ZTWO vs. UTWY
ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both exchange-traded funds - ZTWO is a Short-Term Bond fund tracking the ICE 2-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, ZTWO returned 3.23% vs -1.66% for UTWY. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.15% expense ratio.
Performance
ZTWO vs. UTWY - Performance Comparison
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Returns By Period
In the year-to-date period, ZTWO achieves a 1.30% return, which is significantly higher than UTWY's -3.22% return.
ZTWO
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 0.87%
- YTD
- 1.30%
- 1Y
- 3.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.43%
UTWY
- 1D
- -0.65%
- 1M
- -3.22%
- 6M
- -3.26%
- YTD
- -3.22%
- 1Y
- -1.66%
- 3Y*
- -0.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $108.36K | $60.31K | $63.45K | |
| $88.61K | $63.37K | $67.56K |
ZTWO vs. UTWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 1.30% | 5.49% | 0.36% |
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -0.95% |
Correlation
The correlation between ZTWO and UTWY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.64 |
The correlation between ZTWO and UTWY has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
ZTWO vs. UTWY — Risk / Return Rank
ZTWO
UTWY
ZTWO vs. UTWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZTWO | UTWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.72 | ||
| Sortino ratioReturn per unit of downside risk | +4.27 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.00 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | -0.05 | +3.97 |
| Martin ratioReturn relative to average drawdown | 18.21 | -0.12 | +18.33 |
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Drawdowns
ZTWO vs. UTWY - Drawdown Comparison
The maximum ZTWO drawdown since its inception was -0.93%, smaller than the maximum UTWY drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for ZTWO and UTWY.
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Drawdown Indicators
| ZTWO | UTWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.93% | -18.19% | +17.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -6.72% | +5.79% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.88% | — |
Current DrawdownCurrent decline from peak | -0.12% | -8.47% | +8.35% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -6.98% | +6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 3.00% | -2.80% |
Volatility
ZTWO vs. UTWY - Volatility Comparison
The current volatility for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) is 0.41%, while F/m US Treasury 20 Year Bond ETF (UTWY) has a volatility of 2.09%. This indicates that ZTWO 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
| ZTWO | UTWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 2.09% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 6.01% | -4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 7.83% | -6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.49% | 10.97% | -9.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.49% | 10.97% | -9.48% |
ZTWO vs. UTWY - Expense Ratio Comparison
Both ZTWO 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
ZTWO vs. UTWY - Dividend Comparison
ZTWO's dividend yield for the trailing twelve months is around 4.45%, less than UTWY's 5.27% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% |
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 4.13% | 4.31% | 0.39% | 0.00% |
Frequently Asked Questions
ZTWO and UTWY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTWY has higher volatility (2.09%) compared to ZTWO (0.41%). In terms of maximum drawdown, ZTWO dropped -0.93% vs UTWY's -18.19%.
On 1-year performance, ZTWO leads with 3.23% vs -1.66% for UTWY. Both ETFs have the same 0.15% expense ratio. On volatility, ZTWO has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTWO has performed better with a 3.23% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTWO and UTWY have the same expense ratio: 0.15% per year.
UTWY has the higher dividend yield at 4.85%, compared with 4.13% for ZTWO.
ZTWO is categorized as Short-Term Bond, while UTWY is Government Bonds. ZTWO tracks ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index.
ZTWO currently has the higher Sharpe Ratio (2.67 vs -0.05), 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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