UTWY vs. ZTEN

Last updated Aug 5, 2026

UTWY (F/m US Treasury 20 Year Bond ETF) and ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross. Both are passively managed. Over the past year, UTWY returned -0.66% vs 2.64% for ZTEN. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

UTWY vs. ZTEN - 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 F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTWY achieves a -2.08% return, which is significantly lower than ZTEN's -0.52% return.

UTWY

• 1D: 0.75%
• 1M: -2.08%
• 6M: -1.95%
• YTD: -2.08%
• 1Y: -0.66%
• 3Y*: 0.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.28%

ZTEN

• 1D: 0.37%
• 1M: -1.32%
• 6M: -0.50%
• YTD: -0.52%
• 1Y: 2.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UTWY F/m US Treasury 20 Year Bond ETF	$117.44K	$60.54K	$64.91K
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	$49.86K	$45.25K	$108.93K

UTWY vs. ZTEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UTWY F/m US Treasury 20 Year Bond ETF	-2.08%	4.82%	-0.95%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	-0.52%	9.15%	0.29%

Correlation

The correlation between UTWY and ZTEN is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.90

The correlation between UTWY and ZTEN has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

UTWY vs. ZTEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTWY

UTWY Risk / Return Rank: 9
UTWY Sharpe Ratio Rank: 9
UTWY Sortino Ratio Rank: 8
UTWY Omega Ratio Rank: 8
UTWY Calmar Ratio Rank: 9
UTWY Martin Ratio Rank: 9

ZTEN

ZTEN Risk / Return Rank: 23
ZTEN Sharpe Ratio Rank: 23
ZTEN Sortino Ratio Rank: 21
ZTEN Omega Ratio Rank: 20
ZTEN Calmar Ratio Rank: 25
ZTEN Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTWY vs. ZTEN - 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 F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN). 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	ZTEN	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	0.54	-0.63
Sortino ratio: Return per unit of downside risk	-0.06	0.80	-0.86
Omega ratio: Gain probability vs. loss probability	0.99	1.09	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.10	0.80	-0.90
Martin ratio: Return relative to average drawdown	-0.22	2.21	-2.43

UTWY vs. ZTEN - Sharpe Ratio Comparison

The current UTWY Sharpe Ratio is -0.08, which is lower than the ZTEN Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of UTWY and ZTEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTWY vs. ZTEN - Drawdown Comparison

The maximum UTWY drawdown since its inception was -18.19%, which is greater than ZTEN's maximum drawdown of -3.43%. Use the drawdown chart below to compare losses from any high point for UTWY and ZTEN.

Drawdown Indicators

	UTWY	ZTEN	Difference
Max Drawdown Largest peak-to-trough decline	-18.19%	-3.43%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-3.32%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-11.88%	—	—
Current Drawdown Current decline from peak	-7.39%	-2.13%	-5.26%
Average Drawdown Average peak-to-trough decline	-6.98%	-0.86%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.20%	+1.85%

Volatility

UTWY vs. ZTEN - Volatility Comparison

F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.33% compared to F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) at 1.38%. This indicates that UTWY's price experiences larger fluctuations and is considered to be riskier than ZTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTWY	ZTEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	1.38%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	4.03%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	4.90%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	5.71%	+5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	5.71%	+5.26%

UTWY vs. ZTEN - Expense Ratio Comparison

Both UTWY and ZTEN 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. ZTEN - Dividend Comparison

UTWY's dividend yield for the trailing twelve months is around 4.80%, less than ZTEN's 5.11% yield.

Position	TTM	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	4.80%	4.62%	4.56%	2.94%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	5.11%	5.16%	0.44%	0.00%

Frequently Asked Questions

Can I hold both UTWY and ZTEN in my portfolio?

UTWY and ZTEN have a correlation of 0.89, 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 ZTEN?

UTWY has higher volatility (2.33%) compared to ZTEN (1.38%). In terms of maximum drawdown, UTWY dropped -18.19% vs ZTEN's -3.43%.

Which ETF is better, UTWY or ZTEN?

On 1-year performance, ZTEN leads with 2.64% vs -0.66% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWY or ZTEN?

Over the 1-year period, ZTEN has performed better with a 2.64% return vs -0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWY or ZTEN?

UTWY and ZTEN have the same expense ratio: 0.15% per year.

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

ZTEN has the higher dividend yield at 5.11%, compared with 4.80% for UTWY.

What is the main difference between UTWY and ZTEN?

UTWY is categorized as Government Bonds, while ZTEN is Long-Term Bond. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

ZTEN currently has the higher Sharpe Ratio (0.54 vs -0.08), 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.