DJAN vs. TLTW
DJAN (FT Cboe Vest U.S. Equity Deep Buffer ETF - January) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - DJAN is a Options Trading fund actively managed by FT Vest, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). DJAN is actively managed, while TLTW is passively managed. Over the past 3 years, DJAN returned 12.57%/yr vs 0.85%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. DJAN charges 0.85%/yr vs 0.35%/yr for TLTW.
Performance
DJAN vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, DJAN achieves a 5.04% return, which is significantly higher than TLTW's 1.44% return.
DJAN
- 1D
- 0.19%
- 1M
- 1.86%
- YTD
- 5.04%
- 6M
- 6.13%
- 1Y
- 15.64%
- 3Y*
- 12.57%
- 5Y*
- 7.75%
- 10Y*
- —
TLTW
- 1D
- 0.23%
- 1M
- 0.48%
- YTD
- 1.44%
- 6M
- 0.46%
- 1Y
- 9.58%
- 3Y*
- 0.85%
- 5Y*
- —
- 10Y*
- —
DJAN vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January | 5.04% | 11.09% | 13.05% | 13.81% | -3.35% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between DJAN and TLTW is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.18 |
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Return for Risk
DJAN vs. TLTW — Risk / Return Rank
DJAN
TLTW
DJAN vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) 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.
| DJAN | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.22 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.68 | 1.61 | +2.07 |
| Martin ratioReturn relative to average drawdown | 18.44 | 4.81 | +13.63 |
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
| DJAN | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 1.26 | +1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | -0.02 | +1.18 |
Drawdowns
DJAN vs. TLTW - Drawdown Comparison
The maximum DJAN drawdown since its inception was -9.57%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for DJAN and TLTW.
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Drawdown Indicators
| DJAN | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.57% | -18.61% | +9.04% |
Max Drawdown (1Y)Largest decline over 1 year | -4.27% | -5.97% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.33% | -17.19% | +7.86% |
Max Drawdown (5Y)Largest decline over 5 years | -9.57% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -2.98% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -8.25% | +6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 2.00% | -1.15% |
Volatility
DJAN vs. TLTW - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) is 0.96%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.44%. This indicates that DJAN 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
| DJAN | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 2.44% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 5.79% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 7.70% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.01% | 11.39% | -4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 11.39% | -4.47% |
DJAN vs. TLTW - Expense Ratio Comparison
DJAN has a 0.85% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
DJAN vs. TLTW - Dividend Comparison
DJAN has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
DJAN and TLTW have a correlation of 0.26, 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 DJAN (0.96%). In terms of maximum drawdown, DJAN dropped -9.57% vs TLTW's -18.61%.
On 3-year performance, DJAN leads with 12.57% vs 0.85% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, DJAN has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DJAN has performed better with a 12.57% return vs 0.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.85% for DJAN.
TLTW has the higher dividend yield at 11.73%, compared with 0.00% for DJAN.
DJAN is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for DJAN and 0.35% for TLTW.
DJAN currently has the higher Sharpe Ratio (2.80 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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