FTKFX vs. TLTW
FTKFX (Fidelity Total Bond K6 Fund) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both funds - FTKFX is a Total Bond Market fund managed by Fidelity, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, FTKFX returned 4.74%/yr vs 0.74%/yr for TLTW. Their correlation of 0.85 suggests significant overlap in exposure. FTKFX charges 0.30%/yr vs 0.35%/yr for TLTW.
Performance
FTKFX vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, FTKFX achieves a 0.69% return, which is significantly lower than TLTW's 1.21% return.
FTKFX
- 1D
- 0.11%
- 1M
- 0.49%
- YTD
- 0.69%
- 6M
- 0.59%
- 1Y
- 5.88%
- 3Y*
- 4.74%
- 5Y*
- 0.80%
- 10Y*
- —
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
FTKFX vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FTKFX Fidelity Total Bond K6 Fund | 0.69% | 7.53% | 2.36% | 6.65% | -3.12% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between FTKFX and TLTW is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.85 |
The correlation between FTKFX and TLTW has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
FTKFX vs. TLTW — Risk / Return Rank
FTKFX
TLTW
FTKFX vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond K6 Fund (FTKFX) 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.
| FTKFX | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.76 | +0.35 |
| Martin ratioReturn relative to average drawdown | 6.24 | 5.28 | +0.97 |
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
| FTKFX | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.37 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | -0.03 | +0.50 |
Drawdowns
FTKFX vs. TLTW - Drawdown Comparison
The maximum FTKFX drawdown since its inception was -17.81%, roughly equal to the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for FTKFX and TLTW.
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Drawdown Indicators
| FTKFX | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.81% | -18.61% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -5.97% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.77% | -17.19% | +11.42% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | — | — |
Current DrawdownCurrent decline from peak | -1.22% | -3.20% | +1.98% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -8.25% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.99% | -1.04% |
Volatility
FTKFX vs. TLTW - Volatility Comparison
The current volatility for Fidelity Total Bond K6 Fund (FTKFX) is 1.35%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that FTKFX 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
| FTKFX | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 2.48% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 5.79% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 7.70% | -3.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 11.39% | -5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 11.39% | -6.47% |
FTKFX vs. TLTW - Expense Ratio Comparison
FTKFX has a 0.30% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
FTKFX vs. TLTW - Dividend Comparison
FTKFX's dividend yield for the trailing twelve months is around 4.61%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FTKFX Fidelity Total Bond K6 Fund | 4.61% | 4.61% | 4.76% | 3.86% | 2.53% | 2.24% | 5.51% | 3.26% | 2.94% | 1.63% |
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% |
Frequently Asked Questions
FTKFX and TLTW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.48%) compared to FTKFX (1.35%). In terms of maximum drawdown, FTKFX dropped -17.81% vs TLTW's -18.61%.
FTKFX currently has the higher Sharpe Ratio (1.49 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.
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