DMAR vs. TLTW

Last updated Jun 4, 2026

DMAR (FT Cboe Vest U.S. Equity Deep Buffer ETF - March) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. DMAR is actively managed, while TLTW is passively managed. Over the past 3 years, DMAR returned 12.11%/yr vs 0.74%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. DMAR charges 0.85%/yr vs 0.35%/yr for TLTW.

Performance

DMAR vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) 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, DMAR achieves a 7.21% return, which is significantly higher than TLTW's 1.21% return.

DMAR

• 1D: -0.10%
• 1M: 1.43%
• YTD: 7.21%
• 6M: 8.16%
• 1Y: 14.75%
• 3Y*: 12.11%
• 5Y*: 7.74%
• 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)

DMAR vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DMAR FT Cboe Vest U.S. Equity Deep Buffer ETF - March	7.21%	9.13%	12.74%	12.25%	-2.86%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%

Correlation

The correlation between DMAR and TLTW is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.18

Return for Risk

DMAR vs. TLTW — Risk / Return Rank

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

DMAR

DMAR Risk / Return Rank: 97
DMAR Sharpe Ratio Rank: 96
DMAR Sortino Ratio Rank: 98
DMAR Omega Ratio Rank: 98
DMAR Calmar Ratio Rank: 96
DMAR Martin Ratio Rank: 98

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.

DMAR 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 - March (DMAR) 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.

	DMAR	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	4.07	1.37	+2.71
Sortino ratio: Return per unit of downside risk	7.00	1.96	+5.04
Omega ratio: Gain probability vs. loss probability	2.04	1.24	+0.80
Calmar ratio: Return relative to maximum drawdown	9.68	1.76	+7.92
Martin ratio: Return relative to average drawdown	62.37	5.28	+57.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAR vs. TLTW - Sharpe Ratio Comparison

The current DMAR Sharpe Ratio is 4.07, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of DMAR 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

	DMAR	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.07	1.37	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	-0.03	+1.19

Drawdowns

DMAR vs. TLTW - Drawdown Comparison

The maximum DMAR drawdown since its inception was -9.84%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for DMAR and TLTW.

Drawdown Indicators

	DMAR	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-9.84%	-18.61%	+8.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	-5.97%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-9.16%	-17.19%	+8.03%
Max Drawdown (5Y) Largest decline over 5 years	-9.84%	—	—
Current Drawdown Current decline from peak	-0.13%	-3.20%	+3.07%
Average Drawdown Average peak-to-trough decline	-1.85%	-8.25%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	1.99%	-1.75%

Volatility

DMAR vs. TLTW - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) is 0.67%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that DMAR 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

	DMAR	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	2.48%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	5.79%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	7.70%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	11.39%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	11.39%	-4.42%

DMAR vs. TLTW - Expense Ratio Comparison

DMAR has a 0.85% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

DMAR vs. TLTW - Dividend Comparison

DMAR 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
DMAR FT Cboe Vest U.S. Equity Deep Buffer ETF - March	0.00%	0.00%	0.00%	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 DMAR and TLTW in my portfolio?

DMAR and TLTW have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAR or TLTW?

TLTW has higher volatility (2.48%) compared to DMAR (0.67%). In terms of maximum drawdown, DMAR dropped -9.84% vs TLTW's -18.61%.

Which ETF is better, DMAR or TLTW?

On 3-year performance, DMAR leads with 12.11% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, DMAR has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAR or TLTW?

Over the 3-year period, DMAR has performed better with a 12.11% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAR or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.85% for DMAR.

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

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

What is the main difference between DMAR and TLTW?

They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for DMAR and 0.35% for TLTW.

Which has better risk-adjusted returns?

DMAR currently has the higher Sharpe Ratio (4.07 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.