TLT vs. TLTW
Compare and contrast key facts about iShares 20+ Year Treasury Bond ETF (TLT) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).
TLT and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. 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 TLT 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.
Performance
TLT vs. TLTW - Performance Comparison
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TLT vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.17% | 4.25% | -8.05% | 2.77% | -10.58% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 0.73% | -11.09% |
Returns By Period
In the year-to-date period, TLT achieves a 0.17% return, which is significantly lower than TLTW's 1.44% return.
TLT
- 1D
- -0.10%
- 1M
- -4.23%
- YTD
- 0.17%
- 6M
- -0.87%
- 1Y
- -0.49%
- 3Y*
- -2.78%
- 5Y*
- -5.85%
- 10Y*
- -1.38%
TLTW
- 1D
- 0.22%
- 1M
- -2.98%
- YTD
- 1.44%
- 6M
- 2.22%
- 1Y
- 7.46%
- 3Y*
- 0.70%
- 5Y*
- —
- 10Y*
- —
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TLT vs. TLTW - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Return for Risk
TLT vs. TLTW — Risk / Return Rank
TLT
TLTW
TLT vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | TLTW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.04 | 0.84 | -0.89 |
Sortino ratioReturn per unit of downside risk | 0.02 | 1.17 | -1.15 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.15 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 0.05 | 1.42 | -1.36 |
Martin ratioReturn relative to average drawdown | 0.11 | 3.74 | -3.62 |
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
| TLT | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 0.84 | -0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | -0.03 | +0.28 |
Correlation
The correlation between TLT and TLTW is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TLT vs. TLTW - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.49%, less than TLTW's 13.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.49% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.66% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TLT vs. TLTW - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TLT and TLTW.
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Drawdown Indicators
| TLT | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -18.61% | -29.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.23% | -5.80% | -3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.17% | -2.98% | -37.19% |
Average DrawdownAverage peak-to-trough decline | -13.62% | -8.49% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 2.20% | +2.18% |
Volatility
TLT vs. TLTW - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 3.71% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that TLT'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
| TLT | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.71% | 3.46% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.61% | 5.80% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.44% | 8.91% | +2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.90% | 11.55% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 11.55% | +3.38% |