KIO vs. TLTW
KIO (KKR Income Opportunities Fund) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both funds - KIO is a Multisector Bonds fund managed by KKR Asset Management, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, KIO returned 12.54%/yr vs 0.74%/yr for TLTW. At a 0.24 correlation, their price movements are largely independent. KIO charges 0.04%/yr vs 0.35%/yr for TLTW.
Performance
KIO vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 2.77% return, which is significantly higher than TLTW's 1.21% return.
KIO
- 1D
- -0.35%
- 1M
- 1.08%
- YTD
- 2.77%
- 6M
- 3.32%
- 1Y
- 4.71%
- 3Y*
- 12.54%
- 5Y*
- 3.74%
- 10Y*
- 7.92%
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
KIO vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 2.77% | -2.49% | 18.45% | 31.53% | -9.64% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between KIO and TLTW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.24 |
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Return for Risk
KIO vs. TLTW — Risk / Return Rank
KIO
TLTW
KIO vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) 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.
| KIO | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.76 | -1.33 |
| Martin ratioReturn relative to average drawdown | 0.94 | 5.28 | -4.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KIO | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 1.37 | -0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.03 | +0.42 |
Drawdowns
KIO vs. TLTW - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KIO and TLTW.
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Drawdown Indicators
| KIO | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -18.61% | -25.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -5.97% | -5.04% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -17.19% | -5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | — | — |
Current DrawdownCurrent decline from peak | -8.51% | -3.20% | -5.31% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -8.25% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 1.99% | +3.01% |
Volatility
KIO vs. TLTW - Volatility Comparison
KKR Income Opportunities Fund (KIO) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) have volatilities of 2.55% and 2.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KIO | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 2.48% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 5.79% | +1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 7.70% | +2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 11.39% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.39% | 11.39% | +5.00% |
KIO vs. TLTW - Expense Ratio Comparison
KIO has a 0.04% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
KIO vs. TLTW - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 12.91%, more than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 12.91% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 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
KIO and TLTW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KIO has higher volatility (2.55%) compared to TLTW (2.48%). In terms of maximum drawdown, KIO dropped -43.87% vs TLTW's -18.61%.
TLTW currently has the higher Sharpe Ratio (1.37 vs 0.47), 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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