TLTW vs. USA
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while USA (Liberty All-Star Equity Fund) is a stock. Over the past 3 years, TLTW returned 1.13%/yr vs 7.82%/yr for USA. At a 0.17 correlation, their price movements are largely independent.
Performance
TLTW vs. USA - 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 USA's -3.46% return.
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
USA
- 1D
- -0.52%
- 1M
- 0.17%
- YTD
- -3.46%
- 6M
- -1.58%
- 1Y
- -4.32%
- 3Y*
- 7.82%
- 5Y*
- 1.42%
- 10Y*
- 12.13%
TLTW vs. USA - 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% |
USA Liberty All-Star Equity Fund | -3.46% | 0.09% | 20.81% | 23.17% | -14.31% |
Correlation
The correlation between TLTW and USA 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 | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.17 |
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Return for Risk
TLTW vs. USA — Risk / Return Rank
TLTW
USA
TLTW vs. USA - 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 Liberty All-Star Equity Fund (USA). 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 | USA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.95 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | -0.32 | +1.84 |
| Martin ratioReturn relative to average drawdown | 4.41 | -0.76 | +5.17 |
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Drawdowns
TLTW vs. USA - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for TLTW and USA.
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Drawdown Indicators
| TLTW | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -69.15% | +50.54% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -15.28% | +9.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -17.69% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.05% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.07% | — |
Current DrawdownCurrent decline from peak | -2.54% | -8.65% | +6.11% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -11.52% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 6.43% | -4.38% |
Volatility
TLTW vs. USA - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.31%, while Liberty All-Star Equity Fund (USA) has a volatility of 3.16%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 3.16% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 10.42% | -4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 13.64% | -5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 20.26% | -8.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 22.56% | -11.20% |
Dividends
TLTW vs. USA - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.68%, less than USA's 11.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USA Liberty All-Star Equity Fund | 11.85% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Frequently Asked Questions
TLTW and USA 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.
USA has higher volatility (3.16%) compared to TLTW (2.31%). In terms of maximum drawdown, TLTW dropped -18.61% vs USA's -69.15%.
TLTW currently has the higher Sharpe Ratio (1.18 vs -0.36), 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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