SPP7.DE vs. TLTW
SPP7.DE (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - SPP7.DE is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, SPP7.DE returned -0.11%/yr vs -1.83%/yr for TLTW. A 0.67 correlation means they provide meaningful diversification when combined. SPP7.DE charges 0.15%/yr vs 0.35%/yr for TLTW.
Performance
SPP7.DE vs. TLTW - Performance Comparison
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Different Trading Currencies
SPP7.DE is traded in EUR, while TLTW is traded in USD. To make them comparable, the TLTW values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPP7.DE achieves a 0.25% return, which is significantly lower than TLTW's 2.59% return.
SPP7.DE
- 1D
- 0.01%
- 1M
- 0.57%
- YTD
- 0.25%
- 6M
- -0.49%
- 1Y
- 1.93%
- 3Y*
- -0.11%
- 5Y*
- 0.17%
- 10Y*
- 0.60%
TLTW
- 1D
- 0.09%
- 1M
- 1.15%
- YTD
- 2.59%
- 6M
- 0.73%
- 1Y
- 7.74%
- 3Y*
- -1.83%
- 5Y*
- —
- 10Y*
- —
SPP7.DE vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPP7.DE SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 0.25% | -3.30% | 5.21% | 1.24% | -11.70% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.59% | -1.85% | 4.27% | -2.29% | -17.40% |
Correlation
The correlation between SPP7.DE and TLTW is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.67 |
The correlation between SPP7.DE and TLTW has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.
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Return for Risk
SPP7.DE vs. TLTW — Risk / Return Rank
SPP7.DE
TLTW
SPP7.DE vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (SPP7.DE) 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.
| SPP7.DE | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.17 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 1.47 | -1.03 |
| Martin ratioReturn relative to average drawdown | 1.13 | 3.52 | -2.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPP7.DE | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.92 | -0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.36 | +0.41 |
Drawdowns
SPP7.DE vs. TLTW - Drawdown Comparison
The maximum SPP7.DE drawdown since its inception was -20.31%, smaller than the maximum TLTW drawdown of -24.13%. Use the drawdown chart below to compare losses from any high point for SPP7.DE and TLTW.
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Drawdown Indicators
| SPP7.DE | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.31% | -24.13% | +3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -5.30% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -10.58% | -15.33% | +4.75% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.31% | — | — |
Current DrawdownCurrent decline from peak | -15.29% | -15.80% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -10.62% | -16.53% | +5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.69% | 2.20% | -0.51% |
Volatility
SPP7.DE vs. TLTW - Volatility Comparison
The current volatility for SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (SPP7.DE) is 1.06%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 1.88%. This indicates that SPP7.DE 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.
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Volatility by Period
| SPP7.DE | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.88% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 4.11% | 6.48% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 8.49% | -2.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.14% | 12.08% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.49% | 12.08% | -3.59% |
SPP7.DE vs. TLTW - Expense Ratio Comparison
SPP7.DE has a 0.15% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
SPP7.DE vs. TLTW - Dividend Comparison
SPP7.DE's dividend yield for the trailing twelve months is around 4.07%, less than TLTW's 11.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SPP7.DE SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.07% | 4.20% | 3.47% | 4.07% | 1.66% | 0.97% | 1.69% | 2.33% | 1.98% | 1.99% | 0.70% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPP7.DE and TLTW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPP7.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPP7.DE is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
SPP7.DE is categorized as Government Bonds, while TLTW is Derivative Income. SPP7.DE tracks Bloomberg US 7-10 Year Treasury Bond, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for SPP7.DE and 0.35% for TLTW.
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