ZTOP vs. UTWY

Last updated Jun 4, 2026

ZTOP (F/m High Yield 100 ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both exchange-traded funds - ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index. Both are passively managed. Over the past year, ZTOP returned 6.55% vs 4.46% for UTWY. At a 0.50 correlation, their price movements are largely independent. ZTOP charges 0.39%/yr vs 0.15%/yr for UTWY.

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.

Returns By Period

In the year-to-date period, ZTOP achieves a 1.53% return, which is significantly higher than UTWY's -0.64% return.

ZTOP

• 1D: -0.22%
• 1M: 0.35%
• YTD: 1.53%
• 6M: 2.09%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UTWY

• 1D: -0.35%
• 1M: 0.54%
• YTD: -0.64%
• 6M: -1.78%
• 1Y: 4.46%
• 3Y*: -0.54%
• 5Y*: —
• 10Y*: —

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

ZTOP vs. UTWY - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.53%	8.13%
UTWY F/m US Treasury 20 Year Bond ETF	-0.64%	3.27%

Correlation

The correlation between ZTOP and UTWY is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.50

The correlation between ZTOP and UTWY has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

ZTOP vs. UTWY — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 63
ZTOP Sharpe Ratio Rank: 60
ZTOP Sortino Ratio Rank: 66
ZTOP Omega Ratio Rank: 68
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 66

UTWY

UTWY Risk / Return Rank: 17
UTWY Sharpe Ratio Rank: 18
UTWY Sortino Ratio Rank: 17
UTWY Omega Ratio Rank: 16
UTWY Calmar Ratio Rank: 17
UTWY Martin Ratio Rank: 18

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.

	ZTOP	UTWY	Difference
Sharpe ratio Return per unit of total volatility	2.00	0.55	+1.44
Sortino ratio Return per unit of downside risk	3.00	0.85	+2.16
Omega ratio Gain probability vs. loss probability	1.40	1.10	+0.31
Calmar ratio Return relative to maximum drawdown	2.61	0.67	+1.94
Martin ratio Return relative to average drawdown	11.86	1.81	+10.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZTOP vs. UTWY - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 2.00, which is higher than the UTWY Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of ZTOP and UTWY, 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

	ZTOP	UTWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	0.55	+1.44
Sharpe Ratio (All Time) Calculated using the full available price history	2.48	-0.08	+2.56

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	-2.52%	-6.70%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.98%	—
Current Drawdown Current decline from peak	-0.27%	-6.03%	+5.76%
Average Drawdown Average peak-to-trough decline	-0.29%	-7.03%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	2.47%	-1.92%

Volatility

ZTOP vs. UTWY - Volatility Comparison

The current volatility for F/m High Yield 100 ETF (ZTOP) is 1.04%, while F/m US Treasury 20 Year Bond ETF (UTWY) has a volatility of 2.50%. This indicates that ZTOP 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.

Volatility by Period

	ZTOP	UTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	2.50%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	5.64%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	8.10%	-4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	11.11%	-7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	11.11%	-7.62%

ZTOP vs. UTWY - Expense Ratio Comparison

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

Dividends

ZTOP vs. UTWY - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.24%, 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%
ZTOP F/m High Yield 100 ETF	6.24%	4.39%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and UTWY in my portfolio?

ZTOP and UTWY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTOP or UTWY?

UTWY has higher volatility (2.50%) compared to ZTOP (1.04%). In terms of maximum drawdown, ZTOP dropped -2.52% vs UTWY's -18.19%.

Which ETF is better, ZTOP or UTWY?

On 1-year performance, ZTOP leads with 6.55% vs 4.46% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, ZTOP has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTOP or UTWY?

Over the 1-year period, ZTOP has performed better with a 6.55% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or UTWY?

UTWY is cheaper with a 0.15% expense ratio, compared with 0.39% for ZTOP.

Which ETF pays a higher dividend yield, ZTOP or UTWY?

ZTOP has the higher dividend yield at 6.24%, compared with 4.69% for UTWY.

What is the main difference between ZTOP and UTWY?

ZTOP is categorized as High Yield Bonds, while UTWY is Government Bonds. ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index. Their fees differ too: 0.39% for ZTOP and 0.15% for UTWY.

Which has better risk-adjusted returns?

ZTOP currently has the higher Sharpe Ratio (2.00 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.