UTWY vs. ZTEN
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 4.46% vs 6.84% for ZTEN. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
UTWY vs. ZTEN - 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 ZTEN's 0.17% return.
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
ZTEN
- 1D
- -0.28%
- 1M
- 0.40%
- YTD
- 0.17%
- 6M
- 0.05%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UTWY vs. ZTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -0.64% | 4.82% | -0.13% |
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.17% | 9.15% | 0.29% |
Correlation
The correlation between UTWY and ZTEN is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.90 |
The correlation between UTWY and ZTEN has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.
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Return for Risk
UTWY vs. ZTEN — Risk / Return Rank
UTWY
ZTEN
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.
| UTWY | ZTEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 2.07 | -1.40 |
| Martin ratioReturn relative to average drawdown | 1.81 | 6.72 | -4.91 |
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 | ZTEN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 1.38 | -0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 1.15 | -1.22 |
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.
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Drawdown Indicators
| UTWY | ZTEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -3.43% | -14.76% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -3.32% | -3.38% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | — | — |
Current DrawdownCurrent decline from peak | -6.03% | -1.46% | -4.57% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -0.78% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 1.02% | +1.45% |
Volatility
UTWY vs. ZTEN - Volatility Comparison
F/m US Treasury 20 Year Bond ETF (UTWY) has a higher volatility of 2.50% compared to F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) at 1.61%. 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.
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Volatility by Period
| UTWY | ZTEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 1.61% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 3.77% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 4.99% | +3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 5.80% | +5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.11% | 5.80% | +5.31% |
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 4.69%, less than ZTEN's 5.08% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | 4.69% | 4.62% | 4.56% | 2.94% |
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 5.08% | 5.16% | 0.44% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, UTWY and ZTEN 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.
UTWY has higher volatility (2.50%) compared to ZTEN (1.61%). In terms of maximum drawdown, UTWY dropped -18.19% vs ZTEN's -3.43%.
On 1-year performance, ZTEN leads with 6.84% vs 4.46% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTEN has performed better with a 6.84% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY and ZTEN have the same expense ratio: 0.15% per year.
ZTEN has the higher dividend yield at 5.08%, compared with 4.69% for UTWY.
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. They also come from different issuers: F/m Investments and F/m.
ZTEN currently has the higher Sharpe Ratio (1.38 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.
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