TLTW vs. TDIV
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and TDIV (First Trust NASDAQ Technology Dividend Index Fund) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while TDIV is a Technology Equities fund tracking the NASDAQ Technology Dividend Index. Both are passively managed. Over the past 3 years, TLTW returned 0.63%/yr vs 28.46%/yr for TDIV. At a 0.16 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.50%/yr for TDIV.
Performance
TLTW vs. TDIV - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.94% return, which is significantly lower than TDIV's 23.55% return.
TLTW
- 1D
- 0.05%
- 1M
- 2.89%
- YTD
- 1.94%
- 6M
- 2.24%
- 1Y
- 9.50%
- 3Y*
- 0.63%
- 5Y*
- —
- 10Y*
- —
TDIV
- 1D
- 1.96%
- 1M
- 6.70%
- YTD
- 23.55%
- 6M
- 23.56%
- 1Y
- 40.67%
- 3Y*
- 28.46%
- 5Y*
- 18.13%
- 10Y*
- 18.79%
TLTW vs. TDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.94% | 11.36% | -2.18% | 0.73% | -11.14% |
TDIV First Trust NASDAQ Technology Dividend Index Fund | 23.55% | 25.27% | 24.43% | 36.71% | -10.57% |
Correlation
The correlation between TLTW and TDIV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.16 |
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Return for Risk
TLTW vs. TDIV — Risk / Return Rank
TLTW
TDIV
TLTW vs. TDIV - 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 First Trust NASDAQ Technology Dividend Index Fund (TDIV). 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 | TDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 3.60 | -2.00 |
| Martin ratioReturn relative to average drawdown | 4.63 | 10.83 | -6.20 |
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Drawdowns
TLTW vs. TDIV - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum TDIV drawdown of -31.97%. Use the drawdown chart below to compare losses from any high point for TLTW and TDIV.
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Drawdown Indicators
| TLTW | TDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -31.97% | +13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -11.35% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -23.00% | +5.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.97% | — |
Current DrawdownCurrent decline from peak | -2.50% | -7.08% | +4.58% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -4.85% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 3.77% | -1.71% |
Volatility
TLTW vs. TDIV - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while First Trust NASDAQ Technology Dividend Index Fund (TDIV) has a volatility of 10.01%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than TDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | TDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 10.01% | -7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 5.84% | 15.70% | -9.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 19.77% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.35% | 20.92% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 20.98% | -9.63% |
TLTW vs. TDIV - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than TDIV's 0.50% expense ratio.
Dividends
TLTW vs. TDIV - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.67%, more than TDIV's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TDIV First Trust NASDAQ Technology Dividend Index Fund | 1.18% | 1.40% | 1.59% | 1.74% | 2.51% | 1.76% | 2.07% | 2.27% | 2.97% | 2.27% | 2.45% | 2.52% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.67% | 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 TDIV have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TDIV has higher volatility (10.01%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs TDIV's -31.97%.
On 3-year performance, TDIV leads with 28.46% vs 0.63% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TDIV has performed better with a 28.46% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.50% for TDIV.
TLTW has the higher dividend yield at 11.67%, compared with 1.18% for TDIV.
TLTW is categorized as Derivative Income, while TDIV is Technology Equities. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while TDIV tracks NASDAQ Technology Dividend Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.35% for TLTW and 0.50% for TDIV.
TDIV currently has the higher Sharpe Ratio (2.07 vs 1.25), 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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