TLTW vs. RITM
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while RITM (Rithm Capital Corp.) is a stock. Over the past 3 years, TLTW returned 1.13%/yr vs 10.36%/yr for RITM. At a 0.27 correlation, their price movements are largely independent.
Performance
TLTW vs. RITM - 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 RITM's -12.31% return.
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
RITM
- 1D
- 0.76%
- 1M
- 1.97%
- YTD
- -12.31%
- 6M
- -11.98%
- 1Y
- -9.45%
- 3Y*
- 10.36%
- 5Y*
- 6.69%
- 10Y*
- 7.00%
TLTW vs. RITM - 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% |
RITM Rithm Capital Corp. | -12.31% | 10.06% | 11.07% | 45.60% | -12.68% |
Correlation
The correlation between TLTW and RITM is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.27 |
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Return for Risk
TLTW vs. RITM — Risk / Return Rank
TLTW
RITM
TLTW vs. RITM - 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 Rithm Capital Corp. (RITM). 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 | RITM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.93 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | -0.39 | +1.91 |
| Martin ratioReturn relative to average drawdown | 4.41 | -0.85 | +5.26 |
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Drawdowns
TLTW vs. RITM - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum RITM drawdown of -81.11%. Use the drawdown chart below to compare losses from any high point for TLTW and RITM.
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Drawdown Indicators
| TLTW | RITM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -81.11% | +62.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -27.31% | +21.34% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -27.31% | +10.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.11% | — |
Current DrawdownCurrent decline from peak | -2.54% | -20.77% | +18.23% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -15.96% | +7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 12.58% | -10.53% |
Volatility
TLTW vs. RITM - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while Rithm Capital Corp. (RITM) has a volatility of 7.23%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than RITM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | RITM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 7.23% | -4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 19.11% | -13.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 22.51% | -14.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 27.49% | -16.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 40.17% | -28.81% |
Dividends
TLTW vs. RITM - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.68%, more than RITM's 10.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RITM Rithm Capital Corp. | 10.74% | 9.17% | 9.23% | 9.36% | 12.24% | 8.40% | 5.03% | 12.41% | 14.07% | 11.07% | 11.70% | 14.39% |
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 RITM have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RITM has higher volatility (7.23%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs RITM's -81.11%.
TLTW currently has the higher Sharpe Ratio (1.18 vs -0.48), 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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