NIHI vs. TLTW

Last updated Jun 16, 2026

NIHI (NEOS MSCI EAFE High Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Derivative Income funds. NIHI is actively managed, while TLTW is passively managed. At a 0.35 correlation, their price movements are largely independent. NIHI charges 0.68%/yr vs 0.35%/yr for TLTW.

Performance

NIHI vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS MSCI EAFE High Income ETF (NIHI) 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, NIHI achieves a 7.22% return, which is significantly higher than TLTW's 1.94% return.

NIHI

• 1D: 0.75%
• 1M: 3.45%
• YTD: 7.22%
• 6M: 8.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.05%
• 1M: 2.89%
• YTD: 1.94%
• 6M: 2.24%
• 1Y: 9.50%
• 3Y*: 0.63%
• 5Y*: —
• 10Y*: —

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

NIHI vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025
NIHI NEOS MSCI EAFE High Income ETF	7.22%	4.89%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.94%	1.07%

Correlation

The correlation between NIHI and TLTW is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.35

Return for Risk

NIHI vs. TLTW — Risk / Return Rank

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

NIHI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 38
TLTW Omega Ratio Rank: 36
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.

NIHI vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS MSCI EAFE High Income ETF (NIHI) 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.

	NIHI	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.25	—
Sortino ratio: Return per unit of downside risk	—	1.80	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.60	—
Martin ratio: Return relative to average drawdown	—	4.63	—

Drawdowns

NIHI vs. TLTW - Drawdown Comparison

The maximum NIHI drawdown since its inception was -10.88%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for NIHI and TLTW.

Drawdown Indicators

	NIHI	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-10.88%	-18.61%	+7.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	0.00%	-2.50%	+2.50%
Average Drawdown Average peak-to-trough decline	-2.34%	-8.20%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.06%	—

Volatility

Volatility by Period

	NIHI	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.34%	7.66%	+7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	11.35%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	11.35%	+3.99%

NIHI vs. TLTW - Expense Ratio Comparison

NIHI has a 0.68% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

NIHI vs. TLTW - Dividend Comparison

NIHI's dividend yield for the trailing twelve months is around 7.73%, less than TLTW's 11.67% yield.

Position	TTM	2025	2024	2023	2022
NIHI NEOS MSCI EAFE High Income ETF	7.73%	3.44%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.67%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both NIHI and TLTW in my portfolio?

NIHI and TLTW have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NIHI or TLTW?

On fees, TLTW is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NIHI or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.68% for NIHI.

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

TLTW has the higher dividend yield at 11.67%, compared with 7.73% for NIHI.

What is the main difference between NIHI and TLTW?

They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for NIHI and 0.35% for TLTW.