ZTOP vs. UTWY

Last updated Apr 2, 2026

Compare and contrast key facts about F/m High Yield 100 ETF (ZTOP) and F/m US Treasury 20 Year Bond ETF (UTWY).

ZTOP and UTWY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZTOP is a passively managed fund by F/m Investments that tracks the performance of the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. It was launched on Apr 14, 2025. UTWY is a passively managed fund by F/m Investments that tracks the performance of the Bloomberg US Treasury Bellwether 20 Year Index. It was launched on Mar 27, 2023. Both ZTOP and UTWY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZTOP vs. UTWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and F/m US Treasury 20 Year Bond ETF (UTWY). The values are adjusted to include any dividend payments, if applicable.

ZTOP vs. UTWY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	0.05%	8.13%
UTWY F/m US Treasury 20 Year Bond ETF	-0.38%	3.27%

Returns By Period

In the year-to-date period, ZTOP achieves a 0.05% return, which is significantly higher than UTWY's -0.38% return.

ZTOP

• 1D: 0.31%
• 1M: -0.60%
• YTD: 0.05%
• 6M: 1.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UTWY

• 1D: -0.24%
• 1M: -3.14%
• YTD: -0.38%
• 6M: -0.84%
• 1Y: -0.30%
• 3Y*: -1.29%
• 5Y*: —
• 10Y*: —

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

ZTOP vs. UTWY - Expense Ratio Comparison

ZTOP has a 0.39% expense ratio, which is higher than UTWY's 0.15% expense ratio.

ZTOP

F/m High Yield 100 ETF

UTWY

F/m US Treasury 20 Year Bond ETF

Return for Risk

ZTOP vs. UTWY — Risk / Return Rank

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

UTWY

UTWY Risk / Return Rank: 11
UTWY Sharpe Ratio Rank: 11
UTWY Sortino Ratio Rank: 10
UTWY Omega Ratio Rank: 10
UTWY Calmar Ratio Rank: 13
UTWY Martin Ratio Rank: 13

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.

ZTOP vs. UTWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZTOP	UTWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.47	-0.08	+2.54

Correlation

The correlation between ZTOP and UTWY is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZTOP vs. UTWY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 5.77%, more than UTWY's 4.68% yield.

	TTM	2025	2024	2023
ZTOP F/m High Yield 100 ETF	5.77%	4.39%	0.00%	0.00%
UTWY F/m US Treasury 20 Year Bond ETF	4.68%	4.62%	4.56%	2.94%

Drawdowns

ZTOP vs. UTWY - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for ZTOP and UTWY.

Drawdown Indicators

	ZTOP	UTWY	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-18.19%	+15.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.47%	—
Current Drawdown Current decline from peak	-1.12%	-5.79%	+4.67%
Average Drawdown Average peak-to-trough decline	-0.29%	-7.09%	+6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.41%	—

Volatility

Volatility by Period

	ZTOP	UTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	9.30%	-5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	11.28%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	11.28%	-7.80%