UTWY vs. TFLO
UTWY (F/m US Treasury 20 Year Bond ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 4.66%/yr for TFLO. Their -0.05 correlation means they have often moved in opposite directions in the past. Both charge a 0.15% expense ratio.
Performance
UTWY vs. TFLO - 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 TFLO's 2.22% 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%
TFLO
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.88%
- YTD
- 2.22%
- 1Y
- 3.88%
- 3Y*
- 4.66%
- 5Y*
- 3.77%
- 10Y*
- 2.41%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.31M | $72.74M | $75.47M | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. TFLO - 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 2.22% | 4.22% | 5.34% | 4.10% |
Correlation
The correlation between UTWY and TFLO is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | -0.05 |
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Return for Risk
UTWY vs. TFLO — Risk / Return Rank
UTWY
TFLO
UTWY vs. TFLO - 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 Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.78 | ||
| Sortino ratioReturn per unit of downside risk | -47.37 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 12.34 | -11.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 199.41 | -199.46 |
| Martin ratioReturn relative to average drawdown | -0.12 | 766.49 | -766.61 |
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Drawdowns
UTWY vs. TFLO - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for UTWY and TFLO.
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Drawdown Indicators
| UTWY | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -5.01% | -13.18% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -0.02% | -6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -0.04% | -11.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -8.47% | 0.00% | -8.47% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -0.10% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.01% | +2.99% |
Volatility
UTWY vs. TFLO - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.09% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 0.08% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 0.19% | +5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 0.29% | +7.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 0.35% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 0.45% | +10.52% |
UTWY vs. TFLO - Expense Ratio Comparison
Both UTWY and TFLO have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
UTWY vs. TFLO - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, more than TFLO's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 3.47% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
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 TFLO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWY has higher volatility (2.09%) compared to TFLO (0.08%). In terms of maximum drawdown, UTWY dropped -18.19% vs TFLO's -5.01%.
On 3-year performance, TFLO leads with 4.66% vs -0.41% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, TFLO has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TFLO has performed better with a 4.66% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY and TFLO have the same expense ratio: 0.15% per year.
UTWY has the higher dividend yield at 4.85%, compared with 3.47% for TFLO.
UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: F/m and iShares.
TFLO currently has the higher Sharpe Ratio (13.73 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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