UTWY vs VGLT: Grades, Fees and Holdings Compared

US Treasury 20 Year Bond ETF

UTWYBNasdaq

Vanguard Long-Term Treasury ETF

VGLTANasdaq

Overlap

No data

Expense ratio

VGLT −0.12pt a year

UTWY0.15%VGLT0.03%

Avg volume · 30D

VGLT 868.1×the volume

UTWY3.37KVGLT2.93M

3Y return · a year

VGLT +0.8pt

UTWY+3.6%VGLT+4.4%

UTWY vs VGLT Performance

Oct 31, 2025 – Oct 30, 2026

−4.0%UTWY−4.1%VGLT

Expense ratio: UTWY 0.15%; VGLT 0.03%, better
Fund size: UTWY $12M; VGLT $14.9B
1Y total return: UTWY −4.0%, better; VGLT −4.1%
Yield (12M): UTWY 5.32%, better; VGLT 4.81%
Holdings: UTWY 2; VGLT 104
Avg volume (30D): UTWY 3.37K sh; VGLT 2.93M sh, better
NAV per share: UTWY $40.71; VGLT $52.49
52W range

ETF.net Grade

Pillar letters and Scores for UTWY, VGLT, with each pillar’s weight
Pillar	UTWY	VGLT
Cost30% weight	D37	A92Higher
Mission25% weight	A100	A100
Risk15% weight	B68Higher	B63
Tradability15% weight	C53	B67Higher
Holdings10% weight	C53	A81Higher
Durability5% weight	F20	A87Higher

Rank among Treasuries (20+ Year) funds

How we build Categories ›

Same Category. UTWY and VGLT are both graded against the same 11 Treasuries (20+ Year) funds, so their Grades compare head to head.

Treasuries (20+ Year)⁠

Category · 11 funds

See all 11 ›

VGLT ranks 1st and UTWY 7th of 11 funds in the Treasuries (20+ Year) Category.

Rank 1AVGLTVanguard Long-Term Treasury ETFScore 84
Rank 2ABBLBJPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETFScore 73
Rank 7BUTHYUS Treasury 30 Year Bond ETFScore 60
Rank 7BUTWYUS Treasury 20 Year Bond ETFScore 60
Rank 9BZROZPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded FundScore 55

Our read on each fund

ETF.net Research

UTWYBUS Treasury 20 Year Bond ETF

VGLTAVanguard Long-Term Treasury ETF

In short

UTWY Most long-Treasury funds blend dozens of bonds into one duration smoothie. UTWY aims at a single spot on the curve, tracking the ICE BofA Current 20-Year US Treasury Index, and pays monthly.

VGLT Three basis points for the long end of the Treasury curve. VGLT tracks a market-weighted index of long-dated government bonds, pays income monthly, and charges a fraction of what this category typically costs.

Stated mandate

UTWY The fund seeks, before fees and expenses, to generally match the price and yield performance of the ICE BofA Current 20-Year US Treasury Index.

VGLT The fund seeks to track a market-weighted Treasury index with a long-term dollar-weighted average maturity. It uses index sampling and invests at least 80% of assets in securities included in the target index.

Why people hold it

UTWY Targets one point on the yield curve, the current 20-year Treasury, instead of averaging everything past 20 years into a blended maturity.
Tracking is one of the tighter jobs in the long-Treasury group: the fund has stayed very close to its stated index.
Costs 0.15% a year, matching the median for long-Treasury ETFs and the same fee as TLT, the category's best-known name.
Distributions land monthly rather than quarterly, a cadence income-focused bond holders tend to prefer.

VGLT 0.03% a year, a fifth of TLT's 0.15% and the lowest fee among its long-Treasury peers.vanguard.com
Sticks to the mandate: index sampling of the Bloomberg U.S. Long Treasury Bond Index, with at least 80% of assets in index securities and one of the tightest implementations in its group.vanguard.com
Pure US Treasury paper, roughly 70 bonds, no corporate credit risk in the mix, with distributions paid monthly.vanguard.com
A multi-billion-dollar fund that trades actively, which generally keeps bid-ask spreads modest for a long-bond vehicle.

Worth knowing

UTWY Cheaper long-Treasury options exist: VGLT charges 0.03%, BBLB 0.04% and EDV 0.05%, against UTWY's 0.15%.
Small and thinly traded next to the category's giants, so bid-ask spreads can add cost beyond the headline fee.
Launched in 2023, so the track record is short, and 20-year paper moves sharply when long rates move.

VGLT Duration is the point and the risk. Long maturities mean prices swing hard when long-term yields move, in both directions.
Not a 20-year-and-out pure play. The benchmark is the broad long Treasury index, so duration runs shorter than TLT or BBLB and shorter still than sibling EDV.
Fixed coupons from a government issuer: no credit spread to earn, and inflation erodes the real value of that income.

Full UTWY profile⁠

Full VGLT profile⁠

UTWY vs VGLT Holdings

How UTWY and VGLT differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for UTWY and VGLT.

Country, concentration and asset class

Country by domicile

Country weights in UTWY and VGLT, widest gap first
Country	More in UTWYMore in VGLT	UTWY	VGLT
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

UTWY100.0%
VGLT20.8%

Securities held

UTWY1
VGLT101

Asset class

UTWY: Fixed Income
VGLT: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. UTWY holds 1 securities, VGLT 101.

All 2 UTWY holdings⁠All 69 VGLT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

UTWY vs VGLT Cost

Overpaying UTWY vs VGLT

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

UTWY 0.15%
$3,137
VGLT 0.03%
$638

Amount$10,000

Years30 years

Cost over time

UTWY 0.15%
VGLT 0.03%
Overpaying

Year by year

Year	UTWY	VGLT	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%UTWY
0.03%VGLT, cheaper

VGLT0.03%UTWY0.15%

0.03%0.79%

Middle half of Treasuries (20+ Year) funds
Median 0.15%

VGLT cheapest of 11 funds

UTWY 6th cheapest of 11 funds

UTWY vs VGLT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): UTWY 5.32%, better; VGLT 4.81%
Payout (12M): UTWY $2.16; VGLT $2.52
Last payment: UTWY $0.17; VGLT $0.21
Ex-dividend: UTWY Oct 27, 2026; VGLT Oct 1, 2026
Paid on: UTWY Oct 28, 2026; VGLT Oct 5, 2026
Frequency: UTWY Monthly; VGLT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

UTWYMonthly · 43 paymentsAll UTWY payments⁠

VGLTMonthly · 45 paymentsAll VGLT payments⁠

UTWY vs VGLT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: UTWY 10.9%, betterVGLT 12.3%
Return per unit of riskSharpe ratio, 3 years: UTWY −0.03VGLT 0.04, better
Worst fallMax drawdown, 5 years: UTWY −18.2%since Mar 2023VGLT −41.0%
Market sensitivityBeta, 5 years: UTWY 1.94VGLT 2.25; Market = 1

UTWY and VGLT in the news

All news⁠

Best ETFs
Best bond ETFs for a portfolio hold the whole investment-grade market
Updated Nov 2, 2026VGLT
Deep Dive
iShares 20+ Year Treasury Bond ETF TLT replaces its bonds before they mature
Oct 15, 2026VGLT
Best ETFs
Best bond ETFs: LQD, HYG and TLT cost more than the funds beside them
Updated Oct 2, 2026VGLT

Popular comparisons

UTWYBvsBBLBA
US Treasury 20 Year Bond ETF · JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
Expense ratio
0.15% · 0.04%
Category
VGLTAvsBBLBA
Vanguard Long-Term Treasury ETF · JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
Expense ratio
0.03% · 0.04%
Category
UTWYBvsEDVA
US Treasury 20 Year Bond ETF · Vanguard Extended Duration Treasury ETF
Expense ratio
0.15% · 0.05%
Category
VGLTAvsEDVA
Vanguard Long-Term Treasury ETF · Vanguard Extended Duration Treasury ETF
Expense ratio
0.03% · 0.05%
Category
UTWYBvsTLTB
US Treasury 20 Year Bond ETF · iShares 20+ Year Treasury Bond ETF
Expense ratio
0.15% · 0.15%
Category
VGLTAvsTLTB
Vanguard Long-Term Treasury ETF · iShares 20+ Year Treasury Bond ETF
Expense ratio
0.03% · 0.15%
Category

UTWY vs VGLT

In short

Stated mandate

Why people hold it