APRT vs. TLTW

Last updated Jun 4, 2026

APRT (AllianzIM U.S. Large Cap Buffer10 Apr ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. APRT is actively managed, while TLTW is passively managed. Over the past 3 years, APRT returned 14.42%/yr vs 0.74%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. APRT charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

APRT vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRT achieves a 9.89% return, which is significantly higher than TLTW's 1.21% return.

APRT

• 1D: -0.20%
• 1M: 2.07%
• YTD: 9.89%
• 6M: 10.85%
• 1Y: 19.10%
• 3Y*: 14.42%
• 5Y*: 10.64%
• 10Y*: —

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

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

APRT vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	9.89%	7.99%	15.15%	22.13%	-2.75%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%

Correlation

The correlation between APRT and TLTW is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.18

Return for Risk

APRT vs. TLTW — Risk / Return Rank

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

APRT

APRT Risk / Return Rank: 97
APRT Sharpe Ratio Rank: 95
APRT Sortino Ratio Rank: 98
APRT Omega Ratio Rank: 97
APRT Calmar Ratio Rank: 97
APRT Martin Ratio Rank: 98

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

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.

APRT vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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.

	APRT	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	3.83	1.37	+2.46
Sortino ratio: Return per unit of downside risk	6.77	1.96	+4.80
Omega ratio: Gain probability vs. loss probability	1.97	1.24	+0.73
Calmar ratio: Return relative to maximum drawdown	12.06	1.76	+10.30
Martin ratio: Return relative to average drawdown	65.68	5.28	+60.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APRT vs. TLTW - Sharpe Ratio Comparison

The current APRT Sharpe Ratio is 3.83, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of APRT and TLTW, 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

	APRT	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.83	1.37	+2.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	-0.03	+1.14

Drawdowns

APRT vs. TLTW - Drawdown Comparison

The maximum APRT drawdown since its inception was -14.98%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for APRT and TLTW.

Drawdown Indicators

	APRT	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-14.98%	-18.61%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-5.97%	+4.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	-17.19%	+2.21%
Max Drawdown (5Y) Largest decline over 5 years	-14.98%	—	—
Current Drawdown Current decline from peak	-0.20%	-3.20%	+3.00%
Average Drawdown Average peak-to-trough decline	-2.05%	-8.25%	+6.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	1.99%	-1.70%

Volatility

APRT vs. TLTW - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) is 1.01%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that APRT experiences smaller price fluctuations and is considered to be less risky than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRT	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	2.48%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	5.79%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	7.70%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	11.39%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.29%	11.39%	-1.10%

APRT vs. TLTW - Expense Ratio Comparison

APRT has a 0.74% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

APRT vs. TLTW - Dividend Comparison

APRT has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.76%.

Position	TTM	2025	2024	2023	2022	2021	2020
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.67%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRT and TLTW in my portfolio?

APRT and TLTW have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRT or TLTW?

TLTW has higher volatility (2.48%) compared to APRT (1.01%). In terms of maximum drawdown, APRT dropped -14.98% vs TLTW's -18.61%.

Which ETF is better, APRT or TLTW?

On 3-year performance, APRT leads with 14.42% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, APRT has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRT or TLTW?

Over the 3-year period, APRT has performed better with a 14.42% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRT or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.74% for APRT.

Which ETF pays a higher dividend yield, APRT or TLTW?

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for APRT.

What is the main difference between APRT and TLTW?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for APRT and 0.35% for TLTW.

Which has better risk-adjusted returns?

APRT currently has the higher Sharpe Ratio (3.83 vs 1.37), 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.