EDV vs. TLTW
EDV (Vanguard Extended Duration Treasury ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, EDV returned -5.25%/yr vs 0.74%/yr for TLTW. Their correlation of 0.95 suggests significant overlap in exposure. EDV charges 0.05%/yr vs 0.35%/yr for TLTW.
Performance
EDV vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -0.72% return, which is significantly lower than TLTW's 1.21% return.
EDV
- 1D
- -0.48%
- 1M
- 1.42%
- YTD
- -0.72%
- 6M
- -3.69%
- 1Y
- 4.85%
- 3Y*
- -5.25%
- 5Y*
- -10.02%
- 10Y*
- -3.32%
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
EDV vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -0.72% | 0.65% | -12.78% | 1.65% | -13.15% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between EDV and TLTW is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.95 |
The correlation between EDV and TLTW has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
EDV vs. TLTW — Risk / Return Rank
EDV
TLTW
EDV vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) 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.
| EDV | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.24 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 1.76 | -1.37 |
| Martin ratioReturn relative to average drawdown | 0.90 | 5.28 | -4.37 |
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
| EDV | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 1.37 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.03 | +0.15 |
Drawdowns
EDV vs. TLTW - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for EDV and TLTW.
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Drawdown Indicators
| EDV | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -18.61% | -41.35% |
Max Drawdown (1Y)Largest decline over 1 year | -12.54% | -5.97% | -6.57% |
Max Drawdown (3Y)Largest decline over 3 years | -26.99% | -17.19% | -9.80% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | — | — |
Current DrawdownCurrent decline from peak | -54.45% | -3.20% | -51.25% |
Average DrawdownAverage peak-to-trough decline | -23.43% | -8.25% | -15.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.38% | 1.99% | +3.39% |
Volatility
EDV vs. TLTW - Volatility Comparison
Vanguard Extended Duration Treasury ETF (EDV) has a higher volatility of 4.06% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that EDV'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.
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Volatility by Period
| EDV | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 2.48% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.65% | 5.79% | +3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.64% | 7.70% | +6.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 11.39% | +10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.81% | 11.39% | +8.42% |
EDV vs. TLTW - Expense Ratio Comparison
EDV has a 0.05% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
EDV vs. TLTW - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 4.99%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.99% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
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
With a correlation of 0.96, EDV and TLTW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EDV has higher volatility (4.06%) compared to TLTW (2.48%). In terms of maximum drawdown, EDV dropped -59.96% vs TLTW's -18.61%.
On 3-year performance, TLTW leads with 0.74% vs -5.25% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLTW has performed better with a 0.74% return vs -5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.76%, compared with 4.99% for EDV.
EDV is categorized as Government Bonds, while TLTW is Options Trading. EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for EDV and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.37 vs 0.33), 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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