MARW vs. TLTW

Last updated Jun 4, 2026

MARW (Allianzim U.S. Large Cap Buffer20 Mar ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. MARW is actively managed, while TLTW is passively managed. Over the past 3 years, MARW returned 11.31%/yr vs 0.74%/yr for TLTW. At a 0.17 correlation, their price movements are largely independent. MARW charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

MARW vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARW achieves a 5.01% return, which is significantly higher than TLTW's 1.21% return.

MARW

• 1D: -0.12%
• 1M: 1.59%
• YTD: 5.01%
• 6M: 5.94%
• 1Y: 12.91%
• 3Y*: 11.31%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MARW vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MARW Allianzim U.S. Large Cap Buffer20 Mar ETF	5.01%	10.61%	11.11%	11.83%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	-2.04%

Correlation

The correlation between MARW and TLTW is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	0.17

The correlation between MARW and TLTW shifts across timeframes, from 0.17 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MARW vs. TLTW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MARW

MARW Risk / Return Rank: 89
MARW Sharpe Ratio Rank: 90
MARW Sortino Ratio Rank: 92
MARW Omega Ratio Rank: 95
MARW Calmar Ratio Rank: 77
MARW Martin Ratio Rank: 92

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MARW vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) 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.

	MARW	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	3.07	1.37	+1.70
Sortino ratio: Return per unit of downside risk	4.50	1.96	+2.54
Omega ratio: Gain probability vs. loss probability	1.71	1.24	+0.47
Calmar ratio: Return relative to maximum drawdown	3.83	1.76	+2.07
Martin ratio: Return relative to average drawdown	22.52	5.28	+17.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARW vs. TLTW - Sharpe Ratio Comparison

The current MARW Sharpe Ratio is 3.07, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MARW and TLTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MARW	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	1.37	+1.70
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	-0.03	+2.00

Drawdowns

MARW vs. TLTW - Drawdown Comparison

The maximum MARW drawdown since its inception was -7.58%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for MARW and TLTW.

Drawdown Indicators

	MARW	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-7.58%	-18.61%	+11.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-5.97%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-7.58%	-17.19%	+9.61%
Current Drawdown Current decline from peak	-0.12%	-3.20%	+3.08%
Average Drawdown Average peak-to-trough decline	-0.48%	-8.25%	+7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	1.99%	-1.42%

Volatility

MARW vs. TLTW - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) is 0.71%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that MARW 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.

Volatility by Period

	MARW	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	2.48%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	5.79%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	7.70%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.10%	11.39%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	11.39%	-5.29%

MARW vs. TLTW - Expense Ratio Comparison

MARW has a 0.74% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

MARW vs. TLTW - Dividend Comparison

MARW has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.76%.

Position	TTM	2025	2024	2023	2022
MARW Allianzim U.S. Large Cap Buffer20 Mar ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both MARW and TLTW in my portfolio?

MARW and TLTW have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARW or TLTW?

TLTW has higher volatility (2.48%) compared to MARW (0.71%). In terms of maximum drawdown, MARW dropped -7.58% vs TLTW's -18.61%.

Which ETF is better, MARW or TLTW?

On 3-year performance, MARW leads with 11.31% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, MARW has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARW or TLTW?

Over the 3-year period, MARW has performed better with a 11.31% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARW or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.74% for MARW.

Which ETF pays a higher dividend yield, MARW or TLTW?

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for MARW.

What is the main difference between MARW and TLTW?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for MARW and 0.35% for TLTW.

Which has better risk-adjusted returns?

MARW currently has the higher Sharpe Ratio (3.07 vs 1.37), 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.