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 27.46% vs -1.64% for TLT. Their 0.20 correlation means their historical movements had little consistent relationship. IWMW charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
IWMW vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than TLT's -2.43% return.
IWMW
- 1D
- 0.93%
- 1M
- 2.47%
- 6M
- 13.33%
- YTD
- 16.00%
- 1Y
- 27.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.47%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $588.35K | $501.88K | $531.86K | |
| $2.59B | $2.11B | $2.22B |
IWMW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 16.00% | 7.82% | 5.85% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -2.83% |
Correlation
The correlation between IWMW and TLT is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.20 |
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
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.
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.
| IWMW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.98 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | -0.21 | +4.19 |
| Martin ratioReturn relative to average drawdown | 13.75 | -0.45 | +14.20 |
Loading charts...
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.
Loading charts...
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% | -7.74% | +0.80% |
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% | -41.73% | +41.73% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -14.00% | +10.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 3.63% | -1.63% |
Volatility
IWMW vs. TLT - Volatility Comparison
iShares Russell 2000 BuyWrite ETF (IWMW) has a higher volatility of 3.21% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. 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.
Loading charts...
Volatility by Period
| IWMW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 2.67% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 6.88% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 9.25% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 15.75% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.81% | 14.83% | +0.98% |
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 20.25%, more than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 20.25% | 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 | 4.71% | 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 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWMW has higher volatility (3.21%) compared to TLT (2.67%). In terms of maximum drawdown, IWMW dropped -21.82% vs TLT's -48.35%.
On 1-year performance, IWMW leads with 27.46% vs -1.64% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. 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 27.46% return vs -1.64%. 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 20.25%, compared with 4.71% 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 (2.21 vs -0.18), 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 IWMW 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