UTWY vs. SPTL

Last updated Jun 3, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 3 years, UTWY returned -0.42%/yr vs -0.57%/yr for SPTL. With a 0.99 correlation, they move nearly in lockstep. UTWY charges 0.15%/yr vs 0.03%/yr for SPTL.

Performance

UTWY vs. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UTWY

• 1D: 0.18%
• 1M: 0.28%
• YTD: -0.30%
• 6M: -1.16%
• 1Y: 4.65%
• 3Y*: -0.42%
• 5Y*: —
• 10Y*: —

SPTL

• 1D: 0.23%
• 1M: 0.43%
• YTD: 0.00%
• 6M: -1.07%
• 1Y: 5.50%
• 3Y*: -0.57%
• 5Y*: -5.00%
• 10Y*: -1.08%

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

UTWY vs. SPTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	-0.30%	4.82%	-4.92%	-1.81%
SPTL SPDR Portfolio Long Term Treasury ETF	0.00%	5.28%	-6.23%	-1.83%

Correlation

The correlation between UTWY and SPTL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.99

The correlation between UTWY and SPTL has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

UTWY vs. SPTL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTWY

UTWY Risk / Return Rank: 17
UTWY Sharpe Ratio Rank: 18
UTWY Sortino Ratio Rank: 17
UTWY Omega Ratio Rank: 16
UTWY Calmar Ratio Rank: 16
UTWY Martin Ratio Rank: 16

SPTL

SPTL Risk / Return Rank: 18
SPTL Sharpe Ratio Rank: 19
SPTL Sortino Ratio Rank: 18
SPTL Omega Ratio Rank: 18
SPTL Calmar Ratio Rank: 17
SPTL Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTWY vs. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). 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	SPTL	Difference
Sharpe ratio Return per unit of total volatility	0.58	0.62	-0.04
Sortino ratio Return per unit of downside risk	0.88	0.95	-0.07
Omega ratio Gain probability vs. loss probability	1.10	1.11	-0.01
Calmar ratio Return relative to maximum drawdown	0.59	0.66	-0.06
Martin ratio Return relative to average drawdown	1.62	1.72	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTWY vs. SPTL - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is 0.58, which is comparable to the SPTL Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of UTWY and SPTL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UTWY	SPTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	0.62	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.24	-0.31

Drawdowns

UTWY vs. SPTL - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for UTWY and SPTL.

Drawdown Indicators

	UTWY	SPTL	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-46.20%	+28.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-7.04%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	-17.55%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	-5.71%	-36.63%	+30.92%
Average Drawdown Average peak-to-trough decline	-7.03%	-14.24%	+7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.68%	-0.23%

Volatility

UTWY vs. SPTL - Volatility Comparison

The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.55%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.69%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	SPTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.69%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	6.08%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	8.95%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	14.63%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	13.95%	-2.84%

UTWY vs. SPTL - Expense Ratio Comparison

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

UTWY's dividend yield for the trailing twelve months is around 4.67%, more than SPTL's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTL SPDR Portfolio Long Term Treasury ETF	4.20%	4.12%	4.03%	3.24%	2.75%	1.68%	1.71%	2.45%	2.69%	2.53%	2.56%	2.60%
UTWY F/m US Treasury 20 Year Bond ETF	4.67%	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

Can I hold both UTWY and SPTL in my portfolio?

With a correlation of 0.99, UTWY and SPTL 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 SPTL?

SPTL has higher volatility (2.69%) compared to UTWY (2.55%). In terms of maximum drawdown, UTWY dropped -18.19% vs SPTL's -46.20%.

Which ETF is better, UTWY or SPTL?

On 3-year performance, UTWY leads with -0.42% vs -0.57% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, UTWY has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or SPTL?

Over the 3-year period, UTWY has performed better with a -0.42% return vs -0.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or SPTL?

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

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

UTWY has the higher dividend yield at 4.67%, compared with 4.20% for SPTL.

What is the main difference between UTWY and SPTL?

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

Which has better risk-adjusted returns?

SPTL currently has the higher Sharpe Ratio (0.62 vs 0.58), 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.