TLTI vs. TLTW

Last updated Apr 1, 2026

Compare and contrast key facts about NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).

TLTI and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLTI is an actively managed fund by NEOS Investments. It was launched on Dec 11, 2024. 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.

Performance

TLTI vs. TLTW - 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 iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

TLTI vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.97%	4.31%	-4.61%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-3.90%

Returns By Period

In the year-to-date period, TLTI achieves a 0.97% return, which is significantly lower than TLTW's 1.44% return.

TLTI

• 1D: 0.43%
• 1M: -3.57%
• YTD: 0.97%
• 6M: 0.37%
• 1Y: 1.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTW

• 1D: 0.22%
• 1M: -2.98%
• YTD: 1.44%
• 6M: 2.22%
• 1Y: 7.46%
• 3Y*: 0.70%
• 5Y*: —
• 10Y*: —

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

TLTI vs. TLTW - Expense Ratio Comparison

TLTI has a 0.58% expense ratio, which is higher than TLTW's 0.35% expense ratio.

TLTI

NEOS Enhanced Income 20+ Year Treasury Bond ETF

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

TLTI vs. TLTW — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 15
TLTI Sharpe Ratio Rank: 15
TLTI Sortino Ratio Rank: 14
TLTI Omega Ratio Rank: 13
TLTI Calmar Ratio Rank: 18
TLTI Martin Ratio Rank: 16

TLTW

TLTW Risk / Return Rank: 48
TLTW Sharpe Ratio Rank: 50
TLTW Sortino Ratio Rank: 45
TLTW Omega Ratio Rank: 42
TLTW Calmar Ratio Rank: 61
TLTW Martin Ratio Rank: 42

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. TLTW - 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 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.

	TLTI	TLTW	Difference
Sharpe ratio Return per unit of total volatility	0.12	0.84	-0.72
Sortino ratio Return per unit of downside risk	0.24	1.17	-0.93
Omega ratio Gain probability vs. loss probability	1.03	1.15	-0.12
Calmar ratio Return relative to maximum drawdown	0.27	1.42	-1.15
Martin ratio Return relative to average drawdown	0.57	3.74	-3.16
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. TLTW - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.12, which is lower than the TLTW Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of TLTI and TLTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TLTI	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	0.84	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	-0.03	+0.06

Correlation

The correlation between TLTI 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

TLTI vs. TLTW - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.25%, less than TLTW's 13.66% yield.

	TTM	2025	2024	2023	2022
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.25%	6.33%	0.57%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.66%	14.82%	14.47%	19.59%	8.71%

Drawdowns

TLTI vs. TLTW - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TLTI and TLTW.

Drawdown Indicators

	TLTI	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-18.61%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.70%	-5.80%	-2.90%
Current Drawdown Current decline from peak	-3.57%	-2.98%	-0.59%
Average Drawdown Average peak-to-trough decline	-3.45%	-8.49%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	2.20%	+1.83%

Volatility

TLTI vs. TLTW - Volatility Comparison

NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) has a higher volatility of 3.75% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that TLTI'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.

Volatility by Period

	TLTI	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.46%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	5.80%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	8.91%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	11.55%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.51%	11.55%	-0.04%