TLTI vs. TLTW
TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Derivative Income funds. TLTI is actively managed, while TLTW is passively managed. Over the past year, TLTI returned 5.45% vs 9.03% for TLTW. Their correlation of 0.95 suggests significant overlap in exposure. TLTI charges 0.58%/yr vs 0.35%/yr for TLTW.
Performance
TLTI vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TLTI achieves a 1.81% return, which is significantly lower than TLTW's 2.36% return.
TLTI
- 1D
- 0.08%
- 1M
- 2.24%
- YTD
- 1.81%
- 6M
- 1.37%
- 1Y
- 5.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
TLTI vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF | 1.81% | 4.31% | -5.46% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | -4.17% |
Correlation
The correlation between TLTI and TLTW is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024 | 0.95 |
The correlation between TLTI and TLTW has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
TLTI vs. TLTW — Risk / Return Rank
TLTI
TLTW
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.
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.
| TLTI | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.21 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 1.52 | -0.69 |
| Martin ratioReturn relative to average drawdown | 1.94 | 4.36 | -2.41 |
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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.
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Drawdown Indicators
| TLTI | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.70% | -18.61% | +9.91% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -5.97% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -2.77% | -2.10% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -8.17% | +4.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.81% | 2.08% | +0.73% |
Volatility
TLTI vs. TLTW - Volatility Comparison
NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) has a higher volatility of 2.36% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. 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.
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Volatility by Period
| TLTI | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 1.66% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.56% | 5.80% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 7.62% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 11.33% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 11.33% | -0.23% |
TLTI vs. TLTW - Expense Ratio Comparison
TLTI has a 0.58% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
TLTI vs. TLTW - Dividend Comparison
TLTI's dividend yield for the trailing twelve months is around 6.77%, less than TLTW's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF | 6.77% | 6.33% | 0.57% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
With a correlation of 0.95, TLTI and TLTW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLTI has higher volatility (2.36%) compared to TLTW (1.66%). In terms of maximum drawdown, TLTI dropped -8.70% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 9.03% vs 5.45% for TLTI. 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 1-year period, TLTW has performed better with a 9.03% return vs 5.45%. 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 0.58% for TLTI.
TLTW has the higher dividend yield at 11.62%, compared with 6.77% for TLTI.
They also come from different issuers: NEOS Investments and iShares. Their fees differ too: 0.58% for TLTI and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.19 vs 0.59), 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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