IYRI vs. TLTW

Last updated Jun 16, 2026

IYRI (NEOS Real Estate High Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Derivative Income funds - IYRI tracks the Dow Jones U.S. Real Estate Capped Index while TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past year, IYRI returned 10.21% vs 9.50% for TLTW. At a 0.29 correlation, their price movements are largely independent. IYRI charges 0.68%/yr vs 0.35%/yr for TLTW.

Performance

IYRI vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYRI achieves a 6.88% return, which is significantly higher than TLTW's 1.94% return.

IYRI

• 1D: -0.70%
• 1M: 3.40%
• YTD: 6.88%
• 6M: 6.34%
• 1Y: 10.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.05%
• 1M: 2.89%
• YTD: 1.94%
• 6M: 2.24%
• 1Y: 9.50%
• 3Y*: 0.63%
• 5Y*: —
• 10Y*: —

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

IYRI vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	6.88%	6.99%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.94%	13.78%

Correlation

The correlation between IYRI and TLTW is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.29

Return for Risk

IYRI vs. TLTW — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 30
IYRI Sharpe Ratio Rank: 30
IYRI Sortino Ratio Rank: 28
IYRI Omega Ratio Rank: 28
IYRI Calmar Ratio Rank: 30
IYRI Martin Ratio Rank: 35

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 38
TLTW Omega Ratio Rank: 36
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

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.

IYRI vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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.

	IYRI	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.25	-0.27
Sortino ratio: Return per unit of downside risk	1.39	1.80	-0.41
Omega ratio: Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	1.36	1.60	-0.24
Martin ratio: Return relative to average drawdown	4.90	4.63	+0.27

IYRI vs. TLTW - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.97, which is comparable to the TLTW Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of IYRI and TLTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IYRI vs. TLTW - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for IYRI and TLTW.

Drawdown Indicators

	IYRI	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-18.61%	+6.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-5.97%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	-0.70%	-2.50%	+1.80%
Average Drawdown Average peak-to-trough decline	-1.69%	-8.20%	+6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.06%	+0.03%

Volatility

IYRI vs. TLTW - Volatility Comparison

NEOS Real Estate High Income ETF (IYRI) has a higher volatility of 3.98% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that IYRI's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYRI	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	2.31%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	5.84%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.54%	7.66%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.13%	11.35%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.13%	11.35%	+1.78%

IYRI vs. TLTW - Expense Ratio Comparison

IYRI has a 0.68% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

IYRI vs. TLTW - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 10.97%, less than TLTW's 11.67% yield.

Position	TTM	2025	2024	2023	2022
IYRI NEOS Real Estate High Income ETF	10.97%	11.72%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.67%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both IYRI and TLTW in my portfolio?

IYRI and TLTW have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or TLTW?

IYRI has higher volatility (3.98%) compared to TLTW (2.31%). In terms of maximum drawdown, IYRI dropped -12.12% vs TLTW's -18.61%.

Which ETF is better, IYRI or TLTW?

On 1-year performance, IYRI leads with 10.21% vs 9.50% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or TLTW?

Over the 1-year period, IYRI has performed better with a 10.21% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, IYRI or TLTW?

TLTW has the higher dividend yield at 11.67%, compared with 10.97% for IYRI.

What is the main difference between IYRI and TLTW?

IYRI tracks Dow Jones U.S. Real Estate Capped Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for IYRI and 0.35% for TLTW.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.25 vs 0.97), 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.