KBUF vs. TLTW
KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). KBUF is actively managed, while TLTW is passively managed. Over the past year, KBUF returned -8.32% vs 9.03% for TLTW. At a 0.10 correlation, their price movements are largely independent. KBUF charges 0.95%/yr vs 0.35%/yr for TLTW.
Performance
KBUF vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, KBUF achieves a -15.02% return, which is significantly lower than TLTW's 2.36% return.
KBUF
- 1D
- -0.06%
- 1M
- -4.18%
- YTD
- -15.02%
- 6M
- -15.46%
- 1Y
- -8.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
KBUF vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | -15.02% | 18.04% | 15.85% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | 0.12% |
Correlation
The correlation between KBUF and TLTW is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024 | 0.10 |
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Return for Risk
KBUF vs. TLTW — Risk / Return Rank
KBUF
TLTW
KBUF vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.
| KBUF | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.21 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 1.52 | -1.94 |
| Martin ratioReturn relative to average drawdown | -0.97 | 4.36 | -5.33 |
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Drawdowns
KBUF vs. TLTW - Drawdown Comparison
The maximum KBUF drawdown since its inception was -20.04%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KBUF and TLTW.
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Drawdown Indicators
| KBUF | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.04% | -18.61% | -1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -20.04% | -5.97% | -14.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -20.04% | -2.10% | -17.94% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -8.17% | +3.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 2.08% | +6.50% |
Volatility
KBUF vs. TLTW - Volatility Comparison
KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a higher volatility of 4.13% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. This indicates that KBUF'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.
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Volatility by Period
| KBUF | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 1.66% | +2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 10.68% | 5.80% | +4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.13% | 7.62% | +5.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.27% | 11.33% | +2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.27% | 11.33% | +2.94% |
KBUF vs. TLTW - Expense Ratio Comparison
KBUF has a 0.95% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
KBUF vs. TLTW - Dividend Comparison
KBUF's dividend yield for the trailing twelve months is around 8.84%, less than TLTW's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | 8.84% | 7.51% | 3.53% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
KBUF and TLTW have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBUF has higher volatility (4.13%) compared to TLTW (1.66%). In terms of maximum drawdown, KBUF dropped -20.04% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 9.03% vs -8.32% for KBUF. 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 1-year period, TLTW has performed better with a 9.03% return vs -8.32%. 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 0.95% for KBUF.
TLTW has the higher dividend yield at 11.62%, compared with 8.84% for KBUF.
KBUF is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: KraneShares and iShares. Their fees differ too: 0.95% for KBUF and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.19 vs -0.64), 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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