TLTW vs. QDTE

Last updated Jun 5, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. TLTW is passively managed, while QDTE is actively managed. Over the past year, TLTW returned 9.58% vs 39.17% for QDTE. At a 0.11 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.97%/yr for QDTE.

Performance

TLTW vs. QDTE - 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 Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 1.44% return, which is significantly lower than QDTE's 16.06% return.

TLTW

• 1D: 0.23%
• 1M: 0.48%
• YTD: 1.44%
• 6M: 0.46%
• 1Y: 9.58%
• 3Y*: 0.85%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.45%
• 1M: 7.12%
• YTD: 16.06%
• 6M: 15.73%
• 1Y: 39.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTW vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.44%	11.36%	-1.05%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.06%	19.32%	16.07%

Correlation

The correlation between TLTW and QDTE is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.11

Return for Risk

TLTW vs. QDTE — Risk / Return Rank

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

TLTW

TLTW Risk / Return Rank: 34
TLTW Sharpe Ratio Rank: 36
TLTW Sortino Ratio Rank: 35
TLTW Omega Ratio Rank: 34
TLTW Calmar Ratio Rank: 33
TLTW Martin Ratio Rank: 33

QDTE

QDTE Risk / Return Rank: 79
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 77
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

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. QDTE - 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 Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). 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	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.66	-1.40
Sortino ratio: Return per unit of downside risk	1.81	3.41	-1.60
Omega ratio: Gain probability vs. loss probability	1.22	1.46	-0.24
Calmar ratio: Return relative to maximum drawdown	1.61	3.86	-2.25
Martin ratio: Return relative to average drawdown	4.81	15.60	-10.79
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. QDTE - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.26, which is lower than the QDTE Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of TLTW and QDTE, 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	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.66	-1.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	1.29	-1.31

Drawdowns

TLTW vs. QDTE - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for TLTW and QDTE.

Drawdown Indicators

	TLTW	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-22.86%	+4.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-10.20%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	—	—
Current Drawdown Current decline from peak	-2.98%	-0.60%	-2.38%
Average Drawdown Average peak-to-trough decline	-8.25%	-3.14%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.52%	-0.52%

Volatility

TLTW vs. QDTE - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.44%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 3.72%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	3.72%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	11.01%	-5.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	14.81%	-7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	18.42%	-7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	18.42%	-7.03%

TLTW vs. QDTE - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

TLTW vs. QDTE - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.73%, less than QDTE's 43.41% yield.

Position	TTM	2025	2024	2023	2022
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	43.41%	49.49%	32.09%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.73%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TLTW and QDTE in my portfolio?

TLTW and QDTE have a correlation of 0.20, 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 QDTE?

QDTE has higher volatility (3.72%) compared to TLTW (2.44%). In terms of maximum drawdown, TLTW dropped -18.61% vs QDTE's -22.86%.

Which ETF is better, TLTW or QDTE?

On 1-year performance, QDTE leads with 39.17% vs 9.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or QDTE?

Over the 1-year period, QDTE has performed better with a 39.17% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or QDTE?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 43.41%, compared with 11.73% for TLTW.

What is the main difference between TLTW and QDTE?

They also come from different issuers: iShares and Roundhill. Their fees differ too: 0.35% for TLTW and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.66 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.