NVDY vs. TLTW

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax NVDA Option Income Strategy ETF (NVDY) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

NVDY and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVDY is an actively managed fund by YieldMax. It was launched on May 10, 2023. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022.

Performance

NVDY vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

NVDY vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	-0.93%	27.38%	114.23%	42.02%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.39%	11.36%	-2.18%	-8.79%

Returns By Period

In the year-to-date period, NVDY achieves a -0.93% return, which is significantly lower than TLTW's 1.39% return.

NVDY

• 1D: 0.69%
• 1M: -0.82%
• YTD: -0.93%
• 6M: 0.94%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.04%
• 1M: -2.53%
• YTD: 1.39%
• 6M: 1.87%
• 1Y: 6.62%
• 3Y*: 0.68%
• 5Y*: —
• 10Y*: —

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

NVDY vs. TLTW - Expense Ratio Comparison

NVDY has a 0.99% expense ratio, which is higher than TLTW's 0.35% expense ratio.

NVDY

YieldMax NVDA Option Income Strategy ETF

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

NVDY vs. TLTW — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 84
NVDY Sharpe Ratio Rank: 83
NVDY Sortino Ratio Rank: 82
NVDY Omega Ratio Rank: 76
NVDY Calmar Ratio Rank: 95
NVDY Martin Ratio Rank: 86

TLTW

TLTW Risk / Return Rank: 37
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 34
TLTW Omega Ratio Rank: 32
TLTW Calmar Ratio Rank: 47
TLTW Martin Ratio Rank: 36

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.

NVDY vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) 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.

	NVDY	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.65	0.75	+0.90
Sortino ratio Return per unit of downside risk	2.20	1.05	+1.15
Omega ratio Gain probability vs. loss probability	1.30	1.14	+0.16
Calmar ratio Return relative to maximum drawdown	4.01	1.28	+2.74
Martin ratio Return relative to average drawdown	10.43	3.35	+7.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDY vs. TLTW - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.65, which is higher than the TLTW Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of NVDY and TLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVDY	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.75	+0.90
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	-0.03	+1.57

Correlation

The correlation between NVDY and TLTW is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NVDY vs. TLTW - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 72.29%, more than TLTW's 13.67% yield.

	TTM	2025	2024	2023	2022
NVDY YieldMax NVDA Option Income Strategy ETF	72.29%	83.10%	83.65%	22.32%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.67%	14.82%	14.47%	19.59%	8.71%

Drawdowns

NVDY vs. TLTW - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for NVDY and TLTW.

Drawdown Indicators

	NVDY	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-18.61%	-15.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-5.80%	-7.97%
Current Drawdown Current decline from peak	-7.25%	-3.02%	-4.23%
Average Drawdown Average peak-to-trough decline	-6.31%	-8.49%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	2.21%	+3.09%

Volatility

NVDY vs. TLTW - Volatility Comparison

YieldMax NVDA Option Income Strategy ETF (NVDY) has a higher volatility of 9.09% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that NVDY'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.

Volatility by Period

	NVDY	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	3.46%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	21.62%	5.80%	+15.82%
Volatility (1Y) Calculated over the trailing 1-year period	32.44%	8.88%	+23.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.75%	11.55%	+27.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.75%	11.55%	+27.20%