GOVI vs. TLTW
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, GOVI returned 0.76%/yr vs 0.58%/yr for TLTW. Their correlation of 0.94 suggests significant overlap in exposure. GOVI charges 0.15%/yr vs 0.35%/yr for TLTW.
Performance
GOVI vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a -1.05% return, which is significantly lower than TLTW's 0.79% return.
GOVI
- 1D
- -0.21%
- 1M
- -1.07%
- YTD
- -1.05%
- 6M
- -0.98%
- 1Y
- 3.79%
- 3Y*
- 0.76%
- 5Y*
- -3.02%
- 10Y*
- -0.23%
TLTW
- 1D
- -0.27%
- 1M
- -0.82%
- YTD
- 0.79%
- 6M
- 0.65%
- 1Y
- 9.42%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
GOVI vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -1.05% | 5.84% | -2.95% | 3.31% | -6.74% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0.79% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between GOVI and TLTW is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.94 |
The correlation between GOVI and TLTW has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
GOVI vs. TLTW — Risk / Return Rank
GOVI
TLTW
GOVI vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.
| GOVI | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.22 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.58 | -0.89 |
| Martin ratioReturn relative to average drawdown | 1.92 | 4.68 | -2.76 |
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
| GOVI | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 1.24 | -0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.31 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.04 | +0.35 |
Drawdowns
GOVI vs. TLTW - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for GOVI and TLTW.
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Drawdown Indicators
| GOVI | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -18.61% | -14.09% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -5.97% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -17.19% | +5.61% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | — | — |
Current DrawdownCurrent decline from peak | -22.77% | -3.59% | -19.18% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -8.24% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.02% | -0.04% |
Volatility
GOVI vs. TLTW - Volatility Comparison
The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 1.96%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.31%. This indicates that GOVI 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
| GOVI | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 2.31% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 5.79% | -1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 7.64% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 11.38% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 11.38% | -2.28% |
GOVI vs. TLTW - Expense Ratio Comparison
GOVI has a 0.15% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
GOVI vs. TLTW - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 3.85%, less than TLTW's 11.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.85% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.80% | 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 0.95, GOVI 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.
TLTW has higher volatility (2.31%) compared to GOVI (1.96%). In terms of maximum drawdown, GOVI dropped -32.70% vs TLTW's -18.61%.
On 3-year performance, GOVI leads with 0.76% vs 0.58% for TLTW. On fees, GOVI is cheaper at 0.15% per year. On volatility, GOVI has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GOVI has performed better with a 0.76% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVI is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.80%, compared with 3.85% for GOVI.
GOVI is categorized as Government Bonds, while TLTW is Derivative Income. GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.15% for GOVI and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.24 vs 0.59), 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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