TBF vs. TLTW
TBF (ProShares Short 20+ Year Treasury) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), 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, TBF returned 7.93%/yr vs 0.58%/yr for TLTW. At a correlation of -0.94, they often move in opposite directions. TBF charges 0.94%/yr vs 0.35%/yr for TLTW.
Performance
TBF vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 1.51% return, which is significantly lower than TLTW's 2.36% return.
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
TBF vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 12.37% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between TBF and TLTW is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.94 |
The correlation between TBF and TLTW has been stable across timeframes, ranging from -0.96 to -0.94 - a consistent structural relationship.
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Return for Risk
TBF vs. TLTW — Risk / Return Rank
TBF
TLTW
TBF vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.
| TBF | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.21 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 1.52 | -1.29 |
| Martin ratioReturn relative to average drawdown | 0.50 | 4.36 | -3.86 |
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Drawdowns
TBF vs. TLTW - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TBF and TLTW.
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Drawdown Indicators
| TBF | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -18.61% | -51.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -5.97% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -17.19% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -43.88% | -2.10% | -41.78% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -8.17% | -39.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.08% | +1.23% |
Volatility
TBF vs. TLTW - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.20% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. This indicates that TBF'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
| TBF | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.66% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 5.80% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.29% | 7.62% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 11.33% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 11.33% | +3.17% |
TBF vs. TLTW - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
TBF vs. TLTW - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.86%, less than TLTW's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBF and TLTW have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.20%) compared to TLTW (1.66%). In terms of maximum drawdown, TBF dropped -70.40% vs TLTW's -18.61%.
On 3-year performance, TBF leads with 7.93% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBF has performed better with a 7.93% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.94% for TBF.
TLTW has the higher dividend yield at 11.62%, compared with 2.86% for TBF.
TBF is categorized as Inverse Bonds, while TLTW is Derivative Income. TBF tracks U.S. Treasury 20+ Year Index (-100%), while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.94% for TBF and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.19 vs 0.18), 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.
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