ARLU vs. TLTW

Last updated Jun 4, 2026

ARLU (Allianzim U.S. Equity Buffer15 Uncapped Apr ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. ARLU is actively managed, while TLTW is passively managed. Over the past year, ARLU returned 19.35% vs 10.46% for TLTW. At a 0.20 correlation, their price movements are largely independent. ARLU charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

ARLU vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) 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, ARLU achieves a 6.41% return, which is significantly higher than TLTW's 1.21% return.

ARLU

• 1D: -0.53%
• 1M: 4.52%
• YTD: 6.41%
• 6M: 6.03%
• 1Y: 19.35%
• 3Y*: —
• 5Y*: —
• 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)

ARLU vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	6.41%	11.27%	9.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	0.25%

Correlation

The correlation between ARLU and TLTW is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.20

Return for Risk

ARLU vs. TLTW — Risk / Return Rank

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

ARLU

ARLU Risk / Return Rank: 49
ARLU Sharpe Ratio Rank: 51
ARLU Sortino Ratio Rank: 49
ARLU Omega Ratio Rank: 51
ARLU Calmar Ratio Rank: 41
ARLU Martin Ratio Rank: 53

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.

ARLU vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) 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.

	ARLU	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.37	+0.38
Sortino ratio: Return per unit of downside risk	2.40	1.96	+0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.01	1.76	+0.25
Martin ratio: Return relative to average drawdown	9.00	5.28	+3.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARLU vs. TLTW - Sharpe Ratio Comparison

The current ARLU Sharpe Ratio is 1.75, which is comparable to the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ARLU 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

	ARLU	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.37	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	-0.03	+1.03

Drawdowns

ARLU vs. TLTW - Drawdown Comparison

The maximum ARLU drawdown since its inception was -15.38%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for ARLU and TLTW.

Drawdown Indicators

	ARLU	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-18.61%	+3.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-5.97%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	-0.53%	-3.20%	+2.67%
Average Drawdown Average peak-to-trough decline	-2.23%	-8.25%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.99%	+0.16%

Volatility

ARLU vs. TLTW - Volatility Comparison

Allianzim U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) has a higher volatility of 2.63% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that ARLU's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARLU	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	2.48%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	5.79%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	7.70%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.56%	11.39%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.56%	11.39%	+1.17%

ARLU vs. TLTW - Expense Ratio Comparison

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

Dividends

ARLU vs. TLTW - Dividend Comparison

ARLU 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
ARLU Allianzim U.S. Equity Buffer15 Uncapped Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both ARLU and TLTW in my portfolio?

ARLU and TLTW have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARLU or TLTW?

ARLU has higher volatility (2.63%) compared to TLTW (2.48%). In terms of maximum drawdown, ARLU dropped -15.38% vs TLTW's -18.61%.

Which ETF is better, ARLU or TLTW?

On 1-year performance, ARLU leads with 19.35% vs 10.46% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARLU or TLTW?

Over the 1-year period, ARLU has performed better with a 19.35% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARLU or TLTW?

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

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

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

What is the main difference between ARLU and TLTW?

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

Which has better risk-adjusted returns?

ARLU currently has the higher Sharpe Ratio (1.75 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.