TLTW vs. ISWN

Last updated Jun 4, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and ISWN (Amplify BlackSwan ISWN ETF) are both Options Trading funds - TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD) while ISWN tracks the S-Network International BlackSwan. Both are passively managed. Over the past 3 years, TLTW returned 0.74%/yr vs 8.12%/yr for ISWN. A 0.62 correlation means they provide meaningful diversification when combined. TLTW charges 0.35%/yr vs 0.49%/yr for ISWN.

Performance

TLTW vs. ISWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Amplify BlackSwan ISWN ETF (ISWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 1.21% return, which is significantly lower than ISWN's 4.28% return.

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

ISWN

• 1D: -0.80%
• 1M: 2.01%
• YTD: 4.28%
• 6M: 4.94%
• 1Y: 13.27%
• 3Y*: 8.12%
• 5Y*: -0.37%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLTW vs. ISWN - 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%
ISWN Amplify BlackSwan ISWN ETF	4.28%	23.23%	-3.96%	8.19%	-5.19%

Correlation

The correlation between TLTW and ISWN is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.62

The correlation between TLTW and ISWN has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

TLTW vs. ISWN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

ISWN

ISWN Risk / Return Rank: 30
ISWN Sharpe Ratio Rank: 30
ISWN Sortino Ratio Rank: 29
ISWN Omega Ratio Rank: 30
ISWN Calmar Ratio Rank: 29
ISWN Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLTW vs. ISWN - 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 Amplify BlackSwan ISWN ETF (ISWN). 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	ISWN	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.09	+0.27
Sortino ratio Return per unit of downside risk	1.96	1.60	+0.36
Omega ratio Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio Return relative to maximum drawdown	1.76	1.38	+0.38
Martin ratio Return relative to average drawdown	5.28	4.67	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTW vs. ISWN - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.37, which is comparable to the ISWN Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of TLTW and ISWN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLTW	ISWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.09	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.01	-0.04

Drawdowns

TLTW vs. ISWN - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum ISWN drawdown of -32.35%. Use the drawdown chart below to compare losses from any high point for TLTW and ISWN.

Drawdown Indicators

	TLTW	ISWN	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-32.35%	+13.74%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-9.63%	+3.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	-13.77%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.35%	—
Current Drawdown Current decline from peak	-3.20%	-4.03%	+0.83%
Average Drawdown Average peak-to-trough decline	-8.25%	-16.17%	+7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.85%	-0.86%

Volatility

TLTW vs. ISWN - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.48%, while Amplify BlackSwan ISWN ETF (ISWN) has a volatility of 4.67%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than ISWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	ISWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	4.67%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	10.10%	-4.31%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	12.20%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	11.67%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	11.57%	-0.18%

TLTW vs. ISWN - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than ISWN's 0.49% expense ratio.

Dividends

TLTW vs. ISWN - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.76%, more than ISWN's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021
ISWN Amplify BlackSwan ISWN ETF	2.82%	2.89%	3.27%	2.91%	2.00%	0.76%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%	0.00%

Frequently Asked Questions

Can I hold both TLTW and ISWN in my portfolio?

TLTW and ISWN have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTW or ISWN?

ISWN has higher volatility (4.67%) compared to TLTW (2.48%). In terms of maximum drawdown, TLTW dropped -18.61% vs ISWN's -32.35%.

Which ETF is better, TLTW or ISWN?

On 3-year performance, ISWN leads with 8.12% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or ISWN?

Over the 3-year period, ISWN has performed better with a 8.12% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or ISWN?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.49% for ISWN.

Which ETF pays a higher dividend yield, TLTW or ISWN?

TLTW has the higher dividend yield at 11.76%, compared with 2.82% for ISWN.

What is the main difference between TLTW and ISWN?

TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while ISWN tracks S-Network International BlackSwan. They also come from different issuers: iShares and Amplify. Their fees differ too: 0.35% for TLTW and 0.49% for ISWN.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.37 vs 1.09), 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.