FMCC vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about Freddie Mac (FMCC) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022.

Performance

FMCC vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freddie Mac (FMCC) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

FMCC vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FMCC Freddie Mac	-36.88%	210.52%	284.18%	140.59%	-36.91%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-2.18%	0.73%	-11.09%

Returns By Period

In the year-to-date period, FMCC achieves a -36.88% return, which is significantly lower than TLTW's 1.44% return.

FMCC

• 1D: -0.78%
• 1M: -0.62%
• YTD: -36.88%
• 6M: -45.62%
• 1Y: 19.63%
• 3Y*: 150.25%
• 5Y*: 25.94%
• 10Y*: 17.10%

TLTW

• 1D: 0.22%
• 1M: -2.98%
• YTD: 1.44%
• 6M: 2.22%
• 1Y: 7.46%
• 3Y*: 0.70%
• 5Y*: —
• 10Y*: —

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

Return for Risk

FMCC vs. TLTW — Risk / Return Rank

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

FMCC

FMCC Risk / Return Rank: 52
FMCC Sharpe Ratio Rank: 49
FMCC Sortino Ratio Rank: 63
FMCC Omega Ratio Rank: 57
FMCC Calmar Ratio Rank: 46
FMCC Martin Ratio Rank: 46

TLTW

TLTW Risk / Return Rank: 48
TLTW Sharpe Ratio Rank: 50
TLTW Sortino Ratio Rank: 45
TLTW Omega Ratio Rank: 42
TLTW Calmar Ratio Rank: 61
TLTW Martin Ratio Rank: 42

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.

FMCC vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freddie Mac (FMCC) 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.

	FMCC	TLTW	Difference
Sharpe ratio Return per unit of total volatility	0.19	0.84	-0.65
Sortino ratio Return per unit of downside risk	1.26	1.17	+0.09
Omega ratio Gain probability vs. loss probability	1.14	1.15	-0.01
Calmar ratio Return relative to maximum drawdown	0.16	1.42	-1.26
Martin ratio Return relative to average drawdown	0.38	3.74	-3.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMCC vs. TLTW - Sharpe Ratio Comparison

The current FMCC Sharpe Ratio is 0.19, which is lower than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FMCC and TLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMCC	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	0.84	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-0.03	-0.02

Correlation

The correlation between FMCC and TLTW is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FMCC vs. TLTW - Dividend Comparison

FMCC has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 13.66%.

	TTM	2025	2024	2023	2022
FMCC Freddie Mac	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.66%	14.82%	14.47%	19.59%	8.71%

Drawdowns

FMCC vs. TLTW - Drawdown Comparison

The maximum FMCC drawdown since its inception was -99.81%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for FMCC and TLTW.

Drawdown Indicators

	FMCC	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-99.81%	-18.61%	-81.20%
Max Drawdown (1Y) Largest decline over 1 year	-71.31%	-5.80%	-65.51%
Max Drawdown (5Y) Largest decline over 5 years	-85.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-91.97%	—	—
Current Drawdown Current decline from peak	-93.58%	-2.98%	-90.60%
Average Drawdown Average peak-to-trough decline	-68.75%	-8.49%	-60.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.15%	2.20%	+27.95%

Volatility

FMCC vs. TLTW - Volatility Comparison

Freddie Mac (FMCC) has a higher volatility of 49.47% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that FMCC'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

	FMCC	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	49.47%	3.46%	+46.01%
Volatility (6M) Calculated over the trailing 6-month period	68.27%	5.80%	+62.47%
Volatility (1Y) Calculated over the trailing 1-year period	101.50%	8.91%	+92.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.87%	11.55%	+74.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.15%	11.55%	+67.60%