XHLF vs. XTWO

Last updated Jun 4, 2026

XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) and XTWO (BondBloxx Bloomberg Two Year Target Duration US Treasury ETF) are both Government Bonds funds from BondBloxx - XHLF tracks the Bloomberg US Treasury 6 Month Duration Index while XTWO tracks the Bloomberg US Treasury 2 Year Target Duration Index. Both are passively managed. Over the past 3 years, XHLF returned 4.62%/yr vs 4.12%/yr for XTWO. At a 0.38 correlation, their price movements are largely independent. XHLF charges 0.03%/yr vs 0.05%/yr for XTWO.

Performance

XHLF vs. XTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHLF achieves a 1.39% return, which is significantly higher than XTWO's 0.41% return.

XHLF

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.39%
• 6M: 1.71%
• 1Y: 3.92%
• 3Y*: 4.62%
• 5Y*: —
• 10Y*: —

XTWO

• 1D: -0.03%
• 1M: 0.08%
• YTD: 0.41%
• 6M: 0.67%
• 1Y: 3.42%
• 3Y*: 4.12%
• 5Y*: —
• 10Y*: —

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

XHLF vs. XTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	1.39%	4.21%	5.04%	4.90%	0.96%
XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury ETF	0.41%	5.17%	3.92%	4.27%	0.17%

Correlation

The correlation between XHLF and XTWO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022	0.38

Over the past year, the correlation between XHLF and XTWO has dropped to 0.16 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

Return for Risk

XHLF vs. XTWO — Risk / Return Rank

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

XHLF

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

XTWO

XTWO Risk / Return Rank: 80
XTWO Sharpe Ratio Rank: 78
XTWO Sortino Ratio Rank: 90
XTWO Omega Ratio Rank: 84
XTWO Calmar Ratio Rank: 75
XTWO Martin Ratio Rank: 72

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.

XHLF vs. XTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). 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.

	XHLF	XTWO	Difference
Sharpe ratio: Return per unit of total volatility	12.43	2.52	+9.91
Sortino ratio: Return per unit of downside risk	45.85	4.16	+41.69
Omega ratio: Gain probability vs. loss probability	11.75	1.52	+10.23
Calmar ratio: Return relative to maximum drawdown	98.81	3.78	+95.03
Martin ratio: Return relative to average drawdown	670.31	13.59	+656.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHLF vs. XTWO - Sharpe Ratio Comparison

The current XHLF Sharpe Ratio is 12.43, which is higher than the XTWO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of XHLF and XTWO, 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

	XHLF	XTWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.43	2.52	+9.91
Sharpe Ratio (All Time) Calculated using the full available price history	10.75	1.74	+9.01

Drawdowns

XHLF vs. XTWO - Drawdown Comparison

The maximum XHLF drawdown since its inception was -0.11%, smaller than the maximum XTWO drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for XHLF and XTWO.

Drawdown Indicators

	XHLF	XTWO	Difference
Max Drawdown Largest peak-to-trough decline	-0.11%	-1.73%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.91%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-1.18%	+1.12%
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.40%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.25%	-0.24%

Volatility

XHLF vs. XTWO - Volatility Comparison

The current volatility for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) is 0.08%, while BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) has a volatility of 0.36%. This indicates that XHLF experiences smaller price fluctuations and is considered to be less risky than XTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHLF	XTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.36%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.22%	0.95%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	1.37%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.42%	2.16%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.42%	2.16%	-1.74%

XHLF vs. XTWO - Expense Ratio Comparison

XHLF has a 0.03% expense ratio, which is lower than XTWO's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XHLF vs. XTWO - Dividend Comparison

XHLF's dividend yield for the trailing twelve months is around 3.85%, less than XTWO's 4.05% yield.

Position	TTM	2025	2024	2023	2022
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	3.85%	3.98%	4.96%	4.50%	0.86%
XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury ETF	4.05%	4.24%	4.54%	4.07%	1.13%

Frequently Asked Questions

Can I hold both XHLF and XTWO in my portfolio?

XHLF and XTWO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHLF or XTWO?

XTWO has higher volatility (0.36%) compared to XHLF (0.08%). In terms of maximum drawdown, XHLF dropped -0.11% vs XTWO's -1.73%.

Which ETF is better, XHLF or XTWO?

On 3-year performance, XHLF leads with 4.62% vs 4.12% for XTWO. On fees, XHLF is cheaper at 0.03% per year. On volatility, XHLF has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHLF or XTWO?

Over the 3-year period, XHLF has performed better with a 4.62% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHLF or XTWO?

XHLF is cheaper with a 0.03% expense ratio, compared with 0.05% for XTWO.

Which ETF pays a higher dividend yield, XHLF or XTWO?

XTWO has the higher dividend yield at 4.05%, compared with 3.85% for XHLF.

What is the main difference between XHLF and XTWO?

XHLF tracks Bloomberg US Treasury 6 Month Duration Index, while XTWO tracks Bloomberg US Treasury 2 Year Target Duration Index. Their fees differ too: 0.03% for XHLF and 0.05% for XTWO.

Which has better risk-adjusted returns?

XHLF currently has the higher Sharpe Ratio (12.43 vs 2.52), 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.