TLTW vs. IVVM
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and IVVM (iShares Large Cap Moderate Buffer ETF) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while IVVM is a Options Trading fund actively managed by iShares. TLTW is passively managed, while IVVM is actively managed. Over the past year, TLTW returned 9.58% vs 16.46% for IVVM. At a 0.21 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.50%/yr for IVVM.
Performance
TLTW vs. IVVM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLTW achieves a 1.44% return, which is significantly lower than IVVM's 6.18% return.
TLTW
- 1D
- 0.23%
- 1M
- 0.48%
- YTD
- 1.44%
- 6M
- 0.46%
- 1Y
- 9.58%
- 3Y*
- 0.85%
- 5Y*
- —
- 10Y*
- —
IVVM
- 1D
- 0.22%
- 1M
- 1.85%
- YTD
- 6.18%
- 6M
- 6.26%
- 1Y
- 16.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW vs. IVVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | -8.88% |
IVVM iShares Large Cap Moderate Buffer ETF | 6.18% | 14.24% | 16.08% | 5.17% |
Correlation
The correlation between TLTW and IVVM is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2023 | 0.21 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLTW vs. IVVM — Risk / Return Rank
TLTW
IVVM
TLTW vs. IVVM - 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 Large Cap Moderate Buffer ETF (IVVM). 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 | IVVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.49 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 3.12 | -1.50 |
| Martin ratioReturn relative to average drawdown | 4.81 | 15.52 | -10.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TLTW | IVVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 2.35 | -1.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 1.50 | -1.53 |
Drawdowns
TLTW vs. IVVM - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than IVVM's maximum drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for TLTW and IVVM.
Loading charts...
Drawdown Indicators
| TLTW | IVVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -11.62% | -6.99% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -5.31% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | — | — |
Current DrawdownCurrent decline from peak | -2.98% | 0.00% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -0.92% | -7.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 1.06% | +0.94% |
Volatility
TLTW vs. IVVM - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.44% compared to iShares Large Cap Moderate Buffer ETF (IVVM) at 0.73%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than IVVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLTW | IVVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 0.73% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 5.62% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 7.03% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 9.62% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 9.62% | +1.77% |
TLTW vs. IVVM - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than IVVM's 0.50% expense ratio.
Dividends
TLTW vs. IVVM - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.73%, more than IVVM's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IVVM iShares Large Cap Moderate Buffer ETF | 0.64% | 0.68% | 0.62% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
TLTW and IVVM have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.44%) compared to IVVM (0.73%). In terms of maximum drawdown, TLTW dropped -18.61% vs IVVM's -11.62%.
On 1-year performance, IVVM leads with 16.46% vs 9.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, IVVM has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVM has performed better with a 16.46% return vs 9.58%. 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 0.50% for IVVM.
TLTW has the higher dividend yield at 11.73%, compared with 0.64% for IVVM.
TLTW is categorized as Derivative Income, while IVVM is Options Trading. Their fees differ too: 0.35% for TLTW and 0.50% for IVVM.
IVVM currently has the higher Sharpe Ratio (2.35 vs 1.26), 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.
Find the right allocation for TLTW and IVVM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer