TLTW vs. PBJA

Last updated Jun 4, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and PBJA (PGIM US Large-Cap Buffer 20 ETF - January) are both Options Trading funds. TLTW is passively managed, while PBJA is actively managed. Over the past year, TLTW returned 10.46% vs 12.85% for PBJA. At a 0.19 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.50%/yr for PBJA.

Performance

TLTW vs. PBJA - 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 PGIM US Large-Cap Buffer 20 ETF - January (PBJA). 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 PBJA's 4.34% return.

TLTW

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

PBJA

• 1D: -0.14%
• 1M: 1.54%
• YTD: 4.34%
• 6M: 5.14%
• 1Y: 12.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTW vs. PBJA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-1.93%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	4.34%	10.33%	12.18%

Correlation

The correlation between TLTW and PBJA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.19

Return for Risk

TLTW vs. PBJA — 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

PBJA

PBJA Risk / Return Rank: 85
PBJA Sharpe Ratio Rank: 85
PBJA Sortino Ratio Rank: 90
PBJA Omega Ratio Rank: 91
PBJA Calmar Ratio Rank: 73
PBJA Martin Ratio Rank: 89

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. PBJA - 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 PGIM US Large-Cap Buffer 20 ETF - January (PBJA). 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	PBJA	Difference
Sharpe ratio Return per unit of total volatility	1.37	2.80	-1.43
Sortino ratio Return per unit of downside risk	1.96	4.18	-2.22
Omega ratio Gain probability vs. loss probability	1.24	1.60	-0.36
Calmar ratio Return relative to maximum drawdown	1.76	3.60	-1.84
Martin ratio Return relative to average drawdown	5.28	19.59	-14.31
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. PBJA - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.37, which is lower than the PBJA Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of TLTW and PBJA, 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	PBJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.80	-1.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	1.76	-1.79

Drawdowns

TLTW vs. PBJA - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, which is greater than PBJA's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for TLTW and PBJA.

Drawdown Indicators

	TLTW	PBJA	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-8.50%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-3.58%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	—	—
Current Drawdown Current decline from peak	-3.20%	-0.14%	-3.06%
Average Drawdown Average peak-to-trough decline	-8.25%	-0.55%	-7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.66%	+1.33%

Volatility

TLTW vs. PBJA - Volatility Comparison

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.48% compared to PGIM US Large-Cap Buffer 20 ETF - January (PBJA) at 0.64%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than PBJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	PBJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	0.64%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	3.71%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	4.62%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	6.38%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	6.38%	+5.01%

TLTW vs. PBJA - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than PBJA's 0.50% expense ratio.

Dividends

TLTW vs. PBJA - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.76%, while PBJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PBJA PGIM US Large-Cap Buffer 20 ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TLTW and PBJA in my portfolio?

TLTW and PBJA have a correlation of 0.23, 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 PBJA?

TLTW has higher volatility (2.48%) compared to PBJA (0.64%). In terms of maximum drawdown, TLTW dropped -18.61% vs PBJA's -8.50%.

Which ETF is better, TLTW or PBJA?

On 1-year performance, PBJA leads with 12.85% vs 10.46% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, PBJA has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or PBJA?

Over the 1-year period, PBJA has performed better with a 12.85% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or PBJA?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.50% for PBJA.

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

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for PBJA.

What is the main difference between TLTW and PBJA?

They also come from different issuers: iShares and PGIM. Their fees differ too: 0.35% for TLTW and 0.50% for PBJA.

Which has better risk-adjusted returns?

PBJA currently has the higher Sharpe Ratio (2.80 vs 1.37), 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.