BUCK vs. TLTW
BUCK (Simplify Treasury Option Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - BUCK is a Government Bonds fund actively managed by Simplify, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). BUCK is actively managed, while TLTW is passively managed. Over the past 3 years, BUCK returned 5.27%/yr vs 0.85%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
BUCK vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, BUCK achieves a 1.99% return, which is significantly higher than TLTW's 1.44% return.
BUCK
- 1D
- 0.09%
- 1M
- 0.43%
- YTD
- 1.99%
- 6M
- 1.92%
- 1Y
- 7.46%
- 3Y*
- 5.27%
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.23%
- 1M
- 0.48%
- YTD
- 1.44%
- 6M
- 0.46%
- 1Y
- 9.58%
- 3Y*
- 0.85%
- 5Y*
- —
- 10Y*
- —
BUCK vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BUCK Simplify Treasury Option Income ETF | 1.99% | 4.13% | 7.25% | 4.63% | 0.39% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 0.73% | 0.93% |
Correlation
The correlation between BUCK and TLTW is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022 | 0.18 |
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Return for Risk
BUCK vs. TLTW — Risk / Return Rank
BUCK
TLTW
BUCK vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Treasury Option Income ETF (BUCK) 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.
| BUCK | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.22 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 5.73 | 1.61 | +4.12 |
| Martin ratioReturn relative to average drawdown | 30.33 | 4.81 | +25.52 |
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
| BUCK | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 1.26 | +1.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.48 | -0.02 | +1.50 |
Drawdowns
BUCK vs. TLTW - Drawdown Comparison
The maximum BUCK drawdown since its inception was -5.43%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for BUCK and TLTW.
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Drawdown Indicators
| BUCK | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.43% | -18.61% | +13.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -5.97% | +4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.43% | -17.19% | +11.76% |
Current DrawdownCurrent decline from peak | 0.00% | -2.98% | +2.98% |
Average DrawdownAverage peak-to-trough decline | -0.49% | -8.25% | +7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 2.00% | -1.75% |
Volatility
BUCK vs. TLTW - Volatility Comparison
The current volatility for Simplify Treasury Option Income ETF (BUCK) is 0.70%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.44%. This indicates that BUCK 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
| BUCK | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 2.44% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 5.79% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 7.70% | -4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 11.39% | -7.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 11.39% | -7.91% |
BUCK vs. TLTW - Expense Ratio Comparison
Both BUCK and TLTW have an expense ratio of 0.35%.
Dividends
BUCK vs. TLTW - Dividend Comparison
BUCK's dividend yield for the trailing twelve months is around 7.41%, less than TLTW's 11.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BUCK Simplify Treasury Option Income ETF | 7.41% | 7.59% | 8.84% | 4.84% | 0.59% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
BUCK and TLTW have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.44%) compared to BUCK (0.70%). In terms of maximum drawdown, BUCK dropped -5.43% vs TLTW's -18.61%.
On 3-year performance, BUCK leads with 5.27% vs 0.85% for TLTW. Both ETFs have the same 0.35% expense ratio. On volatility, BUCK has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BUCK has performed better with a 5.27% return vs 0.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BUCK and TLTW have the same expense ratio: 0.35% per year.
TLTW has the higher dividend yield at 11.73%, compared with 7.41% for BUCK.
BUCK is categorized as Government Bonds, while TLTW is Derivative Income. They also come from different issuers: Simplify and iShares.
BUCK currently has the higher Sharpe Ratio (2.42 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.
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