JPMB vs. TLTW
JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, JPMB returned 7.78%/yr vs 0.58%/yr for TLTW. A 0.72 correlation means they provide meaningful diversification when combined. JPMB charges 0.39%/yr vs 0.35%/yr for TLTW.
Performance
JPMB vs. TLTW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JPMB achieves a 1.95% return, which is significantly lower than TLTW's 2.36% return.
JPMB
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.95%
- 6M
- 1.93%
- 1Y
- 10.60%
- 3Y*
- 7.78%
- 5Y*
- 1.42%
- 10Y*
- —
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
JPMB vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.95% | 13.73% | 1.46% | 9.48% | 0.46% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between JPMB and TLTW is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.72 |
The correlation between JPMB and TLTW has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.
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
JPMB vs. TLTW — Risk / Return Rank
JPMB
TLTW
JPMB vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) 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.
| JPMB | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.21 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.52 | +0.79 |
| Martin ratioReturn relative to average drawdown | 9.81 | 4.36 | +5.45 |
Loading charts...
Drawdowns
JPMB vs. TLTW - Drawdown Comparison
The maximum JPMB drawdown since its inception was -26.33%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for JPMB and TLTW.
Loading charts...
Drawdown Indicators
| JPMB | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -18.61% | -7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -5.97% | +1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -7.53% | -17.19% | +9.66% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -2.10% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -8.17% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.08% | -1.00% |
Volatility
JPMB vs. TLTW - Volatility Comparison
JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) has a higher volatility of 1.79% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. This indicates that JPMB'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.
Loading charts...
Volatility by Period
| JPMB | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 1.66% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 5.80% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 7.62% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 11.33% | -2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.63% | 11.33% | -1.70% |
JPMB vs. TLTW - Expense Ratio Comparison
JPMB has a 0.39% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
JPMB vs. TLTW - Dividend Comparison
JPMB's dividend yield for the trailing twelve months is around 5.78%, less than TLTW's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.78% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPMB and TLTW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPMB has higher volatility (1.79%) compared to TLTW (1.66%). In terms of maximum drawdown, JPMB dropped -26.33% vs TLTW's -18.61%.
On 3-year performance, JPMB leads with 7.78% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JPMB has performed better with a 7.78% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.39% for JPMB.
TLTW has the higher dividend yield at 11.62%, compared with 5.78% for JPMB.
JPMB is categorized as Emerging Markets Bonds, while TLTW is Derivative Income. JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.39% for JPMB and 0.35% for TLTW.
JPMB currently has the higher Sharpe Ratio (1.96 vs 1.19), 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 JPMB and TLTW
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