TLTP vs. TLTW
TLTP (Amplify Bloomberg U.S. Treasury Target High Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - TLTP is a Government Bonds fund tracking the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past year, TLTP returned 5.64% vs 9.22% for TLTW. Their correlation of 0.92 suggests significant overlap in exposure. TLTP charges 0.38%/yr vs 0.35%/yr for TLTW.
Performance
TLTP vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TLTP achieves a 0.90% return, which is significantly lower than TLTW's 2.17% return.
TLTP
- 1D
- -0.58%
- 1M
- 1.71%
- YTD
- 0.90%
- 6M
- 1.04%
- 1Y
- 5.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.71%
- 1M
- 2.04%
- YTD
- 2.17%
- 6M
- 2.05%
- 1Y
- 9.22%
- 3Y*
- 0.52%
- 5Y*
- —
- 10Y*
- —
TLTP vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | 0.90% | 5.39% | -3.31% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.17% | 11.36% | -2.50% |
Correlation
The correlation between TLTP and TLTW is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.92 |
The correlation between TLTP and TLTW has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
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Return for Risk
TLTP vs. TLTW — Risk / Return Rank
TLTP
TLTW
TLTP vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) 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.
| TLTP | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.55 | -0.57 |
| Martin ratioReturn relative to average drawdown | 2.56 | 4.46 | -1.90 |
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Drawdowns
TLTP vs. TLTW - Drawdown Comparison
The maximum TLTP drawdown since its inception was -8.54%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TLTP and TLTW.
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Drawdown Indicators
| TLTP | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.54% | -18.61% | +10.07% |
Max Drawdown (1Y)Largest decline over 1 year | -5.76% | -5.97% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -2.52% | -2.28% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -8.17% | +4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.07% | +0.14% |
Volatility
TLTP vs. TLTW - Volatility Comparison
Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) have volatilities of 1.66% and 1.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTP | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.68% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 5.14% | 5.82% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.39% | 7.63% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 11.34% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 11.34% | -1.58% |
TLTP vs. TLTW - Expense Ratio Comparison
TLTP has a 0.38% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
TLTP vs. TLTW - Dividend Comparison
TLTP's dividend yield for the trailing twelve months is around 13.07%, more than TLTW's 11.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | 13.07% | 12.53% | 2.08% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.64% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
With a correlation of 0.92, TLTP 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.
TLTW has higher volatility (1.68%) compared to TLTP (1.66%). In terms of maximum drawdown, TLTP dropped -8.54% vs TLTW's -18.61%.
On 1-year performance, TLTW leads with 9.22% vs 5.64% for TLTP. On fees, TLTW is cheaper at 0.35% per year. Their volatility is very similar. 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 9.22% return vs 5.64%. 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 0.38% for TLTP.
TLTP has the higher dividend yield at 13.07%, compared with 11.64% for TLTW.
TLTP is categorized as Government Bonds, while TLTW is Derivative Income. TLTP tracks Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: Amplify and iShares. Their fees differ too: 0.38% for TLTP and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.22 vs 0.77), 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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