MBOX vs. TLTW
MBOX (Freedom Day Dividend ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - MBOX is a Dividend fund actively managed by EMPIRICAL FINANCE LLC, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). MBOX is actively managed, while TLTW is passively managed. Over the past 3 years, MBOX returned 19.11%/yr vs 0.52%/yr for TLTW. At a 0.20 correlation, their price movements are largely independent. MBOX charges 0.39%/yr vs 0.35%/yr for TLTW.
Performance
MBOX vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, MBOX achieves a 15.24% return, which is significantly higher than TLTW's 2.17% return.
MBOX
- 1D
- 0.48%
- 1M
- 1.01%
- YTD
- 15.24%
- 6M
- 14.33%
- 1Y
- 23.19%
- 3Y*
- 19.11%
- 5Y*
- 12.29%
- 10Y*
- —
TLTW
- 1D
- -0.71%
- 1M
- 2.04%
- YTD
- 2.17%
- 6M
- 2.05%
- 1Y
- 9.22%
- 3Y*
- 0.52%
- 5Y*
- —
- 10Y*
- —
MBOX vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MBOX Freedom Day Dividend ETF | 15.24% | 8.72% | 16.39% | 15.84% | -1.16% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.17% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between MBOX 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 | 0.24 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.20 |
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Return for Risk
MBOX vs. TLTW — Risk / Return Rank
MBOX
TLTW
MBOX vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Freedom Day Dividend ETF (MBOX) 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.
| MBOX | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.22 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 1.55 | +2.50 |
| Martin ratioReturn relative to average drawdown | 13.34 | 4.46 | +8.88 |
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Drawdowns
MBOX vs. TLTW - Drawdown Comparison
The maximum MBOX drawdown since its inception was -16.42%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for MBOX and TLTW.
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Drawdown Indicators
| MBOX | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.42% | -18.61% | +2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -5.97% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -16.37% | -17.19% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.42% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | -2.28% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -8.17% | +4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.07% | -0.33% |
Volatility
MBOX vs. TLTW - Volatility Comparison
Freedom Day Dividend ETF (MBOX) has a higher volatility of 3.41% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.68%. This indicates that MBOX'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
| MBOX | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 1.68% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 7.95% | 5.82% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.93% | 7.63% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 11.34% | +3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 11.34% | +3.10% |
MBOX vs. TLTW - Expense Ratio Comparison
MBOX has a 0.39% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
MBOX vs. TLTW - Dividend Comparison
MBOX's dividend yield for the trailing twelve months is around 1.90%, less than TLTW's 11.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
MBOX Freedom Day Dividend ETF | 1.90% | 1.94% | 1.60% | 2.13% | 2.87% | 1.17% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.64% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
Frequently Asked Questions
MBOX 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.
MBOX has higher volatility (3.41%) compared to TLTW (1.68%). In terms of maximum drawdown, MBOX dropped -16.42% vs TLTW's -18.61%.
On 3-year performance, MBOX leads with 19.11% vs 0.52% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MBOX has performed better with a 19.11% return vs 0.52%. 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 0.39% for MBOX.
TLTW has the higher dividend yield at 11.64%, compared with 1.90% for MBOX.
MBOX is categorized as Dividend, while TLTW is Derivative Income. They also come from different issuers: EMPIRICAL FINANCE LLC and iShares. Their fees differ too: 0.39% for MBOX and 0.35% for TLTW.
MBOX currently has the higher Sharpe Ratio (2.14 vs 1.22), 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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