TLTW vs. IBIT
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, TLTW returned 3.52% vs -43.69% for IBIT. Their 0.03 correlation means their historical movements had little consistent relationship. TLTW charges 0.35%/yr vs 0.25%/yr for IBIT.
Performance
TLTW vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a -1.13% return, which is significantly higher than IBIT's -27.17% 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%
IBIT
- 1D
- 1.46%
- 1M
- 3.70%
- 6M
- -18.23%
- YTD
- -27.17%
- 1Y
- -43.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.33B | $1.34B | $1.65B | |
| $25.95M | $26.72M | $32.40M |
TLTW vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.13% | 11.36% | -0.81% |
IBIT iShares Bitcoin Trust ETF | -27.17% | -6.41% | 89.87% |
Correlation
The correlation between TLTW and IBIT is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.03 |
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Return for Risk
TLTW vs. IBIT — Risk / Return Rank
TLTW
IBIT
TLTW vs. IBIT - 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 Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.84 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.82 | +1.41 |
| Martin ratioReturn relative to average drawdown | 1.47 | -1.26 | +2.73 |
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Drawdowns
TLTW vs. IBIT - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for TLTW and IBIT.
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Drawdown Indicators
| TLTW | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -53.30% | +34.69% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -53.30% | +47.33% |
Max Drawdown (3Y)Largest decline over 3 years | -12.93% | — | — |
Current DrawdownCurrent decline from peak | -5.44% | -49.28% | +43.84% |
Average DrawdownAverage peak-to-trough decline | -8.03% | -18.29% | +10.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 34.80% | -32.40% |
Volatility
TLTW vs. IBIT - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.27%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 8.98%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 8.98% | -6.71% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 33.79% | -27.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 44.48% | -36.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 49.57% | -38.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 49.57% | -38.31% |
TLTW vs. IBIT - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
TLTW vs. IBIT - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.27%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.27% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
TLTW and IBIT have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.98%) compared to TLTW (2.27%). In terms of maximum drawdown, TLTW dropped -18.61% vs IBIT's -53.30%.
On 1-year performance, TLTW leads with 3.52% vs -43.69% for IBIT. On fees, IBIT is cheaper at 0.25% 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 1-year period, TLTW has performed better with a 3.52% return vs -43.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.27%, compared with 0.00% for IBIT.
TLTW is categorized as Derivative Income, while IBIT is Cryptocurrency. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.35% for TLTW and 0.25% for IBIT.
TLTW currently has the higher Sharpe Ratio (0.46 vs -0.99), 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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