IWMW vs. TLT
IWMW (iShares Russell 2000 BuyWrite ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% 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, IWMW returned 24.62% vs 4.93% for TLT. At a 0.18 correlation, their price movements are largely independent. IWMW charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
IWMW vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWMW achieves a 8.49% return, which is significantly higher than TLT's -0.27% return.
IWMW
- 1D
- -0.34%
- 1M
- 3.04%
- YTD
- 8.49%
- 6M
- 8.94%
- 1Y
- 24.62%
- 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%
IWMW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 8.49% | 7.82% | 6.09% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -2.80% |
Correlation
The correlation between IWMW and TLT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | 0.18 |
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Return for Risk
IWMW vs. TLT — Risk / Return Rank
IWMW
TLT
IWMW vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) 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.
| IWMW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.09 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 0.65 | +2.91 |
| Martin ratioReturn relative to average drawdown | 12.33 | 1.63 | +10.70 |
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
| IWMW | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 0.51 | +1.51 |
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 | 0.64 | 0.26 | +0.38 |
Drawdowns
IWMW vs. TLT - Drawdown Comparison
The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWMW and TLT.
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Drawdown Indicators
| IWMW | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -48.35% | +26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -7.58% | +0.64% |
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 | -0.34% | -40.44% | +40.10% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -13.82% | +9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 3.04% | -1.04% |
Volatility
IWMW vs. TLT - Volatility Comparison
iShares Russell 2000 BuyWrite ETF (IWMW) has a higher volatility of 3.03% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that IWMW'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
| IWMW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.03% | 2.76% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.75% | 6.50% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.32% | 9.77% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 15.87% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 14.91% | +1.21% |
IWMW vs. TLT - Expense Ratio Comparison
IWMW has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IWMW vs. TLT - Dividend Comparison
IWMW's dividend yield for the trailing twelve months is around 22.40%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 22.40% | 20.98% | 17.73% | 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
IWMW 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.
IWMW has higher volatility (3.03%) compared to TLT (2.76%). In terms of maximum drawdown, IWMW dropped -21.82% vs TLT's -48.35%.
On 1-year performance, IWMW leads with 24.62% vs 4.93% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IWMW has performed better with a 24.62% 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 0.39% for IWMW.
IWMW has the higher dividend yield at 22.40%, compared with 4.59% for TLT.
IWMW is categorized as Derivative Income, while TLT is Government Bonds. IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for IWMW and 0.15% for TLT.
IWMW currently has the higher Sharpe Ratio (2.01 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.
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