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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has returned 1.44% so far this year and 7.46% over the past 12 months.
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
- 1D
- 0.22%
- 1M
- -2.98%
- YTD
- 1.44%
- 6M
- 2.22%
- 1Y
- 7.46%
- 3Y*
- 0.70%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Aug 22, 2022, TLTW's average daily return is 0.00%, while the average monthly return is +0.04%. At this rate, your investment would double in approximately 144.4 years.
Historically, 55% of months were positive and 45% were negative. The best month was Jan 2023 with a return of +8.2%, while the worst month was Sep 2022 at -6.6%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, TLTW closed higher 53% of trading days. The best single day was Sep 28, 2022 with a return of +2.9%, while the worst single day was Oct 12, 2023 at -2.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.18% | 4.37% | -2.98% | 1.44% | |||||||||
| 2025 | 0.85% | 3.71% | 0.50% | -0.65% | -1.78% | 3.30% | -0.20% | 0.97% | 3.50% | 2.43% | 0.42% | -2.03% | 11.36% |
| 2024 | -1.35% | -1.15% | 1.60% | -5.56% | 2.57% | 2.16% | 3.55% | 2.22% | 2.34% | -5.02% | 0.82% | -3.82% | -2.18% |
| 2023 | 8.17% | -4.22% | 5.21% | 1.02% | -0.95% | 1.36% | -1.46% | -3.84% | -5.91% | -5.08% | 5.90% | 1.67% | 0.73% |
| 2022 | -0.41% | -6.60% | -5.80% | 5.82% | -4.11% | -11.09% |
Benchmark Metrics
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF has an annualized alpha of -1.40%, beta of 0.13, and R² of 0.03 versus S&P 500 Index. Calculated based on daily prices since August 23, 2022.
- This ETF participated in 82.71% of S&P 500 Index downside but only 36.99% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R² of 0.03 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.03 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.40%
- Beta
- 0.13
- R²
- 0.03
- Upside Capture
- 36.99%
- Downside Capture
- 82.71%
Expense Ratio
TLTW has an expense ratio of 0.35%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TLTW ranks 42 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and compare them to a chosen benchmark (S&P 500 Index).
| TLTW | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 0.90 | -0.05 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.39 | -0.21 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.40 | +0.02 |
Martin ratioReturn relative to average drawdown | 3.74 | 6.61 | -2.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore TLTW risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF provided a 13.66% dividend yield over the last twelve months, with an annual payout of $3.09 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $3.09 | $3.36 | $3.40 | $5.38 | $2.82 |
Dividend yield | 13.66% | 14.82% | 14.47% | 19.59% | 8.71% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.17 | $0.20 | $0.38 | |||||||||
| 2025 | $0.00 | $0.39 | $0.26 | $0.26 | $0.38 | $0.42 | $0.31 | $0.23 | $0.22 | $0.14 | $0.38 | $0.37 | $3.36 |
| 2024 | $0.00 | $0.21 | $0.30 | $0.24 | $0.25 | $0.25 | $0.28 | $0.22 | $0.28 | $0.21 | $0.25 | $0.92 | $3.40 |
| 2023 | $0.00 | $0.46 | $0.31 | $0.65 | $0.53 | $0.35 | $0.54 | $0.20 | $0.33 | $0.29 | $0.40 | $1.32 | $5.38 |
| 2022 | $0.56 | $0.64 | $0.62 | $1.00 | $2.82 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF was 18.61%, occurring on Oct 19, 2023. Recovery took 582 trading sessions.
The current iShares 20+ Year Treasury Bond BuyWrite Strategy ETF drawdown is 2.98%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -18.61% | Aug 29, 2022 | 288 | Oct 19, 2023 | 582 | Feb 17, 2026 | 870 |
| -4.27% | Mar 2, 2026 | 15 | Mar 20, 2026 | — | — | — |
| -0.98% | Aug 23, 2022 | 2 | Aug 24, 2022 | 1 | Aug 25, 2022 | 3 |
| -0.21% | Feb 20, 2026 | 1 | Feb 20, 2026 | 1 | Feb 23, 2026 | 2 |
| -0.13% | Feb 18, 2026 | 1 | Feb 18, 2026 | 1 | Feb 19, 2026 | 2 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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