ISWN vs. TLTW
ISWN (Amplify BlackSwan ISWN ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds - ISWN tracks the S-Network International BlackSwan while TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, ISWN returned 8.12%/yr vs 0.74%/yr for TLTW. A 0.62 correlation means they provide meaningful diversification when combined. ISWN charges 0.49%/yr vs 0.35%/yr for TLTW.
Performance
ISWN vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, ISWN achieves a 4.28% return, which is significantly higher than TLTW's 1.21% return.
ISWN
- 1D
- -0.80%
- 1M
- 2.01%
- YTD
- 4.28%
- 6M
- 4.94%
- 1Y
- 13.27%
- 3Y*
- 8.12%
- 5Y*
- -0.37%
- 10Y*
- —
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
ISWN vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ISWN Amplify BlackSwan ISWN ETF | 4.28% | 23.23% | -3.96% | 8.19% | -5.19% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between ISWN and TLTW is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.62 |
The correlation between ISWN and TLTW has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.
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Return for Risk
ISWN vs. TLTW — Risk / Return Rank
ISWN
TLTW
ISWN vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) 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.
| ISWN | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.76 | -0.38 |
| Martin ratioReturn relative to average drawdown | 4.67 | 5.28 | -0.61 |
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
| ISWN | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 1.37 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | -0.03 | +0.04 |
Drawdowns
ISWN vs. TLTW - Drawdown Comparison
The maximum ISWN drawdown since its inception was -32.35%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for ISWN and TLTW.
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Drawdown Indicators
| ISWN | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.35% | -18.61% | -13.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.63% | -5.97% | -3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -13.77% | -17.19% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -32.35% | — | — |
Current DrawdownCurrent decline from peak | -4.03% | -3.20% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -16.17% | -8.25% | -7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 1.99% | +0.86% |
Volatility
ISWN vs. TLTW - Volatility Comparison
Amplify BlackSwan ISWN ETF (ISWN) has a higher volatility of 4.67% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that ISWN'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.
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Volatility by Period
| ISWN | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 2.48% | +2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 10.10% | 5.79% | +4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.20% | 7.70% | +4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.67% | 11.39% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.57% | 11.39% | +0.18% |
ISWN vs. TLTW - Expense Ratio Comparison
ISWN has a 0.49% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
ISWN vs. TLTW - Dividend Comparison
ISWN's dividend yield for the trailing twelve months is around 2.82%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ISWN Amplify BlackSwan ISWN ETF | 2.82% | 2.89% | 3.27% | 2.91% | 2.00% | 0.76% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
Frequently Asked Questions
ISWN and TLTW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISWN has higher volatility (4.67%) compared to TLTW (2.48%). In terms of maximum drawdown, ISWN dropped -32.35% vs TLTW's -18.61%.
On 3-year performance, ISWN leads with 8.12% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ISWN has performed better with a 8.12% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.49% for ISWN.
TLTW has the higher dividend yield at 11.76%, compared with 2.82% for ISWN.
ISWN tracks S-Network International BlackSwan, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Amplify and iShares. Their fees differ too: 0.49% for ISWN and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.37 vs 1.09), 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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