TLTW vs. MBOX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Freedom Day Dividend ETF (MBOX).

TLTW and MBOX 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. MBOX is an actively managed fund by EMPIRICAL FINANCE LLC. It was launched on May 5, 2021.

Performance

TLTW vs. MBOX - 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 Freedom Day Dividend ETF (MBOX). The values are adjusted to include any dividend payments, if applicable.

TLTW vs. MBOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-2.18%	0.73%	-11.09%
MBOX Freedom Day Dividend ETF	5.04%	8.72%	16.39%	15.84%	0.27%

Returns By Period

In the year-to-date period, TLTW achieves a 1.44% return, which is significantly lower than MBOX's 5.04% return.

TLTW

• 1D: 0.22%
• 1M: -2.98%
• YTD: 1.44%
• 6M: 2.22%
• 1Y: 7.46%
• 3Y*: 0.70%
• 5Y*: —
• 10Y*: —

MBOX

• 1D: 0.93%
• 1M: -4.03%
• YTD: 5.04%
• 6M: 4.92%
• 1Y: 12.49%
• 3Y*: 15.78%
• 5Y*: —
• 10Y*: —

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

TLTW vs. MBOX - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than MBOX's 0.39% expense ratio.

MBOX

Freedom Day Dividend ETF

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Return for Risk

TLTW vs. MBOX — Risk / Return Rank

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

TLTW

TLTW Risk / Return Rank: 48
TLTW Sharpe Ratio Rank: 50
TLTW Sortino Ratio Rank: 45
TLTW Omega Ratio Rank: 42
TLTW Calmar Ratio Rank: 61
TLTW Martin Ratio Rank: 42

MBOX

MBOX Risk / Return Rank: 47
MBOX Sharpe Ratio Rank: 44
MBOX Sortino Ratio Rank: 46
MBOX Omega Ratio Rank: 46
MBOX Calmar Ratio Rank: 44
MBOX Martin Ratio Rank: 55

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. MBOX - 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 Freedom Day Dividend ETF (MBOX). 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	MBOX	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.80	+0.04
Sortino ratio Return per unit of downside risk	1.17	1.23	-0.06
Omega ratio Gain probability vs. loss probability	1.15	1.18	-0.02
Calmar ratio Return relative to maximum drawdown	1.42	1.12	+0.30
Martin ratio Return relative to average drawdown	3.74	5.23	-1.50
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. MBOX - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 0.84, which is comparable to the MBOX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of TLTW and MBOX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TLTW	MBOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.80	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.71	-0.73

Correlation

The correlation between TLTW and MBOX is 0.19, 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. MBOX - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 13.66%, more than MBOX's 2.08% yield.

	TTM	2025	2024	2023	2022	2021
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	13.66%	14.82%	14.47%	19.59%	8.71%	0.00%
MBOX Freedom Day Dividend ETF	2.08%	1.94%	1.60%	2.13%	2.87%	1.17%

Drawdowns

TLTW vs. MBOX - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, which is greater than MBOX's maximum drawdown of -16.42%. Use the drawdown chart below to compare losses from any high point for TLTW and MBOX.

Drawdown Indicators

	TLTW	MBOX	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-16.42%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-12.16%	+6.36%
Current Drawdown Current decline from peak	-2.98%	-4.32%	+1.34%
Average Drawdown Average peak-to-trough decline	-8.49%	-3.55%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.60%	-0.40%

Volatility

TLTW vs. MBOX - Volatility Comparison

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Freedom Day Dividend ETF (MBOX) have volatilities of 3.46% and 3.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	MBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.31%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	8.14%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	8.91%	15.65%	-6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	14.58%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.55%	14.58%	-3.03%