DECW vs. TLTW

Last updated Jun 4, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. DECW is actively managed, while TLTW is passively managed. Over the past 3 years, DECW returned 11.17%/yr vs 0.74%/yr for TLTW. At a 0.19 correlation, their price movements are largely independent. DECW charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

DECW vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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, DECW achieves a 4.89% return, which is significantly higher than TLTW's 1.21% return.

DECW

• 1D: -0.17%
• 1M: 1.85%
• YTD: 4.89%
• 6M: 5.29%
• 1Y: 15.29%
• 3Y*: 11.17%
• 5Y*: —
• 10Y*: —

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)

DECW vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	4.89%	11.57%	8.64%	16.16%	-2.77%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-5.44%

Correlation

The correlation between DECW and TLTW is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	0.19

Return for Risk

DECW vs. TLTW — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 86
DECW Sharpe Ratio Rank: 84
DECW Sortino Ratio Rank: 89
DECW Omega Ratio Rank: 89
DECW Calmar Ratio Rank: 79
DECW Martin Ratio Rank: 90

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.

DECW vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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.

	DECW	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.37	+1.39
Sortino ratio: Return per unit of downside risk	4.12	1.96	+2.15
Omega ratio: Gain probability vs. loss probability	1.56	1.24	+0.32
Calmar ratio: Return relative to maximum drawdown	3.98	1.76	+2.22
Martin ratio: Return relative to average drawdown	20.30	5.28	+15.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECW vs. TLTW - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 2.75, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of DECW 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

	DECW	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.37	+1.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	-0.03	+1.57

Drawdowns

DECW vs. TLTW - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for DECW and TLTW.

Drawdown Indicators

	DECW	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-18.61%	+9.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-5.97%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	-17.19%	+8.43%
Current Drawdown Current decline from peak	-0.17%	-3.20%	+3.03%
Average Drawdown Average peak-to-trough decline	-0.86%	-8.25%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.99%	-1.24%

Volatility

DECW vs. TLTW - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) is 0.77%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that DECW 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

	DECW	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	2.48%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	5.79%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	7.70%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.11%	11.39%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	11.39%	-4.28%

DECW vs. TLTW - Expense Ratio Comparison

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

Dividends

DECW vs. TLTW - Dividend Comparison

DECW 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
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%	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

Can I hold both DECW and TLTW in my portfolio?

DECW and TLTW have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECW or TLTW?

TLTW has higher volatility (2.48%) compared to DECW (0.77%). In terms of maximum drawdown, DECW dropped -8.76% vs TLTW's -18.61%.

Which ETF is better, DECW or TLTW?

On 3-year performance, DECW leads with 11.17% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, DECW has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECW or TLTW?

Over the 3-year period, DECW has performed better with a 11.17% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECW or TLTW?

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

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

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for DECW.

What is the main difference between DECW and TLTW?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for DECW and 0.35% for TLTW.

Which has better risk-adjusted returns?

DECW currently has the higher Sharpe Ratio (2.75 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.