TLTW vs. PDI
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while PDI (PIMCO Dynamic Income Fund) is a stock. Over the past 3 years, TLTW returned 1.13%/yr vs 10.87%/yr for PDI. At a 0.20 correlation, their price movements are largely independent.
Performance
TLTW vs. PDI - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.90% return, which is significantly higher than PDI's -0.81% return.
TLTW
- 1D
- -0.14%
- 1M
- 1.72%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.02%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
PDI
- 1D
- -0.79%
- 1M
- -3.50%
- YTD
- -0.81%
- 6M
- -0.75%
- 1Y
- 0.14%
- 3Y*
- 10.87%
- 5Y*
- 2.19%
- 10Y*
- 7.55%
TLTW vs. PDI - 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% |
PDI PIMCO Dynamic Income Fund | -0.81% | 11.03% | 17.18% | 11.99% | -9.28% |
Correlation
The correlation between TLTW and PDI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.20 |
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Return for Risk
TLTW vs. PDI — Risk / Return Rank
TLTW
PDI
TLTW vs. PDI - 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 PIMCO Dynamic Income Fund (PDI). 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 | PDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.01 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 0.01 | +1.50 |
| Martin ratioReturn relative to average drawdown | 4.41 | 0.03 | +4.38 |
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Drawdowns
TLTW vs. PDI - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum PDI drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for TLTW and PDI.
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Drawdown Indicators
| TLTW | PDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -46.47% | +27.86% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -10.95% | +4.98% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -17.55% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.19% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.47% | — |
Current DrawdownCurrent decline from peak | -2.54% | -8.56% | +6.02% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -6.22% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 5.09% | -3.04% |
Volatility
TLTW vs. PDI - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while PIMCO Dynamic Income Fund (PDI) has a volatility of 3.31%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than PDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | PDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 3.31% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 8.27% | -2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 11.31% | -3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 15.53% | -4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 19.04% | -7.68% |
Dividends
TLTW vs. PDI - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.68%, less than PDI's 16.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDI PIMCO Dynamic Income Fund | 16.24% | 14.94% | 14.43% | 14.74% | 17.84% | 10.21% | 10.01% | 9.45% | 10.78% | 8.81% | 14.79% | 18.70% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TLTW and PDI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDI has higher volatility (3.31%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs PDI's -46.47%.
TLTW currently has the higher Sharpe Ratio (1.18 vs 0.01), 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.
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