ZTEN vs. UTWY
ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both exchange-traded funds - ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate 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 year, ZTEN returned 6.84% vs 4.46% for UTWY. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
ZTEN vs. UTWY - Performance Comparison
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Returns By Period
In the year-to-date period, ZTEN achieves a 0.17% return, which is significantly higher than UTWY's -0.64% return.
ZTEN
- 1D
- -0.28%
- 1M
- 0.40%
- YTD
- 0.17%
- 6M
- 0.05%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
ZTEN vs. UTWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.17% | 9.15% | 0.29% |
UTWY F/m US Treasury 20 Year Bond ETF | -0.64% | 4.82% | -0.13% |
Correlation
The correlation between ZTEN and UTWY 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 ZTEN and UTWY has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.
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Return for Risk
ZTEN vs. UTWY — Risk / Return Rank
ZTEN
UTWY
ZTEN vs. UTWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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.
| ZTEN | UTWY | 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 | 1.24 | 1.10 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 0.67 | +1.40 |
| Martin ratioReturn relative to average drawdown | 6.72 | 1.81 | +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
| ZTEN | UTWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 0.55 | +0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | -0.08 | +1.22 |
Drawdowns
ZTEN vs. UTWY - Drawdown Comparison
The maximum ZTEN drawdown since its inception was -3.43%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for ZTEN and UTWY.
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Drawdown Indicators
| ZTEN | UTWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.43% | -18.19% | +14.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -6.70% | +3.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.98% | — |
Current DrawdownCurrent decline from peak | -1.46% | -6.03% | +4.57% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -7.03% | +6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.47% | -1.45% |
Volatility
ZTEN vs. UTWY - Volatility Comparison
The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.61%, while F/m US Treasury 20 Year Bond ETF (UTWY) has a volatility of 2.50%. This indicates that ZTEN 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.
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Volatility by Period
| ZTEN | UTWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 2.50% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 5.64% | -1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 8.10% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 11.11% | -5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.80% | 11.11% | -5.31% |
ZTEN vs. UTWY - Expense Ratio Comparison
Both ZTEN 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
ZTEN vs. UTWY - Dividend Comparison
ZTEN's dividend yield for the trailing twelve months is around 5.08%, more than UTWY's 4.69% 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, ZTEN and UTWY 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, ZTEN dropped -3.43% vs UTWY's -18.19%.
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.
ZTEN and UTWY have the same expense ratio: 0.15% per year.
ZTEN has the higher dividend yield at 5.08%, compared with 4.69% for UTWY.
ZTEN is categorized as Long-Term Bond, while UTWY is Government Bonds. ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index. They also come from different issuers: F/m and F/m Investments.
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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