BFEB vs. TLTW
BFEB (Innovator S&P 500 Buffer ETF - February) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds - BFEB tracks the Cboe S&P 500 Buffer Protect Index February Series while TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, BFEB returned 16.68%/yr vs 0.74%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. BFEB charges 0.79%/yr vs 0.35%/yr for TLTW.
Performance
BFEB vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, BFEB achieves a 8.25% return, which is significantly higher than TLTW's 1.21% return.
BFEB
- 1D
- -0.29%
- 1M
- 2.99%
- YTD
- 8.25%
- 6M
- 9.24%
- 1Y
- 21.21%
- 3Y*
- 16.68%
- 5Y*
- 11.70%
- 10Y*
- —
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
BFEB vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BFEB Innovator S&P 500 Buffer ETF - February | 8.25% | 12.99% | 17.58% | 22.35% | -2.12% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between BFEB 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 (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 |
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Return for Risk
BFEB vs. TLTW — Risk / Return Rank
BFEB
TLTW
BFEB vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P 500 Buffer ETF - February (BFEB) 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.
| BFEB | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.24 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 1.76 | +1.56 |
| Martin ratioReturn relative to average drawdown | 16.95 | 5.28 | +11.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BFEB | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 1.37 | +1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | -0.03 | +0.93 |
Drawdowns
BFEB vs. TLTW - Drawdown Comparison
The maximum BFEB drawdown since its inception was -26.37%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for BFEB and TLTW.
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Drawdown Indicators
| BFEB | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.37% | -18.61% | -7.76% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -5.97% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -17.19% | +3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -14.84% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | -3.20% | +2.91% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -8.25% | +5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.99% | -0.74% |
Volatility
BFEB vs. TLTW - Volatility Comparison
The current volatility for Innovator S&P 500 Buffer ETF - February (BFEB) is 1.51%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that BFEB 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.
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Volatility by Period
| BFEB | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 2.48% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 5.79% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 7.70% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 11.39% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.19% | 11.39% | +2.80% |
BFEB vs. TLTW - Expense Ratio Comparison
BFEB has a 0.79% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
BFEB vs. TLTW - Dividend Comparison
BFEB 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 |
|---|---|---|---|---|---|
BFEB Innovator S&P 500 Buffer ETF - February | 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
BFEB 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.
TLTW has higher volatility (2.48%) compared to BFEB (1.51%). In terms of maximum drawdown, BFEB dropped -26.37% vs TLTW's -18.61%.
On 3-year performance, BFEB leads with 16.68% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, BFEB has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BFEB has performed better with a 16.68% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.79% for BFEB.
TLTW has the higher dividend yield at 11.76%, compared with 0.00% for BFEB.
BFEB tracks Cboe S&P 500 Buffer Protect Index February Series, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BFEB and 0.35% for TLTW.
BFEB currently has the higher Sharpe Ratio (2.63 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.
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