UTWY vs. VETZ

Last updated Jun 4, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and VETZ (Academy Veteran Bond ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while VETZ is a Mortgage Backed Securities fund actively managed by Academy. UTWY is passively managed, while VETZ is actively managed. Over the past year, UTWY returned 4.46% vs 6.86% for VETZ. A 0.75 correlation means they provide meaningful diversification when combined. UTWY charges 0.15%/yr vs 0.35%/yr for VETZ.

Performance

UTWY vs. VETZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 20 Year Bond ETF (UTWY) and Academy Veteran Bond ETF (VETZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a -0.64% return, which is significantly lower than VETZ's 0.42% return.

UTWY

• 1D: -0.35%
• 1M: 0.54%
• YTD: -0.64%
• 6M: -1.78%
• 1Y: 4.46%
• 3Y*: -0.54%
• 5Y*: —
• 10Y*: —

VETZ

• 1D: -0.20%
• 1M: -0.25%
• YTD: 0.42%
• 6M: 0.83%
• 1Y: 6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UTWY vs. VETZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	-0.64%	4.82%	-4.92%	3.07%
VETZ Academy Veteran Bond ETF	0.42%	8.02%	2.22%	3.97%

Correlation

The correlation between UTWY and VETZ is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	0.75

The correlation between UTWY and VETZ has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

UTWY vs. VETZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTWY

UTWY Risk / Return Rank: 17
UTWY Sharpe Ratio Rank: 18
UTWY Sortino Ratio Rank: 17
UTWY Omega Ratio Rank: 16
UTWY Calmar Ratio Rank: 17
UTWY Martin Ratio Rank: 18

VETZ

VETZ Risk / Return Rank: 46
VETZ Sharpe Ratio Rank: 42
VETZ Sortino Ratio Rank: 43
VETZ Omega Ratio Rank: 40
VETZ Calmar Ratio Rank: 51
VETZ Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTWY vs. VETZ - 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 Academy Veteran Bond ETF (VETZ). 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	VETZ	Difference
Sharpe ratio Return per unit of total volatility	0.55	1.44	-0.88
Sortino ratio Return per unit of downside risk	0.85	2.16	-1.31
Omega ratio Gain probability vs. loss probability	1.10	1.25	-0.16
Calmar ratio Return relative to maximum drawdown	0.67	2.52	-1.85
Martin ratio Return relative to average drawdown	1.81	8.75	-6.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTWY vs. VETZ - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is 0.55, which is lower than the VETZ Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of UTWY and VETZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UTWY	VETZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	1.44	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.84	-0.92

Drawdowns

UTWY vs. VETZ - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than VETZ's maximum drawdown of -5.16%. Use the drawdown chart below to compare losses from any high point for UTWY and VETZ.

Drawdown Indicators

	UTWY	VETZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-5.16%	-13.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-2.73%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	—	—
Current Drawdown Current decline from peak	-6.03%	-1.59%	-4.44%
Average Drawdown Average peak-to-trough decline	-7.03%	-1.30%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	0.79%	+1.68%

Volatility

UTWY vs. VETZ - Volatility Comparison

F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.50% compared to Academy Veteran Bond ETF (VETZ) at 1.36%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than VETZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	VETZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.36%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	3.27%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	8.10%	4.80%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	6.15%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	6.15%	+4.96%

UTWY vs. VETZ - Expense Ratio Comparison

UTWY has a 0.15% expense ratio, which is lower than VETZ's 0.35% expense ratio.

Dividends

UTWY vs. VETZ - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 4.69%, less than VETZ's 6.18% yield.

Position	TTM	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	4.69%	4.62%	4.56%	2.94%
VETZ Academy Veteran Bond ETF	6.18%	6.14%	5.89%	1.88%

Frequently Asked Questions

Can I hold both UTWY and VETZ in my portfolio?

UTWY and VETZ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTWY or VETZ?

UTWY has higher volatility (2.50%) compared to VETZ (1.36%). In terms of maximum drawdown, UTWY dropped -18.19% vs VETZ's -5.16%.

Which ETF is better, UTWY or VETZ?

On 1-year performance, VETZ leads with 6.86% vs 4.46% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, VETZ has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or VETZ?

Over the 1-year period, VETZ has performed better with a 6.86% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or VETZ?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.35% for VETZ.

Which ETF pays a higher dividend yield, UTWY or VETZ?

VETZ has the higher dividend yield at 6.18%, compared with 4.69% for UTWY.

What is the main difference between UTWY and VETZ?

UTWY is categorized as Government Bonds, while VETZ is Mortgage Backed Securities. They also come from different issuers: F/m Investments and Academy. Their fees differ too: 0.15% for UTWY and 0.35% for VETZ.

Which has better risk-adjusted returns?

VETZ currently has the higher Sharpe Ratio (1.44 vs 0.55), 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.