TLTW vs. SVOL

Last updated Jun 4, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while SVOL is a Volatility fund actively managed by Simplify. TLTW is passively managed, while SVOL is actively managed. Over the past 3 years, TLTW returned 0.74%/yr vs 6.58%/yr for SVOL. At a 0.22 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.50%/yr for SVOL.

Performance

TLTW vs. SVOL - 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 Simplify Volatility Premium ETF (SVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 1.21% return, which is significantly higher than SVOL's -0.40% return.

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

SVOL

• 1D: -0.12%
• 1M: 2.98%
• YTD: -0.40%
• 6M: 1.29%
• 1Y: 10.62%
• 3Y*: 6.58%
• 5Y*: 6.70%
• 10Y*: —

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

TLTW vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%
SVOL Simplify Volatility Premium ETF	-0.40%	2.41%	6.77%	22.88%	2.77%

Correlation

The correlation between TLTW and SVOL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.22

Return for Risk

TLTW vs. SVOL — Risk / Return Rank

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

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

SVOL

SVOL Risk / Return Rank: 18
SVOL Sharpe Ratio Rank: 16
SVOL Sortino Ratio Rank: 16
SVOL Omega Ratio Rank: 18
SVOL Calmar Ratio Rank: 19
SVOL Martin Ratio Rank: 18

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. SVOL - 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 Simplify Volatility Premium ETF (SVOL). 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	SVOL	Difference
Sharpe ratio Return per unit of total volatility	1.37	0.51	+0.85
Sortino ratio Return per unit of downside risk	1.96	0.85	+1.11
Omega ratio Gain probability vs. loss probability	1.24	1.12	+0.12
Calmar ratio Return relative to maximum drawdown	1.76	0.82	+0.94
Martin ratio Return relative to average drawdown	5.28	1.94	+3.34
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. SVOL - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.37, which is higher than the SVOL Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TLTW and SVOL, 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	SVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	0.51	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.35	-0.38

Drawdowns

TLTW vs. SVOL - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum SVOL drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for TLTW and SVOL.

Drawdown Indicators

	TLTW	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-33.50%	+14.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-13.01%	+7.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	-33.50%	+16.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.50%	—
Current Drawdown Current decline from peak	-3.20%	-2.98%	-0.22%
Average Drawdown Average peak-to-trough decline	-8.25%	-4.77%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	5.49%	-3.50%

Volatility

TLTW vs. SVOL - Volatility Comparison

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.48% compared to Simplify Volatility Premium ETF (SVOL) at 1.41%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTW	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	1.41%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	9.57%	-3.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	20.90%	-13.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	21.99%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	21.92%	-10.53%

TLTW vs. SVOL - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than SVOL's 0.50% expense ratio.

Dividends

TLTW vs. SVOL - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.76%, less than SVOL's 22.10% yield.

Position	TTM	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	22.10%	19.82%	16.79%	16.36%	18.32%	4.65%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%	0.00%

Frequently Asked Questions

Can I hold both TLTW and SVOL in my portfolio?

TLTW and SVOL have a correlation of 0.23, 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 SVOL?

TLTW has higher volatility (2.48%) compared to SVOL (1.41%). In terms of maximum drawdown, TLTW dropped -18.61% vs SVOL's -33.50%.

Which ETF is better, TLTW or SVOL?

On 3-year performance, SVOL leads with 6.58% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, SVOL has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or SVOL?

Over the 3-year period, SVOL has performed better with a 6.58% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or SVOL?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.50% for SVOL.

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

SVOL has the higher dividend yield at 22.10%, compared with 11.76% for TLTW.

What is the main difference between TLTW and SVOL?

TLTW is categorized as Options Trading, while SVOL is Volatility. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.35% for TLTW and 0.50% for SVOL.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.37 vs 0.51), 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.