IVVW vs. TLT
IVVW (iShares S&P 500 BuyWrite ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, IVVW returned 19.78% vs -2.12% for TLT. Their 0.13 correlation means their historical movements had little consistent relationship. IVVW charges 0.25%/yr vs 0.15%/yr for TLT.
Performance
IVVW vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IVVW achieves a 8.19% return, which is significantly higher than TLT's -3.18% return.
IVVW
- 1D
- 1.03%
- 1M
- 2.36%
- 6M
- 6.69%
- YTD
- 8.19%
- 1Y
- 19.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.86%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.08M | $2.12M | $2.68M | |
| $2.39B | $2.06B | $2.20B |
IVVW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 8.19% | 11.71% | 12.76% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -2.83% |
Correlation
The correlation between IVVW and TLT is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.13 |
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Return for Risk
IVVW vs. TLT — Risk / Return Rank
IVVW
TLT
IVVW vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IVVW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.97 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | -0.28 | +3.69 |
| Martin ratioReturn relative to average drawdown | 17.74 | -0.59 | +18.33 |
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Drawdowns
IVVW vs. TLT - Drawdown Comparison
The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IVVW and TLT.
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Drawdown Indicators
| IVVW | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -48.35% | +31.56% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -7.74% | +1.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -1.68% | -14.00% | +12.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 3.60% | -2.48% |
Volatility
IVVW vs. TLT - Volatility Comparison
iShares S&P 500 BuyWrite ETF (IVVW) has a higher volatility of 3.05% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IVVW's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVVW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 2.51% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 6.84% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.58% | 9.24% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.57% | 15.74% | -3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.57% | 14.83% | -2.26% |
IVVW vs. TLT - Expense Ratio Comparison
IVVW has a 0.25% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IVVW vs. TLT - Dividend Comparison
IVVW's dividend yield for the trailing twelve months is around 18.82%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 18.82% | 18.55% | 13.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
IVVW and TLT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVW has higher volatility (3.05%) compared to TLT (2.51%). In terms of maximum drawdown, IVVW dropped -16.79% vs TLT's -48.35%.
On 1-year performance, IVVW leads with 19.78% vs -2.12% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVW has performed better with a 19.78% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.25% for IVVW.
IVVW has the higher dividend yield at 18.82%, compared with 4.75% for TLT.
IVVW is categorized as Derivative Income, while TLT is Government Bonds. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.25% for IVVW and 0.15% for TLT.
IVVW currently has the higher Sharpe Ratio (2.32 vs -0.23), 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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