ASG vs. TLTW
ASG (Liberty All-Star Growth) is a stock, while TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, ASG returned 8.78%/yr vs 1.13%/yr for TLTW. At a 0.21 correlation, their price movements are largely independent. ASG charges 1.11%/yr vs 0.35%/yr for TLTW.
Performance
ASG vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, ASG achieves a 4.45% return, which is significantly higher than TLTW's 1.90% return.
ASG
- 1D
- -0.19%
- 1M
- 2.51%
- YTD
- 4.45%
- 6M
- 4.45%
- 1Y
- 9.56%
- 3Y*
- 8.78%
- 5Y*
- -1.22%
- 10Y*
- 11.85%
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
ASG vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ASG Liberty All-Star Growth | 4.45% | 2.21% | 16.78% | 16.23% | -18.72% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between ASG and TLTW is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.21 |
The correlation between ASG and TLTW shifts across timeframes, from 0.21 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ASG vs. TLTW — Risk / Return Rank
ASG
TLTW
ASG vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Growth (ASG) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ASG | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.21 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.52 | -1.00 |
| Martin ratioReturn relative to average drawdown | 1.92 | 4.41 | -2.48 |
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Drawdowns
ASG vs. TLTW - Drawdown Comparison
The maximum ASG drawdown since its inception was -66.77%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for ASG and TLTW.
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Drawdown Indicators
| ASG | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.77% | -18.61% | -48.16% |
Max Drawdown (1Y)Largest decline over 1 year | -15.77% | -5.97% | -9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -25.25% | -17.19% | -8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -45.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.91% | — | — |
Current DrawdownCurrent decline from peak | -18.82% | -2.54% | -16.28% |
Average DrawdownAverage peak-to-trough decline | -17.61% | -8.20% | -9.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 2.05% | +2.19% |
Volatility
ASG vs. TLTW - Volatility Comparison
Liberty All-Star Growth (ASG) has a higher volatility of 5.91% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that ASG'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.
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Volatility by Period
| ASG | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 2.31% | +3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 14.01% | 5.85% | +8.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 7.68% | +10.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.85% | 11.36% | +11.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.08% | 11.36% | +13.72% |
ASG vs. TLTW - Expense Ratio Comparison
ASG has a 1.11% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
ASG vs. TLTW - Dividend Comparison
ASG's dividend yield for the trailing twelve months is around 8.87%, less than TLTW's 11.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASG Liberty All-Star Growth | 8.87% | 8.68% | 8.32% | 8.14% | 10.14% | 11.33% | 7.68% | 7.08% | 10.48% | 7.58% | 8.61% | 16.81% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ASG and TLTW have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASG has higher volatility (5.91%) compared to TLTW (2.31%). In terms of maximum drawdown, ASG dropped -66.77% vs TLTW's -18.61%.
TLTW currently has the higher Sharpe Ratio (1.18 vs 0.46), 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.
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