FTKFX vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Total Bond K6 Fund (FTKFX) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

FTKFX is managed by Fidelity. It was launched on May 25, 2017. 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

FTKFX vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond K6 Fund (FTKFX) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

FTKFX vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FTKFX Fidelity Total Bond K6 Fund	-0.43%	7.53%	2.36%	6.65%	-3.12%
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, FTKFX achieves a -0.43% return, which is significantly lower than TLTW's 1.44% return.

FTKFX

• 1D: 0.46%
• 1M: -2.32%
• YTD: -0.43%
• 6M: 0.55%
• 1Y: 4.20%
• 3Y*: 4.19%
• 5Y*: 0.83%
• 10Y*: —

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)

FTKFX vs. TLTW - Expense Ratio Comparison

FTKFX has a 0.30% expense ratio, which is lower than TLTW's 0.35% expense ratio.

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

FTKFX

Fidelity Total Bond K6 Fund

Return for Risk

FTKFX vs. TLTW — Risk / Return Rank

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

FTKFX

FTKFX Risk / Return Rank: 63
FTKFX Sharpe Ratio Rank: 64
FTKFX Sortino Ratio Rank: 63
FTKFX Omega Ratio Rank: 49
FTKFX Calmar Ratio Rank: 79
FTKFX Martin Ratio Rank: 60

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.

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 ratio Return per unit of total volatility	1.11	0.84	+0.26
Sortino ratio Return per unit of downside risk	1.58	1.17	+0.41
Omega ratio Gain probability vs. loss probability	1.20	1.15	+0.04
Calmar ratio Return relative to maximum drawdown	1.85	1.42	+0.43
Martin ratio Return relative to average drawdown	5.66	3.74	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTKFX vs. TLTW - Sharpe Ratio Comparison

The current FTKFX Sharpe Ratio is 1.11, which is higher than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FTKFX 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

	FTKFX	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	0.84	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.03	+0.48

Correlation

The correlation between FTKFX and TLTW is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FTKFX vs. TLTW - Dividend Comparison

FTKFX's dividend yield for the trailing twelve months is around 4.25%, less than TLTW's 13.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTKFX Fidelity Total Bond K6 Fund	4.25%	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	13.66%	14.82%	14.47%	19.59%	8.71%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	FTKFX	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-17.81%	-18.61%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-5.80%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-17.81%	—	—
Current Drawdown Current decline from peak	-2.32%	-2.98%	+0.66%
Average Drawdown Average peak-to-trough decline	-4.24%	-8.49%	+4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.20%	-1.28%

Volatility

FTKFX vs. TLTW - Volatility Comparison

The current volatility for Fidelity Total Bond K6 Fund (FTKFX) is 1.64%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 3.46%. 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.

Volatility by Period

	FTKFX	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	3.46%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	5.80%	-3.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	8.91%	-4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	11.55%	-5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	11.55%	-6.62%