NVBW vs. TLTW
NVBW (Allianzim U.S. Large Cap Buffer20 Nov ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - NVBW is a Options Trading fund actively managed by Allianz, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). NVBW is actively managed, while TLTW is passively managed. Over the past 3 years, NVBW returned 8.70%/yr vs 0.58%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. NVBW charges 0.74%/yr vs 0.35%/yr for TLTW.
Performance
NVBW vs. TLTW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NVBW achieves a 4.52% return, which is significantly higher than TLTW's 2.36% return.
NVBW
- 1D
- -0.48%
- 1M
- -0.07%
- YTD
- 4.52%
- 6M
- 4.23%
- 1Y
- 11.16%
- 3Y*
- 8.70%
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
NVBW vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF | 4.52% | 9.25% | 9.03% | 12.70% | 0.42% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | -2.18% | 0.73% | 1.47% |
Correlation
The correlation between NVBW and TLTW is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2022 | 0.18 |
The correlation between NVBW and TLTW shifts across timeframes, from 0.18 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NVBW vs. TLTW — Risk / Return Rank
NVBW
TLTW
NVBW vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) 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.
| NVBW | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.21 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.52 | +1.26 |
| Martin ratioReturn relative to average drawdown | 13.92 | 4.36 | +9.56 |
Loading charts...
Drawdowns
NVBW vs. TLTW - Drawdown Comparison
The maximum NVBW drawdown since its inception was -8.41%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for NVBW and TLTW.
Loading charts...
Drawdown Indicators
| NVBW | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.41% | -18.61% | +10.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -5.97% | +1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -8.41% | -17.19% | +8.78% |
Current DrawdownCurrent decline from peak | -0.73% | -2.10% | +1.37% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -8.17% | +7.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 2.08% | -1.28% |
Volatility
NVBW vs. TLTW - Volatility Comparison
Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) have volatilities of 1.69% and 1.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NVBW | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 1.66% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 5.80% | -1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.14% | 7.62% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.93% | 11.33% | -4.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 11.33% | -4.40% |
NVBW vs. TLTW - Expense Ratio Comparison
NVBW has a 0.74% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
NVBW vs. TLTW - Dividend Comparison
NVBW has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
NVBW and TLTW have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVBW has higher volatility (1.69%) compared to TLTW (1.66%). In terms of maximum drawdown, NVBW dropped -8.41% vs TLTW's -18.61%.
On 3-year performance, NVBW leads with 8.70% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NVBW has performed better with a 8.70% return vs 0.58%. 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 0.74% for NVBW.
TLTW has the higher dividend yield at 11.62%, compared with 0.00% for NVBW.
NVBW is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for NVBW and 0.35% for TLTW.
NVBW currently has the higher Sharpe Ratio (2.19 vs 1.19), 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.
Find the right allocation for NVBW and TLTW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer