UTWY vs. SPTL
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 -0.41%/yr vs -0.59%/yr for SPTL. Their 0.99 correlation means they have historically moved very closely together. UTWY charges 0.15%/yr vs 0.03%/yr for SPTL.
Performance
UTWY vs. SPTL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with UTWY having a -3.22% return and SPTL slightly lower at -3.28%.
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%
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. SPTL - 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% |
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -6.23% | -1.73% |
Correlation
The correlation between UTWY and SPTL 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 (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 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.
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Return for Risk
UTWY vs. SPTL — Risk / Return Rank
UTWY
SPTL
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.
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 | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.00 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.06 | +0.01 |
| Martin ratioReturn relative to average drawdown | -0.12 | -0.14 | +0.02 |
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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.
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Drawdown Indicators
| UTWY | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -46.20% | +28.01% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -7.09% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -13.39% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -8.47% | -38.71% | +30.24% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -14.43% | +7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.21% | -0.21% |
Volatility
UTWY vs. SPTL - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.09%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.26%. 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.
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Volatility by Period
| UTWY | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.26% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 6.39% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 8.51% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 14.50% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 13.88% | -2.91% |
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 5.27%, more than SPTL's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 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 | 4.85% | 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 0.99, 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.
SPTL has higher volatility (2.26%) compared to UTWY (2.09%). In terms of maximum drawdown, UTWY dropped -18.19% vs SPTL's -46.20%.
On 3-year performance, UTWY leads with -0.41% vs -0.59% for SPTL. On fees, SPTL is cheaper at 0.03% 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 3-year period, UTWY has performed better with a -0.41% return vs -0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.85%, compared with 3.99% for 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 and State Street. Their fees differ too: 0.15% for UTWY and 0.03% for SPTL.
UTWY currently has the higher Sharpe Ratio (-0.05 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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