TLTW vs. NIHI

Last updated Jun 16, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and NIHI (NEOS MSCI EAFE High Income ETF) are both Derivative Income funds. TLTW is passively managed, while NIHI is actively managed. At a 0.35 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.68%/yr for NIHI.

Performance

TLTW vs. NIHI - 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 NEOS MSCI EAFE High Income ETF (NIHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 1.94% return, which is significantly lower than NIHI's 7.22% return.

TLTW

• 1D: 0.05%
• 1M: 2.89%
• YTD: 1.94%
• 6M: 2.24%
• 1Y: 9.50%
• 3Y*: 0.63%
• 5Y*: —
• 10Y*: —

NIHI

• 1D: 0.75%
• 1M: 3.45%
• YTD: 7.22%
• 6M: 8.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTW vs. NIHI - Yearly Performance Comparison

	2026 (YTD)	2025
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.94%	1.07%
NIHI NEOS MSCI EAFE High Income ETF	7.22%	4.89%

Correlation

The correlation between TLTW and NIHI is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.35

Return for Risk

TLTW vs. NIHI — 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: 38
TLTW Sortino Ratio Rank: 38
TLTW Omega Ratio Rank: 36
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

NIHI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIHI - 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 NEOS MSCI EAFE High Income ETF (NIHI). 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	NIHI	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.80	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.60	—	—
Martin ratio: Return relative to average drawdown	4.63	—	—

Drawdowns

TLTW vs. NIHI - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, which is greater than NIHI's maximum drawdown of -10.88%. Use the drawdown chart below to compare losses from any high point for TLTW and NIHI.

Drawdown Indicators

	TLTW	NIHI	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-10.88%	-7.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	—	—
Current Drawdown Current decline from peak	-2.50%	0.00%	-2.50%
Average Drawdown Average peak-to-trough decline	-8.20%	-2.34%	-5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	—	—

Volatility

Volatility by Period

	TLTW	NIHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.66%	15.34%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.35%	15.34%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	15.34%	-3.99%

TLTW vs. NIHI - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than NIHI's 0.68% expense ratio.

Dividends

TLTW vs. NIHI - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.67%, more than NIHI's 7.73% yield.

Position	TTM	2025	2024	2023	2022
NIHI NEOS MSCI EAFE High Income ETF	7.73%	3.44%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.67%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TLTW and NIHI in my portfolio?

TLTW and NIHI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLTW or NIHI?

On fees, TLTW is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLTW or NIHI?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.68% for NIHI.

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

TLTW has the higher dividend yield at 11.67%, compared with 7.73% for NIHI.

What is the main difference between TLTW and NIHI?

They also come from different issuers: iShares and Neos. Their fees differ too: 0.35% for TLTW and 0.68% for NIHI.