PBAP vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

PBAP and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBAP is an actively managed fund by PGIM. It was launched on Mar 28, 2024. 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

PBAP vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

PBAP vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	1.48%	6.34%	8.88%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	0.25%

Returns By Period

The year-to-date returns for both stocks are quite close, with PBAP having a 1.48% return and TLTW slightly lower at 1.44%.

PBAP

• 1D: 0.04%
• 1M: 1.08%
• YTD: 1.48%
• 6M: 3.46%
• 1Y: 10.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.22%
• 1M: -2.98%
• YTD: 1.44%
• 6M: 2.22%
• 1Y: 7.46%
• 3Y*: 0.70%
• 5Y*: —
• 10Y*: —

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

PBAP vs. TLTW - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is higher than TLTW's 0.35% expense ratio.

PBAP

PGIM US Large-Cap Buffer 20 ETF - April

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

PBAP vs. TLTW — Risk / Return Rank

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

PBAP

PBAP Risk / Return Rank: 84
PBAP Sharpe Ratio Rank: 77
PBAP Sortino Ratio Rank: 82
PBAP Omega Ratio Rank: 95
PBAP Calmar Ratio Rank: 72
PBAP Martin Ratio Rank: 93

TLTW

TLTW Risk / Return Rank: 48
TLTW Sharpe Ratio Rank: 50
TLTW Sortino Ratio Rank: 45
TLTW Omega Ratio Rank: 42
TLTW Calmar Ratio Rank: 61
TLTW Martin Ratio Rank: 42

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.

PBAP vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) 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.

	PBAP	TLTW	Difference
Sharpe ratio Return per unit of total volatility	1.46	0.84	+0.61
Sortino ratio Return per unit of downside risk	2.19	1.17	+1.02
Omega ratio Gain probability vs. loss probability	1.48	1.15	+0.33
Calmar ratio Return relative to maximum drawdown	1.91	1.42	+0.50
Martin ratio Return relative to average drawdown	13.78	3.74	+10.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBAP vs. TLTW - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 1.46, which is higher than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of PBAP 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

	PBAP	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.84	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	-0.03	+1.18

Correlation

The correlation between PBAP and TLTW is 0.18, 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

PBAP vs. TLTW - Dividend Comparison

PBAP has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 13.66%.

	TTM	2025	2024	2023	2022
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.66%	14.82%	14.47%	19.59%	8.71%

Drawdowns

PBAP vs. TLTW - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for PBAP and TLTW.

Drawdown Indicators

	PBAP	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-18.61%	+8.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-5.80%	-0.03%
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-0.86%	-8.49%	+7.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.20%	-1.39%

Volatility

PBAP vs. TLTW - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 0.84%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 3.46%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	3.46%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	5.80%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.26%	8.91%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	11.55%	-4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.33%	11.55%	-4.22%