TAPR vs. TLTW

Last updated Jun 4, 2026

TAPR (Innovator Equity Defined Protection ETF - 2 Yr to April 2027) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. TAPR is actively managed, while TLTW is passively managed. Over the past year, TAPR returned 6.62% vs 10.46% for TLTW. At a 0.35 correlation, their price movements are largely independent. TAPR charges 0.79%/yr vs 0.35%/yr for TLTW.

Performance

TAPR vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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, TAPR achieves a 2.13% return, which is significantly higher than TLTW's 1.21% return.

TAPR

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.13%
• 6M: 2.58%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

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

TAPR vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	2.13%	6.44%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	5.16%

Correlation

The correlation between TAPR and TLTW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.35

Return for Risk

TAPR vs. TLTW — Risk / Return Rank

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

TAPR

TAPR Risk / Return Rank: 88
TAPR Sharpe Ratio Rank: 89
TAPR Sortino Ratio Rank: 93
TAPR Omega Ratio Rank: 93
TAPR Calmar Ratio Rank: 76
TAPR Martin Ratio Rank: 89

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

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.

TAPR vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) 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.

	TAPR	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.99	1.37	+1.63
Sortino ratio: Return per unit of downside risk	4.75	1.96	+2.78
Omega ratio: Gain probability vs. loss probability	1.63	1.24	+0.39
Calmar ratio: Return relative to maximum drawdown	3.81	1.76	+2.05
Martin ratio: Return relative to average drawdown	19.55	5.28	+14.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAPR vs. TLTW - Sharpe Ratio Comparison

The current TAPR Sharpe Ratio is 2.99, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of TAPR 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.

Sharpe Ratios by Period

	TAPR	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	1.37	+1.63
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	-0.03	+2.02

Drawdowns

TAPR vs. TLTW - Drawdown Comparison

The maximum TAPR drawdown since its inception was -2.60%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TAPR and TLTW.

Drawdown Indicators

	TAPR	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-2.60%	-18.61%	+16.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-5.97%	+4.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.19%	—
Current Drawdown Current decline from peak	-0.01%	-3.20%	+3.19%
Average Drawdown Average peak-to-trough decline	-0.22%	-8.25%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	1.99%	-1.65%

Volatility

TAPR vs. TLTW - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (TAPR) is 0.30%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.48%. This indicates that TAPR 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

	TAPR	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	2.48%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	5.79%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	7.70%	-5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	11.39%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	11.39%	-7.66%

TAPR vs. TLTW - Expense Ratio Comparison

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

Dividends

TAPR vs. TLTW - Dividend Comparison

TAPR has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.76%.

Position	TTM	2025	2024	2023	2022
TAPR Innovator Equity Defined Protection ETF - 2 Yr to April 2027	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TAPR and TLTW in my portfolio?

TAPR and TLTW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAPR or TLTW?

TLTW has higher volatility (2.48%) compared to TAPR (0.30%). In terms of maximum drawdown, TAPR dropped -2.60% vs TLTW's -18.61%.

Which ETF is better, TAPR or TLTW?

On 1-year performance, TLTW leads with 10.46% vs 6.62% for TAPR. On fees, TLTW is cheaper at 0.35% per year. On volatility, TAPR has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAPR or TLTW?

Over the 1-year period, TLTW has performed better with a 10.46% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAPR or TLTW?

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

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

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for TAPR.

What is the main difference between TAPR and TLTW?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for TAPR and 0.35% for TLTW.

Which has better risk-adjusted returns?

TAPR currently has the higher Sharpe Ratio (2.99 vs 1.37), 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.