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 -17.30% vs 6.79% for TLTW. At a 0.05 correlation, their price movements are largely independent. MSFO charges 0.99%/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 -16.34% return, which is significantly lower than TLTW's 0.30% return.
MSFO
- 1D
- 1.61%
- 1M
- -0.22%
- 6M
- -15.04%
- YTD
- -16.34%
- 1Y
- -17.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.60%
- 1M
- -1.57%
- 6M
- -0.27%
- YTD
- 0.30%
- 1Y
- 6.79%
- 3Y*
- 0.05%
- 5Y*
- —
- 10Y*
- —
MSFO vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF
| -16.34% | 15.69% | 10.34% | 18.74% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0.30% | 11.36% | -2.18% | -2.43% |
Correlation
The correlation between MSFO and TLTW is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
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 | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.16 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.14 | -1.73 |
| Martin ratioReturn relative to average drawdown | -1.14 | 3.20 | -4.34 |
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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 | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -23.34% | -4.07% | -19.27% |
Average DrawdownAverage peak-to-trough decline | -7.17% | -8.09% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.26% | 2.13% | +13.13% |
Volatility
MSFO vs. TLTW - Volatility Comparison
YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 9.07% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.33%. 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 | 9.07% | 2.33% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 20.91% | 5.95% | +14.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.42% | 7.62% | +15.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.22% | 11.30% | +8.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 11.30% | +8.92% |
MSFO vs. TLTW - Expense Ratio Comparison
MSFO has a 0.99% 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 42.86%, more than TLTW's 11.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF
| 42.86% | 33.91% | 35.15% | 6.44% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.11% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
MSFO and TLTW have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFO has higher volatility (9.07%) compared to TLTW (2.33%). In terms of maximum drawdown, MSFO dropped -29.65% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 6.79% vs -17.30% for MSFO. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.33%. 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 6.79% return vs -17.30%. 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 0.99% for MSFO.
MSFO has the higher dividend yield at 42.86%, compared with 11.11% 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: 0.99% for MSFO and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (0.90 vs -0.74), 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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