QQQI vs. TLTW

Last updated Jun 14, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). QQQI is actively managed, while TLTW is passively managed. Over the past year, QQQI returned 27.00% vs 9.45% for TLTW. At a 0.13 correlation, their price movements are largely independent. QQQI charges 0.68%/yr vs 0.35%/yr for TLTW.

Performance

QQQI vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) 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, QQQI achieves a 10.58% return, which is significantly higher than TLTW's 1.90% return.

QQQI

• 1D: 0.70%
• 1M: -0.22%
• YTD: 10.58%
• 6M: 11.20%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.14%
• 1M: 1.53%
• YTD: 1.90%
• 6M: 2.26%
• 1Y: 9.45%
• 3Y*: 1.13%
• 5Y*: —
• 10Y*: —

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

QQQI vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	10.58%	18.62%	19.44%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.90%	11.36%	0.37%

Correlation

The correlation between QQQI and TLTW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.13

Return for Risk

QQQI vs. TLTW — Risk / Return Rank

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

QQQI

QQQI Risk / Return Rank: 65
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 62
QQQI Martin Ratio Rank: 72

TLTW

TLTW Risk / Return Rank: 35
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 33

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.

QQQI vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) 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.

	QQQI	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.18	+0.66
Sortino ratio: Return per unit of downside risk	2.43	1.71	+0.72
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	2.70	1.52	+1.19
Martin ratio: Return relative to average drawdown	11.63	4.41	+7.22

QQQI vs. TLTW - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 1.84, which is higher than the TLTW Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of QQQI 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

QQQI vs. TLTW - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for QQQI and TLTW.

Drawdown Indicators

	QQQI	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-18.61%	-1.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-5.97%	-3.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	-2.69%	-2.54%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.21%	-8.20%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.05%	+0.18%

Volatility

QQQI vs. TLTW - Volatility Comparison

NEOS Nasdaq-100 High Income ETF (QQQI) has a higher volatility of 6.10% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that QQQI'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

	QQQI	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	2.31%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	11.35%	5.85%	+5.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	7.68%	+6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	11.36%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	11.36%	+5.98%

QQQI vs. TLTW - Expense Ratio Comparison

QQQI has a 0.68% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

QQQI vs. TLTW - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 13.53%, more than TLTW's 11.68% yield.

Position	TTM	2025	2024	2023	2022
QQQI NEOS Nasdaq-100 High Income ETF	13.53%	13.82%	12.85%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.68%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both QQQI and TLTW in my portfolio?

QQQI and TLTW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQI or TLTW?

QQQI has higher volatility (6.10%) compared to TLTW (2.31%). In terms of maximum drawdown, QQQI dropped -20.00% vs TLTW's -18.61%.

Which ETF is better, QQQI or TLTW?

On 1-year performance, QQQI leads with 27.00% vs 9.45% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQI or TLTW?

Over the 1-year period, QQQI has performed better with a 27.00% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.68% for QQQI.

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

QQQI has the higher dividend yield at 13.53%, compared with 11.68% for TLTW.

What is the main difference between QQQI and TLTW?

QQQI is categorized as Nasdaq-100, while TLTW is Derivative Income. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for QQQI and 0.35% for TLTW.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (1.84 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.