TLTW vs. APRW
Compare and contrast key facts about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW).
TLTW and APRW 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. APRW is an actively managed fund by Allianz. It was launched on May 28, 2020.
Performance
TLTW vs. APRW - Performance Comparison
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TLTW vs. APRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 0.73% | -11.09% |
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF | 1.48% | 6.18% | 11.25% | 12.38% | -0.30% |
Returns By Period
The year-to-date returns for both investments are quite close, with TLTW having a 1.44% return and APRW slightly higher at 1.48%.
TLTW
- 1D
- 0.22%
- 1M
- -2.98%
- YTD
- 1.44%
- 6M
- 2.22%
- 1Y
- 7.46%
- 3Y*
- 0.70%
- 5Y*
- —
- 10Y*
- —
APRW
- 1D
- 0.16%
- 1M
- 0.58%
- YTD
- 1.48%
- 6M
- 3.35%
- 1Y
- 10.24%
- 3Y*
- 9.39%
- 5Y*
- 6.54%
- 10Y*
- —
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TLTW vs. APRW - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than APRW's 0.74% expense ratio.
Return for Risk
TLTW vs. APRW — Risk / Return Rank
TLTW
APRW
TLTW vs. APRW - 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 AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW). 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 | APRW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 1.49 | -0.64 |
Sortino ratioReturn per unit of downside risk | 1.17 | 2.20 | -1.03 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.51 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.93 | -0.51 |
Martin ratioReturn relative to average drawdown | 3.74 | 13.27 | -9.53 |
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 | APRW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.49 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.98 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 1.04 | -1.07 |
Correlation
The correlation between TLTW and APRW is 0.16, 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. APRW - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 13.66%, while APRW has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.66% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% |
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.67% |
Drawdowns
TLTW vs. APRW - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than APRW's maximum drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for TLTW and APRW.
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Drawdown Indicators
| TLTW | APRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -9.61% | -9.00% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -5.62% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.61% | — |
Current DrawdownCurrent decline from peak | -2.98% | 0.00% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -1.15% | -7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 0.82% | +1.38% |
Volatility
TLTW vs. APRW - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 3.46% compared to AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) at 0.71%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than APRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | APRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 0.71% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 1.60% | +4.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.91% | 6.93% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.55% | 6.73% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.55% | 6.47% | +5.08% |