KPRO vs. TLTW
KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - KPRO 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). KPRO is actively managed, while TLTW is passively managed. Over the past year, KPRO returned -5.14% vs 9.53% for TLTW. At a 0.15 correlation, their price movements are largely independent. KPRO charges 0.95%/yr vs 0.35%/yr for TLTW.
Performance
KPRO vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, KPRO achieves a -6.26% return, which is significantly lower than TLTW's 3.37% return.
KPRO
- 1D
- -0.07%
- 1M
- -1.30%
- YTD
- -6.26%
- 6M
- -11.97%
- 1Y
- -5.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.99%
- 1M
- 3.23%
- YTD
- 3.37%
- 6M
- 2.60%
- 1Y
- 9.53%
- 3Y*
- 0.91%
- 5Y*
- —
- 10Y*
- —
KPRO vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF | -6.26% | 7.79% | 11.98% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 3.37% | 11.36% | 0.12% |
Correlation
The correlation between KPRO and TLTW is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024 | 0.15 |
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Return for Risk
KPRO vs. TLTW — Risk / Return Rank
KPRO
TLTW
KPRO vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) 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.
| KPRO | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.22 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.60 | -2.00 |
| Martin ratioReturn relative to average drawdown | -0.77 | 4.60 | -5.37 |
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Drawdowns
KPRO vs. TLTW - Drawdown Comparison
The maximum KPRO drawdown since its inception was -12.98%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KPRO and TLTW.
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Drawdown Indicators
| KPRO | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.98% | -18.61% | +5.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.98% | -5.97% | -7.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -12.98% | -1.13% | -11.85% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -8.16% | +5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 2.08% | +4.60% |
Volatility
KPRO vs. TLTW - Volatility Comparison
The current volatility for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is 1.48%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 1.84%. This indicates that KPRO experiences smaller price fluctuations and is considered to be less risky 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
| KPRO | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.84% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 7.82% | 5.86% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 7.67% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.77% | 11.34% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.77% | 11.34% | -3.57% |
KPRO vs. TLTW - Expense Ratio Comparison
KPRO has a 0.95% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
KPRO vs. TLTW - Dividend Comparison
KPRO's dividend yield for the trailing twelve months is around 2.83%, less than TLTW's 11.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF | 2.83% | 2.65% | 3.70% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.51% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
KPRO and TLTW have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (1.84%) compared to KPRO (1.48%). In terms of maximum drawdown, KPRO dropped -12.98% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 9.53% vs -5.14% for KPRO. On fees, TLTW is cheaper at 0.35% per year. On volatility, KPRO has been the lower-risk option at 1.48%. 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 9.53% return vs -5.14%. 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 KPRO.
TLTW has the higher dividend yield at 11.51%, compared with 2.83% for KPRO.
KPRO 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 KPRO and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.25 vs -0.59), 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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