TLTI vs. BUYW

Last updated Jun 4, 2026

TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TLTI returned 6.68% vs 9.76% for BUYW. At a 0.15 correlation, their price movements are largely independent. TLTI charges 0.58%/yr vs 1.29%/yr for BUYW.

Performance

TLTI vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and Main Buywrite ETF (BUYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI achieves a 0.83% return, which is significantly lower than BUYW's 3.39% return.

TLTI

• 1D: -0.42%
• 1M: 0.91%
• YTD: 0.83%
• 6M: -0.98%
• 1Y: 6.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 5Y*: —
• 10Y*: —

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

TLTI vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.83%	4.31%	-4.61%
BUYW Main Buywrite ETF	3.39%	9.08%	-0.07%

Correlation

The correlation between TLTI and BUYW is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.15

TLTI vs. BUYW - Sectors Allocation Comparison

Sectors	TLTI	BUYW
Technology	35.6%	24.0%
Financial Services	11.8%	15.3%
Communication Services	11.2%	16.9%
Consumer Cyclical	10.1%	6.4%
Healthcare	8.5%	13.0%
Industrials	8.3%	4.4%
Consumer Defensive	4.9%	3.2%
Energy	3.5%	13.6%
Utilities	2.4%	1.3%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	1.0%

Return for Risk

TLTI vs. BUYW — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 20
TLTI Sharpe Ratio Rank: 20
TLTI Sortino Ratio Rank: 20
TLTI Omega Ratio Rank: 19
TLTI Calmar Ratio Rank: 22
TLTI Martin Ratio Rank: 21

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW Martin Ratio Rank: 89

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.

TLTI vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and Main Buywrite ETF (BUYW). 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.

	TLTI	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.03	-1.32
Sortino ratio: Return per unit of downside risk	1.08	3.08	-2.00
Omega ratio: Gain probability vs. loss probability	1.12	1.40	-0.28
Calmar ratio: Return relative to maximum drawdown	1.02	3.79	-2.77
Martin ratio: Return relative to average drawdown	2.47	20.24	-17.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTI vs. BUYW - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.71, which is lower than the BUYW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TLTI and BUYW, 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

	TLTI	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	2.03	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	1.17	-1.15

Drawdowns

TLTI vs. BUYW - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum BUYW drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for TLTI and BUYW.

Drawdown Indicators

	TLTI	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-9.36%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-2.59%	-4.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-3.70%	-0.21%	-3.49%
Average Drawdown Average peak-to-trough decline	-3.51%	-0.61%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.48%	+2.23%

Volatility

TLTI vs. BUYW - Volatility Comparison

NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) has a higher volatility of 2.80% compared to Main Buywrite ETF (BUYW) at 1.02%. This indicates that TLTI's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	1.02%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	4.03%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	4.85%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	8.47%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.15%	8.47%	+2.68%

TLTI vs. BUYW - Expense Ratio Comparison

TLTI has a 0.58% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

TLTI vs. BUYW - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.31%, more than BUYW's 5.91% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.31%	6.33%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTI and BUYW in my portfolio?

TLTI and BUYW have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTI or BUYW?

TLTI has higher volatility (2.80%) compared to BUYW (1.02%). In terms of maximum drawdown, TLTI dropped -8.70% vs BUYW's -9.36%.

Which ETF is better, TLTI or BUYW?

On 1-year performance, BUYW leads with 9.76% vs 6.68% for TLTI. On fees, TLTI is cheaper at 0.58% per year. On volatility, BUYW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTI or BUYW?

Over the 1-year period, BUYW has performed better with a 9.76% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTI or BUYW?

TLTI is cheaper with a 0.58% expense ratio, compared with 1.29% for BUYW.

Which ETF pays a higher dividend yield, TLTI or BUYW?

TLTI has the higher dividend yield at 6.31%, compared with 5.91% for BUYW.

What is the main difference between TLTI and BUYW?

They also come from different issuers: NEOS Investments and Main Funds. Their fees differ too: 0.58% for TLTI and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.03 vs 0.71), 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.