PHEQ vs. TLTW
PHEQ (Parametric Hedged Equity ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. PHEQ is actively managed, while TLTW is passively managed. Over the past year, PHEQ returned 15.97% vs 10.46% for TLTW. At a 0.18 correlation, their price movements are largely independent. PHEQ charges 0.29%/yr vs 0.35%/yr for TLTW.
Performance
PHEQ vs. TLTW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PHEQ achieves a 5.67% return, which is significantly higher than TLTW's 1.21% return.
PHEQ
- 1D
- -0.18%
- 1M
- 1.64%
- YTD
- 5.67%
- 6M
- 6.14%
- 1Y
- 15.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
PHEQ vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PHEQ Parametric Hedged Equity ETF | 5.67% | 11.76% | 14.94% | 7.19% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 9.08% |
Correlation
The correlation between PHEQ and TLTW is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023 | 0.18 |
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
PHEQ vs. TLTW — Risk / Return Rank
PHEQ
TLTW
PHEQ vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Parametric Hedged Equity ETF (PHEQ) 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.
| PHEQ | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.24 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 1.76 | +2.01 |
| Martin ratioReturn relative to average drawdown | 17.21 | 5.28 | +11.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PHEQ | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 1.37 | +1.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.80 | -0.03 | +1.83 |
Drawdowns
PHEQ vs. TLTW - Drawdown Comparison
The maximum PHEQ drawdown since its inception was -12.55%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for PHEQ and TLTW.
Loading charts...
Drawdown Indicators
| PHEQ | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.55% | -18.61% | +6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -5.97% | +1.71% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -0.18% | -3.20% | +3.02% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -8.25% | +7.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.99% | -1.06% |
Volatility
PHEQ vs. TLTW - Volatility Comparison
The current volatility for Parametric Hedged Equity ETF (PHEQ) is 1.05%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that PHEQ 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.
Loading charts...
Volatility by Period
| PHEQ | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 2.48% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 5.79% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.16% | 7.70% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 11.39% | -2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.62% | 11.39% | -2.77% |
PHEQ vs. TLTW - Expense Ratio Comparison
PHEQ has a 0.29% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
PHEQ vs. TLTW - Dividend Comparison
PHEQ's dividend yield for the trailing twelve months is around 1.03%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PHEQ Parametric Hedged Equity ETF | 1.03% | 1.19% | 1.39% | 1.73% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
PHEQ and TLTW have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.48%) compared to PHEQ (1.05%). In terms of maximum drawdown, PHEQ dropped -12.55% vs TLTW's -18.61%.
On 1-year performance, PHEQ leads with 15.97% vs 10.46% for TLTW. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PHEQ has performed better with a 15.97% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHEQ is cheaper with a 0.29% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.76%, compared with 1.03% for PHEQ.
They also come from different issuers: Parametric and iShares. Their fees differ too: 0.29% for PHEQ and 0.35% for TLTW.
PHEQ currently has the higher Sharpe Ratio (2.62 vs 1.37), 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 PHEQ 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