TBF vs. TLTW
Compare and contrast key facts about ProShares Short 20+ Year Treasury (TBF) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).
TBF and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022. Both TBF and TLTW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBF or TLTW.
Key characteristics
| TBF | TLTW | |
|---|---|---|
| YTD Return | 10.05% | 1.02% |
| 1Y Return | -1.94% | 4.93% |
| Sharpe Ratio | -0.17 | 0.51 |
| Sortino Ratio | -0.14 | 0.73 |
| Omega Ratio | 0.98 | 1.10 |
| Calmar Ratio | -0.05 | 0.30 |
| Martin Ratio | -0.38 | 1.56 |
| Ulcer Index | 6.74% | 3.35% |
| Daily Std Dev | 14.87% | 10.26% |
| Max Drawdown | -70.40% | -18.59% |
| Current Drawdown | -48.35% | -10.30% |
Correlation
The correlation between TBF and TLTW is -0.95. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Performance
TBF vs. TLTW - Performance Comparison
In the year-to-date period, TBF achieves a 10.05% return, which is significantly higher than TLTW's 1.02% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TBF vs. TLTW - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Risk-Adjusted Performance
TBF vs. TLTW - Risk-Adjusted Performance 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.
Dividends
TBF vs. TLTW - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 4.83%, less than TLTW's 15.07% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 4.83% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 15.07% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
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 -18.59%. Use the drawdown chart below to compare losses from any high point for TBF and TLTW. For additional features, visit the drawdowns tool.
Volatility
TBF vs. TLTW - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 4.95% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 4.52%. 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.