XTWO vs. XHLF

Last updated Jun 4, 2026

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

Performance

XTWO vs. XHLF - Performance Comparison

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

Returns By Period

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

XTWO

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

XHLF

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

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

XTWO vs. XHLF - Yearly Performance Comparison

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

Correlation

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

Return for Risk

XTWO vs. XHLF — Risk / Return Rank

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

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

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

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.

XTWO vs. XHLF - Risk-Adjusted Trends Comparison

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

	XTWO	XHLF	Difference
Sharpe ratio: Return per unit of total volatility	2.52	12.43	-9.91
Sortino ratio: Return per unit of downside risk	4.16	45.85	-41.69
Omega ratio: Gain probability vs. loss probability	1.52	11.75	-10.23
Calmar ratio: Return relative to maximum drawdown	3.78	98.81	-95.03
Martin ratio: Return relative to average drawdown	13.59	670.31	-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.

XTWO vs. XHLF - Sharpe Ratio Comparison

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

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

Drawdowns

XTWO vs. XHLF - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

XTWO vs. XHLF - Volatility Comparison

BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) has a higher volatility of 0.36% compared to BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) at 0.08%. This indicates that XTWO's price experiences larger fluctuations and is considered to be riskier than XHLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

XTWO vs. XHLF - Expense Ratio Comparison

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

Dividends

XTWO vs. XHLF - Dividend Comparison

XTWO's dividend yield for the trailing twelve months is around 4.05%, more than XHLF's 3.85% 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 XTWO and XHLF in my portfolio?

XTWO and XHLF 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, XTWO or XHLF?

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

Which ETF is better, XTWO or XHLF?

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, XTWO or XHLF?

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, XTWO or XHLF?

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

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

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

What is the main difference between XTWO and XHLF?

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

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.