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 -0.54%/yr vs -1.80%/yr for TLT. With a 0.98 correlation, they move nearly in lockstep. 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 -0.64% return, which is significantly lower than TLT's -0.27% return.
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
UTWY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -0.64% | 4.82% | -4.92% | -1.81% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | -2.61% |
Correlation
The correlation between UTWY and TLT 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 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.
| UTWY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 0.65 | +0.02 |
| Martin ratioReturn relative to average drawdown | 1.81 | 1.63 | +0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UTWY | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.51 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.26 | -0.33 |
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 | -6.70% | -7.58% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | -19.18% | +4.20% |
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 | -6.03% | -40.44% | +34.41% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -13.82% | +6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 3.04% | -0.57% |
Volatility
UTWY vs. TLT - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.50%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. 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 | 2.50% | 2.76% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 6.50% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 9.77% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 15.87% | -4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.11% | 14.91% | -3.80% |
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 4.69%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 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 | 4.69% | 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 (2.76%) compared to UTWY (2.50%). In terms of maximum drawdown, UTWY dropped -18.19% vs TLT's -48.35%.
On 3-year performance, UTWY leads with -0.54% vs -1.80% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, UTWY has been the lower-risk option at 2.50%. 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 -0.54% return vs -1.80%. 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 4.69%, compared with 4.59% 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 Investments and iShares.
UTWY currently has the higher Sharpe Ratio (0.55 vs 0.51), 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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