US Treasury 2 Year Note ETF (UTWO) Performance
UTWO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.9% since Dec 31, 2025
- 1 year
- +1.5% total return
- 3 years
- +3.9% a year
- Since first price
- +2.8% a year since 2022
UTWO trailing returns vs SPY, QQQ, AGG
| Period | UTWO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.8% | +0.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.5% | −0.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.5% | −1.4% | +7.8% | +8.4% | −1.5% |
| YTD | +0.9% | −1.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.5% | −2.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +12.0%+3.9%/yr | −0.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionAug 9, 2022 | +12.5%+2.8%/yr | −4.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UTWO vs SPY
From Aug 9, 2022: UTWO grew to $11,248, SPY to $19,539.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UTWO returns by calendar year
3 of 3 full years positive. Best 2025 (+4.8%), worst 2023 (+3.4%). 2026 is year to date.
UTWO annual returns table
| Year | UTWO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +0.9% | −0.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.8% | −0.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +3.7% | −1.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +3.4% | −1.8% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UTWO risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +3.7% | +2.8% |
| Volatility (annualized) | 1.6% | 1.9% |
| Sharpe ratio | -0.44 | -0.83 |
| Sortino ratio | -0.54 | -0.97 |
| Best month | +1.1% | +1.7% |
| Worst month | −0.7% | −1.0% |
| Best 12 months | +6.4% | +6.4% |
| Worst 12 months | +1.3% | +0.4% |
| Positive months | 81% | 73% |
| Beta vs S&P 500 | 0.03 | — |
| Correlation with S&P 500 | 0.21 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UTWO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 39 | +0.4% | +3.7% | +6.4% | 100% |
| 3-year (a year) | 15 | +3.3% | +3.8% | +4.3% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
UTWO performance overview
US Treasury 2 Year Note ETF (UTWO) returned +1.5% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +2.8% a year, turning $10,000 into about $11,248. Over the same year S&P 500 (SPY) returned +14.4%.
Related: UTWO chart, UTWO dividends. See the UTWO overview for the latest quote and fund facts.
UTWO performance FAQ
What is the UTWO return over the past year?
UTWO returned +1.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.0%.
How much would $10,000 invested in UTWO be worth?
$10,000 invested in UTWO at its first recorded close on August 9, 2022 would be worth about $11,248 on October 23, 2026 with distributions reinvested.
What was the worst year for UTWO?
The worst calendar year was 2023, with a total return of +3.4%. The best was 2025 at +4.8%.
How volatile is UTWO?
Over the past 3 years UTWO had an annualized volatility of 1.6% and a Sharpe ratio of -0.44 (excess return over 1–3 month T-bills per unit of risk).