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 20.07% vs 4.93% for TLT. At a 0.13 correlation, their price movements are largely independent. IVVW charges 0.25%/yr vs 0.15%/yr for TLT.
Performance
IVVW vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVVW achieves a 4.84% return, which is significantly higher than TLT's -0.27% return.
IVVW
- 1D
- -0.02%
- 1M
- 1.90%
- YTD
- 4.84%
- 6M
- 6.58%
- 1Y
- 20.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
IVVW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 4.84% | 11.71% | 12.90% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -2.80% |
Correlation
The correlation between IVVW and TLT is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | 0.13 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| IVVW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.09 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 0.65 | +2.81 |
| Martin ratioReturn relative to average drawdown | 19.13 | 1.63 | +17.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IVVW | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 0.51 | +2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 0.26 | +0.81 |
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.
Loading charts...
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% | -7.58% | +1.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
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 | -0.09% | -40.44% | +40.35% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -13.82% | +12.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 3.04% | -1.99% |
Volatility
IVVW vs. TLT - Volatility Comparison
The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 1.13%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that IVVW experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IVVW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 2.76% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 6.50% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 9.77% | -2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.66% | 15.87% | -3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 14.91% | -2.25% |
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 19.70%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.70% | 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 | 4.59% | 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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to IVVW (1.13%). In terms of maximum drawdown, IVVW dropped -16.79% vs TLT's -48.35%.
On 1-year performance, IVVW leads with 20.07% vs 4.93% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IVVW has been the lower-risk option at 1.13%. 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 20.07% return vs 4.93%. 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 19.70%, compared with 4.59% 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 (2.73 vs 0.51), 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.
Find the right allocation for IVVW and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer