TLTW vs. DGRO
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 3 years, TLTW returned 0.74%/yr vs 16.99%/yr for DGRO. At a 0.21 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.08%/yr for DGRO.
Performance
TLTW vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.21% return, which is significantly lower than DGRO's 8.76% return.
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
DGRO
- 1D
- -0.28%
- 1M
- 3.14%
- YTD
- 8.76%
- 6M
- 8.75%
- 1Y
- 22.54%
- 3Y*
- 16.99%
- 5Y*
- 10.54%
- 10Y*
- 13.30%
TLTW vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
DGRO iShares Core Dividend Growth ETF | 8.76% | 15.69% | 16.62% | 10.47% | -0.91% |
Correlation
The correlation between TLTW and DGRO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.21 |
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Return for Risk
TLTW vs. DGRO — Risk / Return Rank
TLTW
DGRO
TLTW vs. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.43 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.50 | -1.74 |
| Martin ratioReturn relative to average drawdown | 5.28 | 13.52 | -8.24 |
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 | DGRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 2.39 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.77 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.76 | -0.79 |
Drawdowns
TLTW vs. DGRO - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for TLTW and DGRO.
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Drawdown Indicators
| TLTW | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -35.10% | +16.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -6.47% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -14.03% | -3.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.31% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.10% | — |
Current DrawdownCurrent decline from peak | -3.20% | -0.28% | -2.92% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -3.44% | -4.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 1.67% | +0.32% |
Volatility
TLTW vs. DGRO - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.48% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.21% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 6.91% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 9.48% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 13.82% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 16.62% | -5.23% |
TLTW vs. DGRO - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
TLTW vs. DGRO - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.76%, more than DGRO's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.96% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 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 DGRO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.48%) compared to DGRO (2.21%). In terms of maximum drawdown, TLTW dropped -18.61% vs DGRO's -35.10%.
On 3-year performance, DGRO leads with 16.99% vs 0.74% for TLTW. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DGRO has performed better with a 16.99% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.76%, compared with 1.96% for DGRO.
TLTW is categorized as Options Trading, while DGRO is Large Cap Growth Equities. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.35% for TLTW and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.39 vs 1.37), 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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