XONE vs. UTWO
XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) and UTWO (US Treasury 2 Year Note ETF) are both Government Bonds funds - XONE tracks the Bloomberg US Treasury 1 Year Target Duration Index while UTWO tracks the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, XONE returned 4.55%/yr vs 3.78%/yr for UTWO. Their correlation of 0.83 suggests significant overlap in exposure. XONE charges 0.03%/yr vs 0.15%/yr for UTWO.
Performance
XONE vs. UTWO - Performance Comparison
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Returns By Period
In the year-to-date period, XONE achieves a 1.16% return, which is significantly higher than UTWO's 0.39% return.
XONE
- 1D
- 0.04%
- 1M
- 0.23%
- YTD
- 1.16%
- 6M
- 1.52%
- 1Y
- 3.81%
- 3Y*
- 4.55%
- 5Y*
- —
- 10Y*
- —
UTWO
- 1D
- 0.06%
- 1M
- 0.08%
- YTD
- 0.39%
- 6M
- 0.73%
- 1Y
- 3.00%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
XONE vs. UTWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 1.16% | 4.41% | 4.83% | 4.74% | 0.60% |
UTWO US Treasury 2 Year Note ETF | 0.39% | 4.79% | 3.71% | 3.45% | -0.06% |
Correlation
The correlation between XONE and UTWO is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.83 |
The correlation between XONE and UTWO has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.
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Return for Risk
XONE vs. UTWO — Risk / Return Rank
XONE
UTWO
XONE vs. UTWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) and US Treasury 2 Year Note ETF (UTWO). 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.
| XONE | UTWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.77 | ||
| Sortino ratioReturn per unit of downside risk | +13.08 | ||
| Omega ratioGain probability vs. loss probability | 3.55 | 1.46 | +2.09 |
| Calmar ratioReturn relative to maximum drawdown | 23.89 | 3.36 | +20.54 |
| Martin ratioReturn relative to average drawdown | 138.39 | 12.38 | +126.01 |
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
| XONE | UTWO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.03 | 2.26 | +4.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.97 | 1.46 | +3.51 |
Drawdowns
XONE vs. UTWO - Drawdown Comparison
The maximum XONE drawdown since its inception was -0.40%, smaller than the maximum UTWO drawdown of -2.04%. Use the drawdown chart below to compare losses from any high point for XONE and UTWO.
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Drawdown Indicators
| XONE | UTWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.40% | -2.04% | +1.64% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -0.90% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.28% | -1.08% | +0.80% |
Current DrawdownCurrent decline from peak | 0.00% | -0.32% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -0.49% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.24% | -0.21% |
Volatility
XONE vs. UTWO - Volatility Comparison
The current volatility for BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) is 0.09%, while US Treasury 2 Year Note ETF (UTWO) has a volatility of 0.36%. This indicates that XONE experiences smaller price fluctuations and is considered to be less risky than UTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XONE | UTWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.36% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 0.34% | 0.92% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.55% | 1.35% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.86% | 2.07% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.86% | 2.07% | -1.21% |
XONE vs. UTWO - Expense Ratio Comparison
XONE has a 0.03% expense ratio, which is lower than UTWO's 0.15% 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
XONE vs. UTWO - Dividend Comparison
XONE's dividend yield for the trailing twelve months is around 4.06%, more than UTWO's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
UTWO US Treasury 2 Year Note ETF | 3.49% | 3.63% | 4.22% | 4.39% | 1.22% |
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 4.06% | 4.33% | 5.21% | 4.46% | 1.17% |
Frequently Asked Questions
XONE and UTWO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWO has higher volatility (0.36%) compared to XONE (0.09%). In terms of maximum drawdown, XONE dropped -0.40% vs UTWO's -2.04%.
On 3-year performance, XONE leads with 4.55% vs 3.78% for UTWO. On fees, XONE is cheaper at 0.03% per year. On volatility, XONE has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XONE has performed better with a 4.55% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XONE is cheaper with a 0.03% expense ratio, compared with 0.15% for UTWO.
XONE has the higher dividend yield at 4.06%, compared with 3.49% for UTWO.
XONE tracks Bloomberg US Treasury 1 Year Target Duration Index, while UTWO tracks ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: BondBloxx and US Benchmark Series. Their fees differ too: 0.03% for XONE and 0.15% for UTWO.
XONE currently has the higher Sharpe Ratio (7.03 vs 2.26), 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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