TLTW vs. JEPQ

Last updated Jun 14, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, TLTW returned 1.13%/yr vs 19.91%/yr for JEPQ. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

TLTW vs. JEPQ - 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 JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 1.90% return, which is significantly lower than JEPQ's 7.85% return.

TLTW

• 1D: -0.14%
• 1M: 1.53%
• YTD: 1.90%
• 6M: 2.26%
• 1Y: 9.45%
• 3Y*: 1.13%
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 0.62%
• 1M: 0.68%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 26.60%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

TLTW vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.90%	11.36%	-2.18%	0.73%	-11.14%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.72%

Correlation

The correlation between TLTW and JEPQ is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022	0.15

Return for Risk

TLTW vs. JEPQ — Risk / Return Rank

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

TLTW

TLTW Risk / Return Rank: 35
TLTW Sharpe Ratio Rank: 38
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 33

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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. JEPQ - 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 JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.03	-0.85
Sortino ratio: Return per unit of downside risk	1.71	2.69	-0.98
Omega ratio: Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio: Return relative to maximum drawdown	1.52	2.91	-1.39
Martin ratio: Return relative to average drawdown	4.41	13.84	-9.43

TLTW vs. JEPQ - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.18, which is lower than the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TLTW and JEPQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLTW vs. JEPQ - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for TLTW and JEPQ.

Drawdown Indicators

	TLTW	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-20.07%	+1.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-8.82%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	-20.07%	+2.88%
Current Drawdown Current decline from peak	-2.54%	-1.64%	-0.90%
Average Drawdown Average peak-to-trough decline	-8.20%	-3.41%	-4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.85%	+0.20%

Volatility

TLTW vs. JEPQ - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 4.98%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	4.98%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	5.85%	10.22%	-4.37%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	12.61%	-4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.36%	16.73%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	16.73%	-5.37%

TLTW vs. JEPQ - Expense Ratio Comparison

Both TLTW and JEPQ have an expense ratio of 0.35%.

Dividends

TLTW vs. JEPQ - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.68%, more than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.68%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TLTW and JEPQ in my portfolio?

TLTW and JEPQ have a correlation of 0.21, 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 JEPQ?

JEPQ has higher volatility (4.98%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs JEPQ's -20.07%.

Which ETF is better, TLTW or JEPQ?

On 3-year performance, JEPQ leads with 19.91% vs 1.13% for TLTW. Both ETFs have the same 0.35% expense ratio. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or JEPQ?

Over the 3-year period, JEPQ has performed better with a 19.91% return vs 1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or JEPQ?

TLTW and JEPQ have the same expense ratio: 0.35% per year.

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

TLTW has the higher dividend yield at 11.68%, compared with 10.22% for JEPQ.

What is the main difference between TLTW and JEPQ?

TLTW is categorized as Derivative Income, while JEPQ is Nasdaq-100. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.18), 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.