UTWY vs. TLT
UTWY (F/m US Treasury 20 Year Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, UTWY returned 0.01%/yr vs -1.15%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
UTWY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -2.81% return, which is significantly higher than TLT's -3.18% return.
UTWY
- 1D
- 0.43%
- 1M
- -2.81%
- 6M
- -2.47%
- YTD
- -2.81%
- 1Y
- -1.24%
- 3Y*
- 0.01%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.50%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.39B | $2.06B | $2.20B | |
| $116.12K | $62.48K | $64.76K |
UTWY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -2.81% | 4.82% | -4.92% | -1.86% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | -2.43% |
Correlation
The correlation between UTWY and TLT 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. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.98 |
The correlation between UTWY and TLT has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
UTWY vs. TLT — Risk / Return Rank
UTWY
TLT
UTWY vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.97 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | -0.28 | +0.09 |
| Martin ratioReturn relative to average drawdown | -0.41 | -0.59 | +0.18 |
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Drawdowns
UTWY vs. TLT - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for UTWY and TLT.
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Drawdown Indicators
| UTWY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -48.35% | +30.16% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -7.74% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -14.79% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -8.08% | -42.17% | +34.09% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -14.00% | +7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 3.60% | -0.57% |
Volatility
UTWY vs. TLT - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.16%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that UTWY experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.16% | 2.51% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 6.84% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.74% | 9.24% | -1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 15.74% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 14.83% | -3.86% |
UTWY vs. TLT - Expense Ratio Comparison
Both UTWY and TLT 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. TLT - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 4.83%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.83% | 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 TLT 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.
TLT has higher volatility (2.51%) compared to UTWY (2.16%). In terms of maximum drawdown, UTWY dropped -18.19% vs TLT's -48.35%.
On 3-year performance, UTWY leads with 0.01% vs -1.15% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, UTWY has been the lower-risk option at 2.16%. 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 0.01% return vs -1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY and TLT have the same expense ratio: 0.15% per year.
UTWY has the higher dividend yield at 4.83%, compared with 4.75% for TLT.
UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: F/m and iShares.
UTWY currently has the higher Sharpe Ratio (-0.16 vs -0.23), 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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