TLTW vs. ASG
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while ASG (Liberty All-Star Growth) is a stock. Over the past 3 years, TLTW returned 1.13%/yr vs 8.78%/yr for ASG. At a 0.21 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 1.11%/yr for ASG.
Performance
TLTW vs. ASG - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.90% return, which is significantly lower than ASG's 4.45% return.
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
ASG
- 1D
- -0.19%
- 1M
- 2.51%
- YTD
- 4.45%
- 6M
- 4.45%
- 1Y
- 9.56%
- 3Y*
- 8.78%
- 5Y*
- -1.22%
- 10Y*
- 11.85%
TLTW vs. ASG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
ASG Liberty All-Star Growth | 4.45% | 2.21% | 16.78% | 16.23% | -18.72% |
Correlation
The correlation between TLTW and ASG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.21 |
The correlation between TLTW and ASG shifts across timeframes, from 0.21 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLTW vs. ASG — Risk / Return Rank
TLTW
ASG
TLTW vs. ASG - 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 Liberty All-Star Growth (ASG). 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.
| TLTW | ASG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.09 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 0.52 | +1.00 |
| Martin ratioReturn relative to average drawdown | 4.41 | 1.92 | +2.48 |
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Drawdowns
TLTW vs. ASG - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum ASG drawdown of -66.77%. Use the drawdown chart below to compare losses from any high point for TLTW and ASG.
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Drawdown Indicators
| TLTW | ASG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -66.77% | +48.16% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -15.77% | +9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -25.25% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.91% | — |
Current DrawdownCurrent decline from peak | -2.54% | -18.82% | +16.28% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -17.61% | +9.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 4.24% | -2.19% |
Volatility
TLTW vs. ASG - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while Liberty All-Star Growth (ASG) has a volatility of 5.91%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than ASG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | ASG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 5.91% | -3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 14.01% | -8.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 17.80% | -10.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 22.85% | -11.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 25.08% | -13.72% |
TLTW vs. ASG - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than ASG's 1.11% expense ratio.
Dividends
TLTW vs. ASG - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.68%, more than ASG's 8.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASG Liberty All-Star Growth | 8.87% | 8.68% | 8.32% | 8.14% | 10.14% | 11.33% | 7.68% | 7.08% | 10.48% | 7.58% | 8.61% | 16.81% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TLTW and ASG have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASG has higher volatility (5.91%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs ASG's -66.77%.
TLTW currently has the higher Sharpe Ratio (1.18 vs 0.46), 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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