KBWD vs. TLTW
KBWD (Invesco KBW High Dividend Yield Financial ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield 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, KBWD returned 5.00%/yr vs 1.13%/yr for TLTW. At a 0.28 correlation, their price movements are largely independent. KBWD charges 1.24%/yr vs 0.35%/yr for TLTW.
Performance
KBWD vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, KBWD achieves a -3.74% return, which is significantly lower than TLTW's 1.90% return.
KBWD
- 1D
- 0.80%
- 1M
- -0.31%
- YTD
- -3.74%
- 6M
- -4.15%
- 1Y
- 3.52%
- 3Y*
- 5.00%
- 5Y*
- 0.34%
- 10Y*
- 5.25%
TLTW
- 1D
- -0.14%
- 1M
- 2.84%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
KBWD vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -3.74% | 5.59% | 4.30% | 20.21% | -14.16% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between KBWD and TLTW is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.28 |
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Return for Risk
KBWD vs. TLTW — Risk / Return Rank
KBWD
TLTW
KBWD vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
| KBWD | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.21 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 1.52 | -1.39 |
| Martin ratioReturn relative to average drawdown | 0.32 | 4.41 | -4.09 |
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Drawdowns
KBWD vs. TLTW - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KBWD and TLTW.
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Drawdown Indicators
| KBWD | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -18.61% | -40.02% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -5.97% | -9.08% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -17.19% | -2.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | — | — |
Current DrawdownCurrent decline from peak | -10.58% | -2.54% | -8.04% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -8.20% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.10% | 2.05% | +4.05% |
Volatility
KBWD vs. TLTW - Volatility Comparison
Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.70% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that KBWD'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
| KBWD | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 2.31% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 12.36% | 5.85% | +6.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.59% | 7.68% | +7.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.89% | 11.36% | +8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.25% | 11.36% | +11.89% |
KBWD vs. TLTW - Expense Ratio Comparison
KBWD has a 1.24% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
KBWD vs. TLTW - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 14.14%, more than TLTW's 11.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.14% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KBWD and TLTW have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWD has higher volatility (4.70%) compared to TLTW (2.31%). In terms of maximum drawdown, KBWD dropped -58.63% vs TLTW's -18.61%.
On 3-year performance, KBWD leads with 5.00% vs 1.13% 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.
Over the 3-year period, KBWD has performed better with a 5.00% return vs 1.13%. 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 1.24% for KBWD.
KBWD has the higher dividend yield at 14.14%, compared with 11.68% for TLTW.
KBWD is categorized as Financials Equities, while TLTW is Derivative Income. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 1.24% for KBWD and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.18 vs 0.13), 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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