DECT vs. TLTW

Last updated Jun 24, 2026

DECT (Allianzim U.S. Large Cap Buffer10 Dec ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - DECT 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). DECT is actively managed, while TLTW is passively managed. Over the past 3 years, DECT returned 13.54%/yr vs 0.58%/yr for TLTW. At a 0.19 correlation, their price movements are largely independent. DECT charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

DECT vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer10 Dec ETF (DECT) 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, DECT achieves a 5.86% return, which is significantly higher than TLTW's 2.36% return.

DECT

• 1D: -0.88%
• 1M: -0.45%
• YTD: 5.86%
• 6M: 5.36%
• 1Y: 18.92%
• 3Y*: 13.54%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.18%
• 1M: 2.22%
• YTD: 2.36%
• 6M: 2.13%
• 1Y: 9.03%
• 3Y*: 0.58%
• 5Y*: —
• 10Y*: —

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

DECT vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DECT Allianzim U.S. Large Cap Buffer10 Dec ETF	5.86%	15.04%	11.86%	19.35%	-4.17%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	2.36%	11.36%	-2.18%	0.73%	-4.11%

Correlation

The correlation between DECT and TLTW is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.19

Return for Risk

DECT vs. TLTW — Risk / Return Rank

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

DECT

DECT Risk / Return Rank: 75
DECT Sharpe Ratio Rank: 74
DECT Sortino Ratio Rank: 75
DECT Omega Ratio Rank: 77
DECT Calmar Ratio Rank: 68
DECT Martin Ratio Rank: 81

TLTW

TLTW Risk / Return Rank: 32
TLTW Sharpe Ratio Rank: 34
TLTW Sortino Ratio Rank: 34
TLTW Omega Ratio Rank: 32
TLTW Calmar Ratio Rank: 31
TLTW Martin Ratio Rank: 31

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.

DECT vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer10 Dec ETF (DECT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DECT	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.19	+0.94
Sortino ratio: Return per unit of downside risk	3.01	1.72	+1.30
Omega ratio: Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	3.11	1.52	+1.59
Martin ratio: Return relative to average drawdown	14.60	4.36	+10.24

DECT vs. TLTW - Sharpe Ratio Comparison

The current DECT Sharpe Ratio is 2.14, which is higher than the TLTW Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of DECT 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.

Drawdowns

DECT vs. TLTW - Drawdown Comparison

The maximum DECT drawdown since its inception was -13.26%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for DECT and TLTW.

Drawdown Indicators

	DECT	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-13.26%	-18.61%	+5.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-5.97%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-17.19%	+3.93%
Current Drawdown Current decline from peak	-1.48%	-2.10%	+0.62%
Average Drawdown Average peak-to-trough decline	-1.42%	-8.17%	+6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	2.08%	-0.78%

Volatility

DECT vs. TLTW - Volatility Comparison

Allianzim U.S. Large Cap Buffer10 Dec ETF (DECT) has a higher volatility of 2.72% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. This indicates that DECT'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

	DECT	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	1.66%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	5.80%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	7.62%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.24%	11.33%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	11.33%	-1.09%

DECT vs. TLTW - Expense Ratio Comparison

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

Dividends

DECT vs. TLTW - Dividend Comparison

DECT has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.62%.

Position	TTM	2025	2024	2023	2022
DECT Allianzim U.S. Large Cap Buffer10 Dec ETF	0.00%	0.00%	0.43%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.62%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both DECT and TLTW in my portfolio?

DECT and TLTW have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECT or TLTW?

DECT has higher volatility (2.72%) compared to TLTW (1.66%). In terms of maximum drawdown, DECT dropped -13.26% vs TLTW's -18.61%.

Which ETF is better, DECT or TLTW?

On 3-year performance, DECT leads with 13.54% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECT or TLTW?

Over the 3-year period, DECT has performed better with a 13.54% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECT or TLTW?

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

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

TLTW has the higher dividend yield at 11.62%, compared with 0.00% for DECT.

What is the main difference between DECT and TLTW?

DECT 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 DECT and 0.35% for TLTW.

Which has better risk-adjusted returns?

DECT currently has the higher Sharpe Ratio (2.14 vs 1.19), 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.