TLTW vs. HYGW
Compare and contrast key facts about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW).
TLTW and HYGW 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. HYGW is a passively managed fund by iShares that tracks the performance of the Cboe HYG BuyWrite Index. It was launched on Aug 18, 2022. Both TLTW and HYGW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TLTW vs. HYGW - Performance Comparison
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TLTW vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.39% | 11.36% | -2.18% | 0.73% | -11.09% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 0.33% | 6.19% | 6.99% | 7.31% | -0.12% |
Returns By Period
In the year-to-date period, TLTW achieves a 1.39% return, which is significantly higher than HYGW's 0.33% return.
TLTW
- 1D
- -0.04%
- 1M
- -2.53%
- YTD
- 1.39%
- 6M
- 1.87%
- 1Y
- 6.62%
- 3Y*
- 0.68%
- 5Y*
- —
- 10Y*
- —
HYGW
- 1D
- 0.18%
- 1M
- -0.51%
- YTD
- 0.33%
- 6M
- 1.90%
- 1Y
- 5.44%
- 3Y*
- 5.64%
- 5Y*
- —
- 10Y*
- —
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TLTW vs. HYGW - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Return for Risk
TLTW vs. HYGW — Risk / Return Rank
TLTW
HYGW
TLTW vs. HYGW - 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 High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 1.29 | -0.53 |
Sortino ratioReturn per unit of downside risk | 1.05 | 1.77 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.31 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.80 | -0.52 |
Martin ratioReturn relative to average drawdown | 3.35 | 9.49 | -6.14 |
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 | HYGW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 1.29 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 1.20 | -1.23 |
Correlation
The correlation between TLTW and HYGW is 0.38, 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. HYGW - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 13.67%, more than HYGW's 12.21% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.67% | 14.82% | 14.47% | 19.59% | 8.71% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 12.21% | 12.53% | 12.30% | 15.98% | 8.71% |
Drawdowns
TLTW vs. HYGW - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for TLTW and HYGW.
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Drawdown Indicators
| TLTW | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -5.49% | -13.12% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -3.23% | -2.57% |
Current DrawdownCurrent decline from peak | -3.02% | -0.74% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -0.63% | -7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.61% | +1.60% |
Volatility
TLTW vs. HYGW - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 3.46% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 1.69%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 1.69% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 2.38% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 4.27% | +4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.55% | 4.76% | +6.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.55% | 4.76% | +6.79% |