TLTW vs. AJAN
Compare and contrast key facts about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN).
TLTW and AJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AJAN is an actively managed fund by Innovator. It was launched on Dec 29, 2023.
Performance
TLTW vs. AJAN - Performance Comparison
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TLTW vs. AJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.39% | 11.36% | -1.93% |
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | -0.63% | 6.12% | 7.78% |
Returns By Period
In the year-to-date period, TLTW achieves a 1.39% return, which is significantly higher than AJAN's -0.63% return.
TLTW
- 1D
- -0.04%
- 1M
- -2.53%
- YTD
- 1.39%
- 6M
- 1.87%
- 1Y
- 6.62%
- 3Y*
- 0.68%
- 5Y*
- —
- 10Y*
- —
AJAN
- 1D
- 0.11%
- 1M
- -1.26%
- YTD
- -0.63%
- 6M
- 0.58%
- 1Y
- 5.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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TLTW vs. AJAN - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than AJAN's 0.79% expense ratio.
Return for Risk
TLTW vs. AJAN — Risk / Return Rank
TLTW
AJAN
TLTW vs. AJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN). 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.
| TLTW | AJAN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 1.18 | -0.43 |
Sortino ratioReturn per unit of downside risk | 1.05 | 1.77 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.34 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.56 | -0.28 |
Martin ratioReturn relative to average drawdown | 3.35 | 8.34 | -4.98 |
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
| TLTW | AJAN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 1.18 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 1.53 | -1.56 |
Correlation
The correlation between TLTW and AJAN is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TLTW vs. AJAN - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 13.67%, while AJAN has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.67% | 14.82% | 14.47% | 19.59% | 8.71% |
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TLTW vs. AJAN - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than AJAN's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for TLTW and AJAN.
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Drawdown Indicators
| TLTW | AJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -4.11% | -14.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -3.34% | -2.46% |
Current DrawdownCurrent decline from peak | -3.02% | -1.46% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -0.30% | -8.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.63% | +1.58% |
Volatility
TLTW vs. AJAN - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 3.46% compared to Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) at 1.38%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than AJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | AJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 1.38% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 1.72% | +4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 4.42% | +4.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.55% | 3.86% | +7.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.55% | 3.86% | +7.69% |