IFEB vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator International Developed Power Buffer ETF - February (IFEB) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

IFEB and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IFEB is an actively managed fund by Innovator. It was launched on Jan 31, 2024. 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

IFEB vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - February (IFEB) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

IFEB vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IFEB Innovator International Developed Power Buffer ETF - February	-1.37%	19.46%	0.54%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-1.61%

Returns By Period

In the year-to-date period, IFEB achieves a -1.37% return, which is significantly lower than TLTW's 1.44% return.

IFEB

• 1D: 1.83%
• 1M: -4.29%
• YTD: -1.37%
• 6M: 1.47%
• 1Y: 11.26%
• 3Y*: —
• 5Y*: —
• 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)

IFEB vs. TLTW - Expense Ratio Comparison

IFEB has a 0.85% expense ratio, which is higher than TLTW's 0.35% expense ratio.

IFEB

Innovator International Developed Power Buffer ETF - February

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

IFEB vs. TLTW — Risk / Return Rank

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

IFEB

IFEB Risk / Return Rank: 67
IFEB Sharpe Ratio Rank: 68
IFEB Sortino Ratio Rank: 67
IFEB Omega Ratio Rank: 76
IFEB Calmar Ratio Rank: 62
IFEB Martin Ratio Rank: 65

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.

IFEB vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - February (IFEB) 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.

	IFEB	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.22	0.84	+0.38
Sortino ratio Return per unit of downside risk	1.74	1.17	+0.57
Omega ratio Gain probability vs. loss probability	1.29	1.15	+0.14
Calmar ratio Return relative to maximum drawdown	1.61	1.42	+0.19
Martin ratio Return relative to average drawdown	6.65	3.74	+2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFEB vs. TLTW - Sharpe Ratio Comparison

The current IFEB Sharpe Ratio is 1.22, which is higher than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of IFEB 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

	IFEB	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.84	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	-0.03	+0.94

Correlation

The correlation between IFEB and TLTW is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IFEB vs. TLTW - Dividend Comparison

IFEB 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
IFEB Innovator International Developed Power Buffer ETF - February	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

IFEB vs. TLTW - Drawdown Comparison

The maximum IFEB drawdown since its inception was -8.84%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for IFEB and TLTW.

Drawdown Indicators

	IFEB	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-8.84%	-18.61%	+9.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-5.80%	-0.80%
Current Drawdown Current decline from peak	-4.48%	-2.98%	-1.50%
Average Drawdown Average peak-to-trough decline	-1.70%	-8.49%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	2.20%	-0.60%

Volatility

IFEB vs. TLTW - Volatility Comparison

Innovator International Developed Power Buffer ETF - February (IFEB) has a higher volatility of 4.52% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that IFEB'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

	IFEB	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	3.46%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	5.80%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.29%	8.91%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	11.55%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	11.55%	-2.55%