UTWY vs. SPY
UTWY (F/m US Treasury 20 Year Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 19.32%/yr for SPY. Their 0.17 correlation means their historical movements had little consistent relationship. UTWY charges 0.15%/yr vs 0.09%/yr for SPY.
Performance
UTWY vs. SPY - 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 SPY's 10.13% 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%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 21.24% |
Correlation
The correlation between UTWY and SPY is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.17 |
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Return for Risk
UTWY vs. SPY — Risk / Return Rank
UTWY
SPY
UTWY vs. SPY - 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 S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.20 | -2.26 |
| Martin ratioReturn relative to average drawdown | -0.12 | 9.40 | -9.52 |
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Drawdowns
UTWY vs. SPY - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UTWY and SPY.
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Drawdown Indicators
| UTWY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -55.19% | +37.00% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -8.88% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -18.76% | +6.88% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -8.47% | -1.40% | -7.07% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -9.01% | +2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 2.08% | +0.92% |
Volatility
UTWY vs. SPY - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.09%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 3.58% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 10.14% | -4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 12.89% | -5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 17.18% | -6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 17.95% | -6.98% |
UTWY vs. SPY - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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
UTWY and SPY have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to UTWY (2.09%). In terms of maximum drawdown, UTWY dropped -18.19% vs SPY's -55.19%.
On 3-year performance, SPY leads with 19.32% vs -0.41% for UTWY. On fees, SPY is cheaper at 0.09% 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, SPY has performed better with a 19.32% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for UTWY.
UTWY has the higher dividend yield at 4.85%, compared with 1.01% for SPY.
UTWY is categorized as Government Bonds, while SPY is S&P 500. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while SPY tracks S&P 500 Index. They also come from different issuers: F/m and State Street. Their fees differ too: 0.15% for UTWY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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