TLTW vs. DBO
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, TLTW returned 1.02%/yr vs 12.33%/yr for DBO. Their -0.18 correlation means they have often moved in opposite directions in the past. TLTW charges 0.35%/yr vs 0.78%/yr for DBO.
Performance
TLTW vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a -1.13% return, which is significantly lower than DBO's 66.72% return.
TLTW
- 1D
- 0.38%
- 1M
- -3.24%
- 6M
- -1.22%
- YTD
- -1.13%
- 1Y
- 3.52%
- 3Y*
- 1.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.93%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $25.95M | $26.72M | $32.40M |
TLTW vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.13% | 11.36% | -2.18% | 0.73% | -11.14% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | -10.84% |
Correlation
The correlation between TLTW and DBO is -0.43, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.18 |
Over the past year, the inverse relationship between TLTW and DBO has strengthened: their correlation has moved from -0.18 to -0.43, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TLTW vs. DBO — Risk / Return Rank
TLTW
DBO
TLTW vs. DBO - 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 Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.23 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 1.86 | -1.27 |
| Martin ratioReturn relative to average drawdown | 1.47 | 5.64 | -4.17 |
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Drawdowns
TLTW vs. DBO - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TLTW and DBO.
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Drawdown Indicators
| TLTW | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -90.18% | +71.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -27.73% | +21.76% |
Max Drawdown (3Y)Largest decline over 3 years | -12.93% | -28.20% | +15.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -5.44% | -56.13% | +50.69% |
Average DrawdownAverage peak-to-trough decline | -8.03% | -62.20% | +54.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 9.16% | -6.76% |
Volatility
TLTW vs. DBO - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.27%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 18.99% | -16.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 34.30% | -28.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 38.86% | -31.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 33.43% | -22.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 32.24% | -20.98% |
TLTW vs. DBO - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
TLTW vs. DBO - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.27%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.27% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TLTW and DBO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to TLTW (2.27%). In terms of maximum drawdown, TLTW dropped -18.61% vs DBO's -90.18%.
On 3-year performance, DBO leads with 12.33% vs 1.02% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBO has performed better with a 12.33% return vs 1.02%. 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 0.78% for DBO.
TLTW has the higher dividend yield at 11.27%, compared with 2.11% for DBO.
TLTW is categorized as Derivative Income, while DBO is Oil & Gas. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.35% for TLTW and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.33 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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