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SPXX vs. TLTW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXX vs. TLTW

Last updated Jun 13, 2026

SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both funds - SPXX is a S&P 500 fund actively managed by Nuveen, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). SPXX is actively managed, while TLTW is passively managed. Over the past 3 years, SPXX returned 13.08%/yr vs 1.13%/yr for TLTW. At a 0.20 correlation, their price movements are largely independent. SPXX charges 0.89%/yr vs 0.35%/yr for TLTW.

Performance

SPXX vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXX achieves a 2.91% return, which is significantly higher than TLTW's 1.90% return.

SPXX

1D
0.11%
1M
2.13%
YTD
2.91%
6M
5.89%
1Y
12.87%
3Y*
13.08%
5Y*
6.90%
10Y*
10.24%

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)

SPXX vs. TLTW - Yearly Performance Comparison

2026 (YTD)2025202420232022
SPXX
Nuveen S&P 500 Dynamic Overwrite Fund		2.91%9.78%27.10%0.85%2.33%
TLTW
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF		1.90%11.36%-2.18%0.73%-11.14%

Correlation

The correlation between SPXX 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 (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Aug 22, 2022

0.20

Compare stocks, funds, or ETFs

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Nuveen S&P 500 Dynamic Overwrite Fund

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Often compared with SPXX:
SPXX vs. FXAIXSPXX vs. ADXSPXX vs. NVDASPXX vs. XLESPXX vs. PQIPXSPXX vs. RQISPXX vs. GPIX
Often compared with TLTW:
TLTW vs. TLTTLTW vs. QQQTLTW vs. JEPITLTW vs. SPYTLTW vs. LQDWTLTW vs. QYLDTLTW vs. HYGW

Return for Risk

SPXX vs. TLTW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXX
SPXX Risk / Return Rank: 1717
Overall Rank
SPXX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPXX Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPXX Omega Ratio Rank: 1717
Omega Ratio Rank
SPXX Calmar Ratio Rank: 1414
Calmar Ratio Rank
SPXX Martin Ratio Rank: 1616
Martin Ratio Rank
TLTW
TLTW Risk / Return Rank: 3535
Overall Rank
TLTW Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
TLTW Sortino Ratio Rank: 3737
Sortino Ratio Rank
TLTW Omega Ratio Rank: 3535
Omega Ratio Rank
TLTW Calmar Ratio Rank: 3535
Calmar Ratio Rank
TLTW Martin Ratio Rank: 3333
Martin Ratio Rank
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.

SPXX vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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.

SPXXTLTWDifference
Sharpe ratioReturn per unit of total volatility
0.95
1.18

-0.23

Sortino ratioReturn per unit of downside risk
1.40
1.71

-0.32

Omega ratioGain probability vs. loss probability

1.17

1.21

-0.04

Calmar ratioReturn relative to maximum drawdown

0.97

1.52

-0.54

Martin ratioReturn relative to average drawdown

3.30

4.41

-1.11

SPXX vs. TLTW - Sharpe Ratio Comparison

The current SPXX Sharpe Ratio is 0.95, which is comparable to the TLTW Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SPXX 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.

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Drawdowns

SPXX vs. TLTW - Drawdown Comparison

The maximum SPXX drawdown since its inception was -52.39%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for SPXX and TLTW.

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Drawdown Indicators

SPXXTLTWDifference

Max Drawdown

Largest peak-to-trough decline

-52.39%

-18.61%

-33.78%

Max Drawdown (1Y)

Largest decline over 1 year

-11.86%

-5.97%

-5.89%

Max Drawdown (3Y)

Largest decline over 3 years

-17.65%

-17.19%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-18.09%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-43.99%

—

—

Current Drawdown

Current decline from peak

-1.41%

-2.54%

+1.13%

Average Drawdown

Average peak-to-trough decline

-7.46%

-8.20%

+0.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.49%

2.05%

+1.44%

Volatility

SPXX vs. TLTW - Volatility Comparison

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a higher volatility of 3.42% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that SPXX'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.

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Volatility by Period

SPXXTLTWDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.42%

2.31%

+1.11%

Volatility (6M)

Calculated over the trailing 6-month period

9.14%

5.85%

+3.29%

Volatility (1Y)

Calculated over the trailing 1-year period

12.14%

7.68%

+4.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.81%

11.36%

+4.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.41%

11.36%

+7.05%

SPXX vs. TLTW - Expense Ratio Comparison

SPXX has a 0.89% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

SPXX vs. TLTW - Dividend Comparison

SPXX's dividend yield for the trailing twelve months is around 7.42%, less than TLTW's 11.68% yield.

PositionTTM20252024202320222021202020192018201720162015
SPXX
Nuveen S&P 500 Dynamic Overwrite Fund		5.56%7.48%6.87%7.82%7.30%5.27%6.56%6.44%7.98%5.69%5.14%7.75%
TLTW
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF		11.68%14.82%14.47%19.59%8.71%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPXX 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.

SPXX has higher volatility (3.42%) compared to TLTW (2.31%). In terms of maximum drawdown, SPXX dropped -52.39% vs TLTW's -18.61%.

TLTW currently has the higher Sharpe Ratio (1.18 vs 0.95), 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.

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