TLTW vs. TLTP
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and TLTP (Amplify Bloomberg U.S. Treasury Target High Income ETF) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while TLTP is a Government Bonds fund tracking the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index. Both are passively managed. Over the past year, TLTW returned 3.14% vs 0.14% for TLTP. Their correlation of 0.92 means they have usually moved in the same direction. TLTW charges 0.35%/yr vs 0.38%/yr for TLTP.
Performance
TLTW vs. TLTP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLTW achieves a -1.50% return, which is significantly higher than TLTP's -2.34% return.
TLTW
- 1D
- -0.65%
- 1M
- -3.60%
- 6M
- -1.68%
- YTD
- -1.50%
- 1Y
- 3.14%
- 3Y*
- 0.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.02%
TLTP
- 1D
- -0.55%
- 1M
- -2.93%
- 6M
- -2.84%
- YTD
- -2.34%
- 1Y
- 0.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $993.51K | $622.84K | $626.10K | |
| $26.30M | $26.52M | $33.25M |
TLTW vs. TLTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.50% | 11.36% | -2.50% |
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | -2.34% | 5.39% | -3.31% |
Correlation
The correlation between TLTW and TLTP is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.92 |
The correlation between TLTW and TLTP has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLTW vs. TLTP — Risk / Return Rank
TLTW
TLTP
TLTW vs. TLTP - 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 Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP). 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 | TLTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.03 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.17 | +0.46 |
| Martin ratioReturn relative to average drawdown | 1.57 | 0.40 | +1.18 |
Loading charts...
Drawdowns
TLTW vs. TLTP - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than TLTP's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for TLTW and TLTP.
Loading charts...
Drawdown Indicators
| TLTW | TLTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -8.54% | -10.07% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -5.76% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -12.93% | — | — |
Current DrawdownCurrent decline from peak | -5.79% | -5.66% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -8.04% | -3.26% | -4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.49% | -0.12% |
Volatility
TLTW vs. TLTP - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.20% compared to Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) at 1.90%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than TLTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLTW | TLTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.90% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 5.94% | 5.37% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 7.20% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 9.64% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 9.64% | +1.62% |
TLTW vs. TLTP - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than TLTP's 0.38% expense ratio.
Dividends
TLTW vs. TLTP - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.31%, less than TLTP's 13.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | 13.81% | 12.53% | 2.08% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.31% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
With a correlation of 0.92, TLTW and TLTP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLTW has higher volatility (2.20%) compared to TLTP (1.90%). In terms of maximum drawdown, TLTW dropped -18.61% vs TLTP's -8.54%.
On 1-year performance, TLTW leads with 3.14% vs 0.14% for TLTP. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTP has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLTW has performed better with a 3.14% return vs 0.14%. 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 0.38% for TLTP.
TLTP has the higher dividend yield at 13.81%, compared with 11.31% for TLTW.
TLTW is categorized as Derivative Income, while TLTP is Government Bonds. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while TLTP tracks Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index. They also come from different issuers: iShares and Amplify. Their fees differ too: 0.35% for TLTW and 0.38% for TLTP.
TLTW currently has the higher Sharpe Ratio (0.49 vs 0.14), 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.
Find the right allocation for TLTW and TLTP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer