CXW vs. TLTW

Last updated Jun 4, 2026

CXW (CoreCivic, Inc.) is a stock, while TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, CXW returned 34.56%/yr vs 0.74%/yr for TLTW. At a 0.08 correlation, their price movements are largely independent.

Performance

CXW vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CoreCivic, Inc. (CXW) 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, CXW achieves a 13.61% return, which is significantly higher than TLTW's 1.21% return.

CXW

• 1D: 1.69%
• 1M: 7.74%
• YTD: 13.61%
• 6M: 16.72%
• 1Y: -1.09%
• 3Y*: 34.56%
• 5Y*: 19.18%
• 10Y*: -1.08%

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

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

CXW vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CXW CoreCivic, Inc.	13.61%	-12.10%	49.62%	25.69%	18.56%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%

Correlation

The correlation between CXW and TLTW is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.08

Return for Risk

CXW vs. TLTW — Risk / Return Rank

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

CXW

CXW Risk / Return Rank: 37
CXW Sharpe Ratio Rank: 39
CXW Sortino Ratio Rank: 35
CXW Omega Ratio Rank: 35
CXW Calmar Ratio Rank: 38
CXW Martin Ratio Rank: 38

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
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.

CXW vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoreCivic, Inc. (CXW) 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.

	CXW	TLTW	Difference
Sharpe ratio Return per unit of total volatility	-0.03	1.37	-1.40
Sortino ratio Return per unit of downside risk	0.22	1.96	-1.75
Omega ratio Gain probability vs. loss probability	1.03	1.24	-0.21
Calmar ratio Return relative to maximum drawdown	-0.04	1.76	-1.80
Martin ratio Return relative to average drawdown	-0.08	5.28	-5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CXW vs. TLTW - Sharpe Ratio Comparison

The current CXW Sharpe Ratio is -0.03, which is lower than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of CXW 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

	CXW	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	1.37	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.03	+0.04

Drawdowns

CXW vs. TLTW - Drawdown Comparison

The maximum CXW drawdown since its inception was -98.54%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for CXW and TLTW.

Drawdown Indicators

	CXW	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-98.54%	-18.61%	-79.93%
Max Drawdown (1Y) Largest decline over 1 year	-28.41%	-5.97%	-22.44%
Max Drawdown (3Y) Largest decline over 3 years	-32.62%	-17.19%	-15.43%
Max Drawdown (5Y) Largest decline over 5 years	-39.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.93%	—	—
Current Drawdown Current decline from peak	-26.03%	-3.20%	-22.83%
Average Drawdown Average peak-to-trough decline	-56.73%	-8.25%	-48.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.06%	1.99%	+12.07%

Volatility

CXW vs. TLTW - Volatility Comparison

CoreCivic, Inc. (CXW) has a higher volatility of 15.37% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that CXW'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.

Volatility by Period

	CXW	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.37%	2.48%	+12.89%
Volatility (6M) Calculated over the trailing 6-month period	28.12%	5.79%	+22.33%
Volatility (1Y) Calculated over the trailing 1-year period	36.74%	7.70%	+29.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.05%	11.39%	+32.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.20%	11.39%	+37.81%

Dividends

CXW vs. TLTW - Dividend Comparison

CXW 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	2021	2020	2019	2018	2017	2016	2015
CXW CoreCivic, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.44%	7.59%	9.65%	7.47%	8.34%	8.15%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	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

Can I hold both CXW and TLTW in my portfolio?

CXW and TLTW have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXW or TLTW?

CXW has higher volatility (15.37%) compared to TLTW (2.48%). In terms of maximum drawdown, CXW dropped -98.54% vs TLTW's -18.61%.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.37 vs -0.03), 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.