OARK vs. TLTW

Last updated Jun 4, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. OARK is actively managed, while TLTW is passively managed. Over the past 3 years, OARK returned 14.35%/yr vs 0.74%/yr for TLTW. At a 0.18 correlation, their price movements are largely independent. OARK charges 0.99%/yr vs 0.35%/yr for TLTW.

Performance

OARK vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) 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, OARK achieves a 6.11% return, which is significantly higher than TLTW's 1.21% return.

OARK

• 1D: -1.57%
• 1M: 0.36%
• YTD: 6.11%
• 6M: 4.26%
• 1Y: 32.85%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

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

OARK vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OARK YieldMax Innovation Option Income Strategy ETF	6.11%	20.37%	7.32%	20.12%	-9.11%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-3.94%

Correlation

The correlation between OARK and TLTW is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 25, 2022	0.18

Return for Risk

OARK vs. TLTW — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 29
OARK Sharpe Ratio Rank: 32
OARK Sortino Ratio Rank: 31
OARK Omega Ratio Rank: 30
OARK Calmar Ratio Rank: 29
OARK Martin Ratio Rank: 25

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
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.

OARK vs. TLTW - Risk-Adjusted Trends Comparison

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

	OARK	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.37	-0.19
Sortino ratio Return per unit of downside risk	1.68	1.96	-0.28
Omega ratio Gain probability vs. loss probability	1.21	1.24	-0.04
Calmar ratio Return relative to maximum drawdown	1.42	1.76	-0.34
Martin ratio Return relative to average drawdown	3.37	5.28	-1.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OARK vs. TLTW - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 1.18, which is comparable to the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of OARK and TLTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OARK	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.37	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.03	+0.43

Drawdowns

OARK vs. TLTW - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for OARK and TLTW.

Drawdown Indicators

	OARK	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-18.61%	-16.87%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-5.97%	-17.29%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	-17.19%	-18.29%
Current Drawdown Current decline from peak	-6.75%	-3.20%	-3.55%
Average Drawdown Average peak-to-trough decline	-10.58%	-8.25%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.77%	1.99%	+7.78%

Volatility

OARK vs. TLTW - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) has a higher volatility of 6.50% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that OARK'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

	OARK	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	2.48%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	5.79%	+14.14%
Volatility (1Y) Calculated over the trailing 1-year period	28.07%	7.70%	+20.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	11.39%	+19.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	11.39%	+19.45%

OARK vs. TLTW - Expense Ratio Comparison

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

Dividends

OARK vs. TLTW - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 64.29%, more than TLTW's 11.76% yield.

Position	TTM	2025	2024	2023	2022
OARK YieldMax Innovation Option Income Strategy ETF	64.29%	61.86%	47.86%	45.03%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both OARK and TLTW in my portfolio?

OARK and TLTW have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OARK or TLTW?

OARK has higher volatility (6.50%) compared to TLTW (2.48%). In terms of maximum drawdown, OARK dropped -35.48% vs TLTW's -18.61%.

Which ETF is better, OARK or TLTW?

On 3-year performance, OARK leads with 14.35% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OARK or TLTW?

Over the 3-year period, OARK has performed better with a 14.35% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.99% for OARK.

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

OARK has the higher dividend yield at 64.29%, compared with 11.76% for TLTW.

What is the main difference between OARK and TLTW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for OARK and 0.35% for TLTW.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.37 vs 1.18), 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.