AUGT vs. TLTW

Last updated Jun 5, 2026

AUGT (AllianzIM U.S. Large Cap Buffer10 Aug ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - AUGT is a Options Trading fund actively managed by Allianz, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). AUGT is actively managed, while TLTW is passively managed. Over the past year, AUGT returned 19.40% vs 9.58% for TLTW. At a 0.19 correlation, their price movements are largely independent. AUGT charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

AUGT vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer10 Aug ETF (AUGT) 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, AUGT achieves a 6.41% return, which is significantly higher than TLTW's 1.44% return.

AUGT

• 1D: 0.15%
• 1M: 1.96%
• YTD: 6.41%
• 6M: 6.99%
• 1Y: 19.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.23%
• 1M: 0.48%
• YTD: 1.44%
• 6M: 0.46%
• 1Y: 9.58%
• 3Y*: 0.85%
• 5Y*: —
• 10Y*: —

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

AUGT vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AUGT AllianzIM U.S. Large Cap Buffer10 Aug ETF	6.41%	14.64%	19.69%	3.94%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-2.18%	-6.03%

Correlation

The correlation between AUGT and TLTW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Aug 2, 2023	0.19

Return for Risk

AUGT vs. TLTW — Risk / Return Rank

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

AUGT

AUGT Risk / Return Rank: 83
AUGT Sharpe Ratio Rank: 82
AUGT Sortino Ratio Rank: 85
AUGT Omega Ratio Rank: 86
AUGT Calmar Ratio Rank: 74
AUGT Martin Ratio Rank: 88

TLTW

TLTW Risk / Return Rank: 34
TLTW Sharpe Ratio Rank: 36
TLTW Sortino Ratio Rank: 35
TLTW Omega Ratio Rank: 34
TLTW Calmar Ratio Rank: 33
TLTW Martin Ratio Rank: 33

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.

AUGT vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 Aug ETF (AUGT) 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.

	AUGT	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.26	+1.34
Sortino ratio: Return per unit of downside risk	3.73	1.81	+1.92
Omega ratio: Gain probability vs. loss probability	1.52	1.22	+0.30
Calmar ratio: Return relative to maximum drawdown	3.63	1.61	+2.02
Martin ratio: Return relative to average drawdown	18.88	4.81	+14.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AUGT vs. TLTW - Sharpe Ratio Comparison

The current AUGT Sharpe Ratio is 2.61, which is higher than the TLTW Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of AUGT 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

	AUGT	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.26	+1.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	-0.02	+1.59

Drawdowns

AUGT vs. TLTW - Drawdown Comparison

The maximum AUGT drawdown since its inception was -13.12%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for AUGT and TLTW.

Drawdown Indicators

	AUGT	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-18.61%	+5.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-5.97%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-1.22%	-8.25%	+7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	2.00%	-0.97%

Volatility

AUGT vs. TLTW - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer10 Aug ETF (AUGT) is 0.68%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.44%. This indicates that AUGT 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

	AUGT	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	2.44%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	5.50%	5.79%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	7.70%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	11.39%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	11.39%	-1.21%

AUGT vs. TLTW - Expense Ratio Comparison

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

Dividends

AUGT vs. TLTW - Dividend Comparison

AUGT has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.73%.

Position	TTM	2025	2024	2023	2022
AUGT AllianzIM U.S. Large Cap Buffer10 Aug ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.73%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both AUGT and TLTW in my portfolio?

AUGT and TLTW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUGT or TLTW?

TLTW has higher volatility (2.44%) compared to AUGT (0.68%). In terms of maximum drawdown, AUGT dropped -13.12% vs TLTW's -18.61%.

Which ETF is better, AUGT or TLTW?

On 1-year performance, AUGT leads with 19.40% vs 9.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, AUGT has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUGT or TLTW?

Over the 1-year period, AUGT has performed better with a 19.40% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUGT or TLTW?

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

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

TLTW has the higher dividend yield at 11.73%, compared with 0.00% for AUGT.

What is the main difference between AUGT and TLTW?

AUGT is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for AUGT and 0.35% for TLTW.

Which has better risk-adjusted returns?

AUGT currently has the higher Sharpe Ratio (2.61 vs 1.26), 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.