XBIL vs. UTWY

Last updated Aug 4, 2026

XBIL (US Treasury 6 Month Bill ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both exchange-traded funds - XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index. Both are passively managed. Over the past 3 years, XBIL returned 4.56%/yr vs 0.01%/yr for UTWY. Their 0.14 correlation means their historical movements had little consistent relationship. Both charge a 0.15% expense ratio.

Performance

XBIL vs. UTWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 6 Month Bill ETF (XBIL) and F/m US Treasury 20 Year Bond ETF (UTWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBIL achieves a 2.04% return, which is significantly higher than UTWY's -2.81% return.

XBIL

• 1D: -0.01%
• 1M: 0.31%
• 6M: 1.77%
• YTD: 2.04%
• 1Y: 3.79%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.60%

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%

*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	$116.12K	$62.48K	$64.76K
XBIL US Treasury 6 Month Bill ETF	$3.96M	$4.41M	$4.80M

XBIL vs. UTWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XBIL US Treasury 6 Month Bill ETF	2.04%	4.17%	5.16%	3.85%
UTWY F/m US Treasury 20 Year Bond ETF	-2.81%	4.82%	-4.92%	-1.86%

Correlation

The correlation between XBIL and UTWY is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.14

Return for Risk

XBIL vs. UTWY — Risk / Return Rank

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

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 100
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

UTWY

UTWY Risk / Return Rank: 8
UTWY Sharpe Ratio Rank: 9
UTWY Sortino Ratio Rank: 7
UTWY Omega Ratio Rank: 8
UTWY Calmar Ratio Rank: 8
UTWY Martin Ratio Rank: 8

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.

XBIL vs. UTWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and F/m US Treasury 20 Year Bond ETF (UTWY). 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.

	XBIL	UTWY	Difference
Sharpe ratio: Return per unit of total volatility	12.86	-0.16	+13.02
Sortino ratio: Return per unit of downside risk	39.41	-0.17	+39.58
Omega ratio: Gain probability vs. loss probability	10.62	0.98	+9.64
Calmar ratio: Return relative to maximum drawdown	63.49	-0.18	+63.67
Martin ratio: Return relative to average drawdown	592.78	-0.41	+593.19

XBIL vs. UTWY - Sharpe Ratio Comparison

The current XBIL Sharpe Ratio is 12.86, which is higher than the UTWY Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of XBIL and UTWY, 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

XBIL vs. UTWY - Drawdown Comparison

The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for XBIL and UTWY.

Drawdown Indicators

	XBIL	UTWY	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-18.19%	+18.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-6.72%	+6.66%
Max Drawdown (3Y) Largest decline over 3 years	-0.07%	-11.88%	+11.81%
Current Drawdown Current decline from peak	-0.01%	-8.08%	+8.07%
Average Drawdown Average peak-to-trough decline	0.00%	-6.98%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.03%	-3.02%

Volatility

XBIL vs. UTWY - Volatility Comparison

The current volatility for US Treasury 6 Month Bill ETF (XBIL) is 0.09%, while F/m US Treasury 20 Year Bond ETF (UTWY) has a volatility of 2.16%. This indicates that XBIL experiences smaller price fluctuations and is considered to be less risky than UTWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBIL	UTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	2.16%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	0.21%	6.02%	-5.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.30%	7.74%	-7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	10.97%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	10.97%	-10.60%

XBIL vs. UTWY - Expense Ratio Comparison

Both XBIL and UTWY 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

XBIL vs. UTWY - Dividend Comparison

XBIL's dividend yield for the trailing twelve months is around 3.68%, less than UTWY's 4.83% yield.

Position	TTM	2025	2024	2023
UTWY F/m US Treasury 20 Year Bond ETF	4.83%	4.62%	4.56%	2.94%
XBIL US Treasury 6 Month Bill ETF	3.68%	4.01%	4.90%	4.30%

Frequently Asked Questions

Can I hold both XBIL and UTWY in my portfolio?

XBIL and UTWY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBIL or UTWY?

UTWY has higher volatility (2.16%) compared to XBIL (0.09%). In terms of maximum drawdown, XBIL dropped -0.08% vs UTWY's -18.19%.

Which ETF is better, XBIL or UTWY?

On 3-year performance, XBIL leads with 4.56% vs 0.01% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, XBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBIL or UTWY?

Over the 3-year period, XBIL has performed better with a 4.56% return vs 0.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBIL or UTWY?

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

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

UTWY has the higher dividend yield at 4.83%, compared with 3.68% for XBIL.

What is the main difference between XBIL and UTWY?

XBIL is categorized as Ultrashort Bond, while UTWY is Government Bonds. XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index. They also come from different issuers: US Benchmark Series and F/m.

Which has better risk-adjusted returns?

XBIL currently has the higher Sharpe Ratio (12.86 vs -0.16), 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.