
• 1Y: 1.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPTB State Street SPDR Portfolio Treasury ETF	$554.84K	$766.31K	$2.41M
UTWY F/m US Treasury 20 Year Bond ETF	$108.36K	$60.31K	$63.45K

UTWY vs. SPTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UTWY F/m US Treasury 20 Year Bond ETF	-3.22%	4.82%	-0.29%
SPTB State Street SPDR Portfolio Treasury ETF	-0.64%	6.14%	2.17%

Correlation

The correlation between UTWY and SPTB is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.95

The correlation between UTWY and SPTB has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

UTWY vs. SPTB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTWY

UTWY Risk / Return Rank: 10
UTWY Sharpe Ratio Rank: 10
UTWY Sortino Ratio Rank: 9
UTWY Omega Ratio Rank: 9
UTWY Calmar Ratio Rank: 10
UTWY Martin Ratio Rank: 10

SPTB

SPTB Risk / Return Rank: 23
SPTB Sharpe Ratio Rank: 25
SPTB Sortino Ratio Rank: 23
SPTB Omega Ratio Rank: 22
SPTB Calmar Ratio Rank: 23
SPTB Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTWY vs. SPTB - 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 State Street SPDR Portfolio Treasury ETF (SPTB). 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	SPTB	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	0.57	-0.62
Sortino ratio: Return per unit of downside risk	-0.01	0.87	-0.88
Omega ratio: Gain probability vs. loss probability	1.00	1.10	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.05	0.70	-0.75
Martin ratio: Return relative to average drawdown	-0.12	1.66	-1.78

UTWY vs. SPTB - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is -0.05, which is lower than the SPTB Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of UTWY and SPTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTWY vs. SPTB - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for UTWY and SPTB.

Drawdown Indicators

	UTWY	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-4.96%	-13.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-2.90%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-11.88%	—	—
Current Drawdown Current decline from peak	-8.47%	-2.50%	-5.97%
Average Drawdown Average peak-to-trough decline	-6.98%	-1.36%	-5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.21%	+1.79%

Volatility

UTWY vs. SPTB - Volatility Comparison

F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.09% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 0.94%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	0.94%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	2.69%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	3.52%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	4.36%	+6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	4.36%	+6.61%

UTWY vs. SPTB - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is higher than SPTB's 0.03% 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. SPTB - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 5.27%, more than SPTB's 4.22% yield.

Position	TTM	2025	2024	2023
SPTB State Street SPDR Portfolio Treasury ETF	3.85%	4.23%	2.76%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	4.85%	4.62%	4.56%	2.94%

Frequently Asked Questions

Can I hold both UTWY and SPTB in my portfolio?

With a correlation of 0.95, UTWY and SPTB 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 is riskier, UTWY or SPTB?

UTWY has higher volatility (2.09%) compared to SPTB (0.94%). In terms of maximum drawdown, UTWY dropped -18.19% vs SPTB's -4.96%.

Which ETF is better, UTWY or SPTB?

On 1-year performance, SPTB leads with 1.09% vs -1.66% for UTWY. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or SPTB?

Over the 1-year period, SPTB has performed better with a 1.09% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or SPTB?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.15% for UTWY.

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

UTWY has the higher dividend yield at 4.85%, compared with 3.85% for SPTB.

What is the main difference between UTWY and SPTB?

UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: F/m and State Street. Their fees differ too: 0.15% for UTWY and 0.03% for SPTB.

Which has better risk-adjusted returns?

SPTB currently has the higher Sharpe Ratio (0.57 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.