MSFO vs. TLTW
MSFO (YieldMax MSFT Option Income Strategy ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). MSFO is actively managed, while TLTW is passively managed. Over the past year, MSFO returned -3.86% vs 3.52% for TLTW. Their 0.05 correlation means their historical movements had little consistent relationship. MSFO charges 1.03%/yr vs 0.35%/yr for TLTW.
Performance
MSFO vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, MSFO achieves a 0.49% return, which is significantly higher than TLTW's -1.13% return.
MSFO
- 1D
- 4.63%
- 1M
- 20.78%
- 6M
- 12.36%
- YTD
- 0.49%
- 1Y
- -3.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.38%
TLTW
- 1D
- 0.38%
- 1M
- -3.24%
- 6M
- -1.22%
- YTD
- -1.13%
- 1Y
- 3.52%
- 3Y*
- 1.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.07M | $907.81K | $1.05M | |
| $25.95M | $26.72M | $32.40M |
MSFO vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF | 0.49% | 15.69% | 10.34% | 18.74% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.13% | 11.36% | -2.18% | -2.43% |
Correlation
The correlation between MSFO and TLTW is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2023 | 0.05 |
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Return for Risk
MSFO vs. TLTW — Risk / Return Rank
MSFO
TLTW
MSFO vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) 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.
| MSFO | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.08 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.59 | -0.72 |
| Martin ratioReturn relative to average drawdown | -0.24 | 1.47 | -1.71 |
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Drawdowns
MSFO vs. TLTW - Drawdown Comparison
The maximum MSFO drawdown since its inception was -29.65%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for MSFO and TLTW.
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Drawdown Indicators
| MSFO | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.65% | -18.61% | -11.04% |
Max Drawdown (1Y)Largest decline over 1 year | -29.65% | -5.97% | -23.68% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.93% | — |
Current DrawdownCurrent decline from peak | -7.92% | -5.44% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -8.03% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.15% | 2.40% | +13.75% |
Volatility
MSFO vs. TLTW - Volatility Comparison
YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 14.36% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.27%. This indicates that MSFO'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
| MSFO | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.36% | 2.27% | +12.09% |
Volatility (6M)Calculated over the trailing 6-month period | 23.34% | 5.92% | +17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 7.71% | +20.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 11.26% | +10.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 11.26% | +10.64% |
MSFO vs. TLTW - Expense Ratio Comparison
MSFO has a 1.03% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
MSFO vs. TLTW - Dividend Comparison
MSFO's dividend yield for the trailing twelve months is around 34.78%, more than TLTW's 11.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF | 34.78% | 33.91% | 35.15% | 6.44% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.27% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
MSFO and TLTW have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFO has higher volatility (14.36%) compared to TLTW (2.27%). In terms of maximum drawdown, MSFO dropped -29.65% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 3.52% vs -3.86% for MSFO. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.27%. 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 3.52% return vs -3.86%. 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 1.03% for MSFO.
MSFO has the higher dividend yield at 34.78%, compared with 11.27% for TLTW.
MSFO is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.03% for MSFO and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (0.46 vs -0.14), 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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