HPYT.TO vs. TLTW

Last updated Jun 4, 2026

HPYT.TO (Harvest Premium Yield Treasury ETF A) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - HPYT.TO is a Derivative Income fund actively managed by Harvest, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). HPYT.TO is actively managed, while TLTW is passively managed. Over the past year, HPYT.TO returned 5.01% vs 11.89% for TLTW. A 0.75 correlation means they provide meaningful diversification when combined. HPYT.TO charges 0.45%/yr vs 0.35%/yr for TLTW.

Performance

HPYT.TO vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Premium Yield Treasury ETF A (HPYT.TO) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HPYT.TO is traded in CAD, while TLTW is traded in USD. To make them comparable, the TLTW values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HPYT.TO achieves a -0.30% return, which is significantly lower than TLTW's 2.50% return.

HPYT.TO

• 1D: -0.31%
• 1M: 0.63%
• YTD: -0.30%
• 6M: -1.79%
• 1Y: 5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.18%
• 1M: 2.77%
• YTD: 2.50%
• 6M: -0.59%
• 1Y: 11.89%
• 3Y*: 1.91%
• 5Y*: —
• 10Y*: —

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

HPYT.TO vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HPYT.TO Harvest Premium Yield Treasury ETF A	-0.30%	4.39%	-5.96%	4.46%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	2.50%	6.25%	6.22%	0.46%

Correlation

The correlation between HPYT.TO and TLTW is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.75

The correlation between HPYT.TO and TLTW has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

HPYT.TO vs. TLTW — Risk / Return Rank

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

HPYT.TO

HPYT.TO Risk / Return Rank: 18
HPYT.TO Sharpe Ratio Rank: 19
HPYT.TO Sortino Ratio Rank: 18
HPYT.TO Omega Ratio Rank: 17
HPYT.TO Calmar Ratio Rank: 19
HPYT.TO Martin Ratio Rank: 19

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

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.

HPYT.TO vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield Treasury ETF A (HPYT.TO) 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.

	HPYT.TO	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.36	-0.74
Sortino ratio: Return per unit of downside risk	0.93	1.97	-1.04
Omega ratio: Gain probability vs. loss probability	1.11	1.24	-0.13
Calmar ratio: Return relative to maximum drawdown	0.76	1.97	-1.21
Martin ratio: Return relative to average drawdown	2.06	4.73	-2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPYT.TO vs. TLTW - Sharpe Ratio Comparison

The current HPYT.TO Sharpe Ratio is 0.62, which is lower than the TLTW Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of HPYT.TO and TLTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HPYT.TO	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	1.36	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.11	-0.04

Drawdowns

HPYT.TO vs. TLTW - Drawdown Comparison

The maximum HPYT.TO drawdown since its inception was -13.17%, smaller than the maximum TLTW drawdown of -15.64%. Use the drawdown chart below to compare losses from any high point for HPYT.TO and TLTW.

Drawdown Indicators

	HPYT.TO	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-13.17%	-15.64%	+2.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.61%	-6.07%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.78%	—
Current Drawdown Current decline from peak	-7.33%	-2.23%	-5.10%
Average Drawdown Average peak-to-trough decline	-5.86%	-5.60%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.52%	-0.08%

Volatility

HPYT.TO vs. TLTW - Volatility Comparison

Harvest Premium Yield Treasury ETF A (HPYT.TO) has a higher volatility of 2.78% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.50%. This indicates that HPYT.TO'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

	HPYT.TO	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.50%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	5.67%	6.82%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	8.14%	8.76%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	11.86%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	11.86%	-0.99%

HPYT.TO vs. TLTW - Expense Ratio Comparison

HPYT.TO has a 0.45% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

HPYT.TO vs. TLTW - Dividend Comparison

HPYT.TO's dividend yield for the trailing twelve months is around 17.40%, more than TLTW's 11.76% yield.

Position	TTM	2025	2024	2023	2022
HPYT.TO Harvest Premium Yield Treasury ETF A	17.40%	18.87%	18.61%	3.71%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both HPYT.TO and TLTW in my portfolio?

HPYT.TO and TLTW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPYT.TO or TLTW?

On fees, TLTW is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPYT.TO or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.45% for HPYT.TO.

What is the main difference between HPYT.TO and TLTW?

HPYT.TO is categorized as Derivative Income, while TLTW is Options Trading. They also come from different issuers: Harvest and iShares. Their fees differ too: 0.45% for HPYT.TO and 0.35% for TLTW.