TLTW vs. PHEQ
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. TLTW is passively managed, while PHEQ is actively managed. Over the past year, TLTW returned 9.58% vs 16.41% for PHEQ. At a 0.18 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.29%/yr for PHEQ.
Performance
TLTW vs. PHEQ - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.44% return, which is significantly lower than PHEQ's 5.93% return.
TLTW
- 1D
- 0.23%
- 1M
- 0.48%
- YTD
- 1.44%
- 6M
- 0.46%
- 1Y
- 9.58%
- 3Y*
- 0.85%
- 5Y*
- —
- 10Y*
- —
PHEQ
- 1D
- 0.25%
- 1M
- 1.77%
- YTD
- 5.93%
- 6M
- 6.33%
- 1Y
- 16.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW vs. PHEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 9.08% |
PHEQ Parametric Hedged Equity ETF | 5.93% | 11.76% | 14.94% | 7.19% |
Correlation
The correlation between TLTW and PHEQ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023 | 0.18 |
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Return for Risk
TLTW vs. PHEQ — Risk / Return Rank
TLTW
PHEQ
TLTW vs. PHEQ - 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 Parametric Hedged Equity ETF (PHEQ). 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 | PHEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.53 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 3.87 | -2.26 |
| Martin ratioReturn relative to average drawdown | 4.81 | 17.69 | -12.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLTW | PHEQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 2.69 | -1.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 1.81 | -1.84 |
Drawdowns
TLTW vs. PHEQ - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than PHEQ's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for TLTW and PHEQ.
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Drawdown Indicators
| TLTW | PHEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -12.55% | -6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -4.26% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | — | — |
Current DrawdownCurrent decline from peak | -2.98% | 0.00% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -0.97% | -7.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.93% | +1.07% |
Volatility
TLTW vs. PHEQ - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.44% compared to Parametric Hedged Equity ETF (PHEQ) at 1.06%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | PHEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 1.06% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 4.57% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 6.13% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 8.61% | +2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 8.61% | +2.78% |
TLTW vs. PHEQ - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than PHEQ's 0.29% expense ratio.
Dividends
TLTW vs. PHEQ - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.73%, more than PHEQ's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PHEQ Parametric Hedged Equity ETF | 1.02% | 1.19% | 1.39% | 1.73% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
TLTW and PHEQ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.44%) compared to PHEQ (1.06%). In terms of maximum drawdown, TLTW dropped -18.61% vs PHEQ's -12.55%.
On 1-year performance, PHEQ leads with 16.41% vs 9.58% for TLTW. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PHEQ has performed better with a 16.41% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHEQ is cheaper with a 0.29% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.73%, compared with 1.02% for PHEQ.
They also come from different issuers: iShares and Parametric. Their fees differ too: 0.35% for TLTW and 0.29% for PHEQ.
PHEQ currently has the higher Sharpe Ratio (2.69 vs 1.26), 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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