BNDI vs. TLTW

Last updated Jun 3, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). BNDI is actively managed, while TLTW is passively managed. Over the past 3 years, BNDI returned 4.90%/yr vs 0.81%/yr for TLTW. Their correlation of 0.87 suggests significant overlap in exposure. BNDI charges 0.58%/yr vs 0.35%/yr for TLTW.

Performance

BNDI vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BNDI having a 1.51% return and TLTW slightly lower at 1.44%.

BNDI

• 1D: -0.02%
• 1M: 0.22%
• YTD: 1.51%
• 6M: 1.59%
• 1Y: 7.31%
• 3Y*: 4.90%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.03%
• 1M: 0.22%
• YTD: 1.44%
• 6M: 0.24%
• 1Y: 10.61%
• 3Y*: 0.81%
• 5Y*: —
• 10Y*: —

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

BNDI vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	1.51%	7.95%	1.74%	6.89%	-2.60%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-2.18%	0.73%	-11.59%

Correlation

The correlation between BNDI and TLTW is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.87

The correlation between BNDI and TLTW has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

BNDI vs. TLTW — Risk / Return Rank

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

BNDI

BNDI Risk / Return Rank: 52
BNDI Sharpe Ratio Rank: 51
BNDI Sortino Ratio Rank: 55
BNDI Omega Ratio Rank: 51
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 38
TLTW Omega Ratio Rank: 37
TLTW Calmar Ratio Rank: 34
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.

BNDI vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) 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.

	BNDI	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.38	+0.38
Sortino ratio Return per unit of downside risk	2.65	1.99	+0.67
Omega ratio Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	2.59	1.70	+0.89
Martin ratio Return relative to average drawdown	9.27	5.12	+4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDI vs. TLTW - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.76, which is comparable to the TLTW Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BNDI 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

	BNDI	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.38	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	-0.02	+0.68

Drawdowns

BNDI vs. TLTW - Drawdown Comparison

The maximum BNDI drawdown since its inception was -6.98%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for BNDI and TLTW.

Drawdown Indicators

	BNDI	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-6.98%	-18.61%	+11.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-5.97%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	-17.19%	+11.36%
Current Drawdown Current decline from peak	-0.63%	-2.98%	+2.35%
Average Drawdown Average peak-to-trough decline	-1.71%	-8.26%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.98%	-1.21%

Volatility

BNDI vs. TLTW - Volatility Comparison

The current volatility for Neos Enhanced Income Aggregate Bond ETF (BNDI) is 1.41%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.59%. This indicates that BNDI 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

	BNDI	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	2.59%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	5.87%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	7.71%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	11.40%	-5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	11.40%	-5.21%

BNDI vs. TLTW - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

BNDI vs. TLTW - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 5.79%, less than TLTW's 13.63% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.79%	5.69%	5.54%	5.17%	1.68%
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 BNDI and TLTW in my portfolio?

BNDI and TLTW have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDI or TLTW?

TLTW has higher volatility (2.59%) compared to BNDI (1.41%). In terms of maximum drawdown, BNDI dropped -6.98% vs TLTW's -18.61%.

Which ETF is better, BNDI or TLTW?

On 3-year performance, BNDI leads with 4.90% vs 0.81% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, BNDI has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or TLTW?

Over the 3-year period, BNDI has performed better with a 4.90% return vs 0.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.58% for BNDI.

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

TLTW has the higher dividend yield at 13.63%, compared with 5.79% for BNDI.

What is the main difference between BNDI and TLTW?

BNDI is categorized as Intermediate Core-Plus Bond, while TLTW is Options Trading. They also come from different issuers: Neos and iShares. Their fees differ too: 0.58% for BNDI and 0.35% for TLTW.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.76 vs 1.38), 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.