SIXF vs. TLTW

Last updated Aug 2, 2026

SIXF (Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - SIXF is a Options Trading fund actively managed by Allianz, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). SIXF is actively managed, while TLTW is passively managed. Over the past year, SIXF returned 15.47% vs 3.14% for TLTW. Their 0.17 correlation means their historical movements had little consistent relationship. SIXF charges 0.74%/yr vs 0.35%/yr for TLTW.

Performance

SIXF vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) 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, SIXF achieves a 8.31% return, which is significantly higher than TLTW's -1.50% return.

SIXF

• 1D: 0.48%
• 1M: 1.44%
• 6M: 6.90%
• YTD: 8.31%
• 1Y: 15.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.75%

TLTW

• 1D: -0.65%
• 1M: -3.60%
• 6M: -1.68%
• YTD: -1.50%
• 1Y: 3.14%
• 3Y*: 0.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	$106.69K	$66.84K	$166.52K
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	$26.30M	$26.52M	$33.25M

SIXF vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	8.31%	13.14%	12.53%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	-1.50%	11.36%	-0.85%

Correlation

The correlation between SIXF and TLTW is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.17

Return for Risk

SIXF vs. TLTW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SIXF

SIXF Risk / Return Rank: 89
SIXF Sharpe Ratio Rank: 90
SIXF Sortino Ratio Rank: 91
SIXF Omega Ratio Rank: 91
SIXF Calmar Ratio Rank: 82
SIXF Martin Ratio Rank: 92

TLTW

TLTW Risk / Return Rank: 21
TLTW Sharpe Ratio Rank: 22
TLTW Sortino Ratio Rank: 20
TLTW Omega Ratio Rank: 20
TLTW Calmar Ratio Rank: 22
TLTW Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SIXF vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) 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.

	SIXF	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.49	+1.77
Sortino ratio: Return per unit of downside risk	3.28	0.72	+2.56
Omega ratio: Gain probability vs. loss probability	1.45	1.09	+0.36
Calmar ratio: Return relative to maximum drawdown	3.03	0.63	+2.40
Martin ratio: Return relative to average drawdown	15.65	1.57	+14.08

SIXF vs. TLTW - Sharpe Ratio Comparison

The current SIXF Sharpe Ratio is 2.25, which is higher than the TLTW Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of SIXF 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

SIXF vs. TLTW - Drawdown Comparison

The maximum SIXF drawdown since its inception was -11.25%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for SIXF and TLTW.

Drawdown Indicators

	SIXF	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-11.25%	-18.61%	+7.36%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-5.97%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.93%	—
Current Drawdown Current decline from peak	0.00%	-5.79%	+5.79%
Average Drawdown Average peak-to-trough decline	-0.77%	-8.04%	+7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.37%	-1.44%

Volatility

SIXF vs. TLTW - Volatility Comparison

Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) has a higher volatility of 2.34% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.20%. This indicates that SIXF'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

	SIXF	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	2.20%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	5.94%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.47%	7.70%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.66%	11.26%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	11.26%	-2.60%

SIXF vs. TLTW - Expense Ratio Comparison

SIXF has a 0.74% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

SIXF vs. TLTW - Dividend Comparison

SIXF has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.31%.

Position	TTM	2025	2024	2023	2022
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.31%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both SIXF and TLTW in my portfolio?

SIXF and TLTW have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXF or TLTW?

SIXF has higher volatility (2.34%) compared to TLTW (2.20%). In terms of maximum drawdown, SIXF dropped -11.25% vs TLTW's -18.61%.

Which ETF is better, SIXF or TLTW?

On 1-year performance, SIXF leads with 15.47% vs 3.14% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXF or TLTW?

Over the 1-year period, SIXF has performed better with a 15.47% return vs 3.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXF or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.74% for SIXF.

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

TLTW has the higher dividend yield at 11.31%, compared with 0.00% for SIXF.

What is the main difference between SIXF and TLTW?

SIXF is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for SIXF and 0.35% for TLTW.

Which has better risk-adjusted returns?

SIXF currently has the higher Sharpe Ratio (2.25 vs 0.49), 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.