TLTW vs. SPIN

Last updated Jun 24, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and SPIN (State Street US Equity Premium Income ETF) are both Derivative Income funds. TLTW is passively managed, while SPIN is actively managed. Over the past year, TLTW returned 9.03% vs 14.96% for SPIN. At a 0.19 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.25%/yr for SPIN.

Performance

TLTW vs. SPIN - 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 State Street US Equity Premium Income ETF (SPIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 2.36% return, which is significantly higher than SPIN's 0.41% return.

TLTW

• 1D: 0.18%
• 1M: 2.22%
• YTD: 2.36%
• 6M: 2.13%
• 1Y: 9.03%
• 3Y*: 0.58%
• 5Y*: —
• 10Y*: —

SPIN

• 1D: -1.10%
• 1M: -1.32%
• YTD: 0.41%
• 6M: -0.02%
• 1Y: 14.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTW vs. SPIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	2.36%	11.36%	-7.59%
SPIN State Street US Equity Premium Income ETF	0.41%	14.14%	6.47%

Correlation

The correlation between TLTW and SPIN 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 Sep 5, 2024	0.19

Return for Risk

TLTW vs. SPIN — Risk / Return Rank

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

TLTW

TLTW Risk / Return Rank: 32
TLTW Sharpe Ratio Rank: 34
TLTW Sortino Ratio Rank: 34
TLTW Omega Ratio Rank: 32
TLTW Calmar Ratio Rank: 31
TLTW Martin Ratio Rank: 31

SPIN

SPIN Risk / Return Rank: 39
SPIN Sharpe Ratio Rank: 41
SPIN Sortino Ratio Rank: 38
SPIN Omega Ratio Rank: 41
SPIN Calmar Ratio Rank: 32
SPIN Martin Ratio Rank: 41

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. SPIN - 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 State Street US Equity Premium Income ETF (SPIN). 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	SPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.35	-0.16
Sortino ratio: Return per unit of downside risk	1.72	1.87	-0.16
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.52	1.53	-0.01
Martin ratio: Return relative to average drawdown	4.36	6.26	-1.90

TLTW vs. SPIN - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.19, which is comparable to the SPIN Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of TLTW and SPIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLTW vs. SPIN - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, which is greater than SPIN's maximum drawdown of -16.85%. Use the drawdown chart below to compare losses from any high point for TLTW and SPIN.

Drawdown Indicators

	TLTW	SPIN	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-16.85%	-1.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-9.81%	+3.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	—	—
Current Drawdown Current decline from peak	-2.10%	-2.82%	+0.72%
Average Drawdown Average peak-to-trough decline	-8.17%	-2.27%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.40%	-0.32%

Volatility

TLTW vs. SPIN - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 1.66%, while State Street US Equity Premium Income ETF (SPIN) has a volatility of 4.22%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than SPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	SPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	4.22%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	8.77%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	7.62%	11.16%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	14.43%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	14.43%	-3.10%

TLTW vs. SPIN - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is higher than SPIN's 0.25% expense ratio.

Dividends

TLTW vs. SPIN - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.62%, more than SPIN's 5.78% yield.

Position	TTM	2025	2024	2023	2022
SPIN State Street US Equity Premium Income ETF	5.78%	8.20%	2.36%	0.00%	0.00%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.62%	14.82%	14.47%	19.59%	8.71%

Frequently Asked Questions

Can I hold both TLTW and SPIN in my portfolio?

TLTW and SPIN 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.

Which is riskier, TLTW or SPIN?

SPIN has higher volatility (4.22%) compared to TLTW (1.66%). In terms of maximum drawdown, TLTW dropped -18.61% vs SPIN's -16.85%.

Which ETF is better, TLTW or SPIN?

On 1-year performance, SPIN leads with 14.96% vs 9.03% for TLTW. On fees, SPIN is cheaper at 0.25% per year. On volatility, TLTW has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or SPIN?

Over the 1-year period, SPIN has performed better with a 14.96% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or SPIN?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.35% for TLTW.

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

TLTW has the higher dividend yield at 11.62%, compared with 5.78% for SPIN.

What is the main difference between TLTW and SPIN?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for TLTW and 0.25% for SPIN.

Which has better risk-adjusted returns?

SPIN currently has the higher Sharpe Ratio (1.35 vs 1.19), 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.