IWMW vs. TLTX

Last updated Jun 5, 2026

IWMW (iShares Russell 2000 BuyWrite ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while TLTX is a Government Bonds fund actively managed by Global X. IWMW is passively managed, while TLTX is actively managed. At a 0.26 correlation, their price movements are largely independent. IWMW charges 0.39%/yr vs 0.29%/yr for TLTX.

Performance

IWMW vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) and Global X Treasury Bond Enhanced Income ETF (TLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMW achieves a 9.09% return, which is significantly higher than TLTX's 0.25% return.

IWMW

• 1D: 0.55%
• 1M: 2.91%
• YTD: 9.09%
• 6M: 9.30%
• 1Y: 25.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: 0.61%
• 1M: 0.23%
• YTD: 0.25%
• 6M: -0.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IWMW vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
IWMW iShares Russell 2000 BuyWrite ETF	9.09%	9.53%
TLTX Global X Treasury Bond Enhanced Income ETF	0.25%	5.40%

Correlation

The correlation between IWMW and TLTX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.26

Return for Risk

IWMW vs. TLTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWMW

IWMW Risk / Return Rank: 67
IWMW Sharpe Ratio Rank: 63
IWMW Sortino Ratio Rank: 61
IWMW Omega Ratio Rank: 70
IWMW Calmar Ratio Rank: 74
IWMW Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWMW vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	—	—
Sortino ratio: Return per unit of downside risk	2.81	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	3.66	—	—
Martin ratio: Return relative to average drawdown	12.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWMW	TLTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.70	-0.05

Drawdowns

IWMW vs. TLTX - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for IWMW and TLTX.

Drawdown Indicators

	IWMW	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-6.35%	-15.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	—	—
Current Drawdown Current decline from peak	0.00%	-3.46%	+3.46%
Average Drawdown Average peak-to-trough decline	-3.84%	-2.27%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	—	—

Volatility

Volatility by Period

	IWMW	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	9.14%	+3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	9.14%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	9.14%	+6.97%

IWMW vs. TLTX - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

IWMW vs. TLTX - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 22.28%, more than TLTX's 15.70% yield.

Position	TTM	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	22.28%	20.98%	17.73%
TLTX Global X Treasury Bond Enhanced Income ETF	15.70%	7.54%	0.00%

Frequently Asked Questions

Can I hold both IWMW and TLTX in my portfolio?

IWMW and TLTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWMW or TLTX?

On fees, TLTX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWMW or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.39% for IWMW.

Which ETF pays a higher dividend yield, IWMW or TLTX?

IWMW has the higher dividend yield at 22.28%, compared with 15.70% for TLTX.

What is the main difference between IWMW and TLTX?

IWMW is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: iShares and Global X. Their fees differ too: 0.39% for IWMW and 0.29% for TLTX.