QBER vs. TLTW

Last updated Jul 15, 2026

QBER (TrueShares Quarterly Bear Hedge ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - QBER is a Options Trading fund actively managed by TrueShares, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). QBER is actively managed, while TLTW is passively managed. Over the past year, QBER returned -0.42% vs 7.03% for TLTW. At a correlation of -0.12, they often move in opposite directions. QBER charges 0.79%/yr vs 0.35%/yr for TLTW.

Performance

QBER vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Quarterly Bear Hedge ETF (QBER) 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, QBER achieves a -0.69% return, which is significantly lower than TLTW's 0.39% return.

QBER

• 1D: -0.19%
• 1M: -0.19%
• 6M: -0.00%
• YTD: -0.69%
• 1Y: -0.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.09%
• 1M: -1.48%
• 6M: -0.40%
• YTD: 0.39%
• 1Y: 7.03%
• 3Y*: 0.08%
• 5Y*: —
• 10Y*: —

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

QBER vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QBER TrueShares Quarterly Bear Hedge ETF	-0.69%	0.25%	0.04%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	0.39%	11.36%	-0.24%

Correlation

The correlation between QBER and TLTW is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	-0.12

Return for Risk

QBER vs. TLTW — Risk / Return Rank

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

QBER

QBER Risk / Return Rank: 7
QBER Sharpe Ratio Rank: 8
QBER Sortino Ratio Rank: 7
QBER Omega Ratio Rank: 7
QBER Calmar Ratio Rank: 8
QBER Martin Ratio Rank: 8

TLTW

TLTW Risk / Return Rank: 30
TLTW Sharpe Ratio Rank: 31
TLTW Sortino Ratio Rank: 30
TLTW Omega Ratio Rank: 29
TLTW Calmar Ratio Rank: 29
TLTW Martin Ratio Rank: 29

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.

QBER vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Quarterly Bear Hedge ETF (QBER) 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.

	QBER	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.93	-1.04
Sortino ratio: Return per unit of downside risk	-0.13	1.35	-1.48
Omega ratio: Gain probability vs. loss probability	0.98	1.17	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.18	1.18	-1.36
Martin ratio: Return relative to average drawdown	-0.36	3.29	-3.66

QBER vs. TLTW - Sharpe Ratio Comparison

The current QBER Sharpe Ratio is -0.11, which is lower than the TLTW Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of QBER 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.

Drawdowns

QBER vs. TLTW - Drawdown Comparison

The maximum QBER drawdown since its inception was -5.72%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for QBER and TLTW.

Drawdown Indicators

	QBER	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-5.72%	-18.61%	+12.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-5.97%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	-5.43%	-3.98%	-1.45%
Average Drawdown Average peak-to-trough decline	-4.74%	-8.09%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	2.14%	-0.98%

Volatility

QBER vs. TLTW - Volatility Comparison

The current volatility for TrueShares Quarterly Bear Hedge ETF (QBER) is 1.17%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.10%. This indicates that QBER 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

	QBER	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	2.10%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	5.92%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	7.60%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	11.29%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	11.29%	-5.00%

QBER vs. TLTW - Expense Ratio Comparison

QBER has a 0.79% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

QBER vs. TLTW - Dividend Comparison

QBER's dividend yield for the trailing twelve months is around 3.29%, less than TLTW's 11.10% yield.

Position	TTM	2025	2024	2023	2022
QBER TrueShares Quarterly Bear Hedge ETF	3.29%	3.26%	1.35%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.10%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both QBER and TLTW in my portfolio?

QBER 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, QBER or TLTW?

TLTW has higher volatility (2.10%) compared to QBER (1.17%). In terms of maximum drawdown, QBER dropped -5.72% vs TLTW's -18.61%.

Which ETF is better, QBER or TLTW?

On 1-year performance, TLTW leads with 7.03% vs -0.42% for QBER. On fees, TLTW is cheaper at 0.35% per year. On volatility, QBER has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBER or TLTW?

Over the 1-year period, TLTW has performed better with a 7.03% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBER or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.79% for QBER.

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

TLTW has the higher dividend yield at 11.10%, compared with 3.29% for QBER.

What is the main difference between QBER and TLTW?

QBER is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for QBER and 0.35% for TLTW.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (0.93 vs -0.11), 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.