TLTW vs. USFR
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 3 years, TLTW returned 0.58%/yr vs 4.74%/yr for USFR. At a correlation of -0.06, they often move in opposite directions. TLTW charges 0.35%/yr vs 0.15%/yr for USFR.
Performance
TLTW vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 0.79% return, which is significantly lower than USFR's 1.66% return.
TLTW
- 1D
- -0.27%
- 1M
- -0.82%
- YTD
- 0.79%
- 6M
- 0.65%
- 1Y
- 9.42%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.66%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.74%
- 5Y*
- 3.67%
- 10Y*
- 2.41%
TLTW vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0.79% | 11.36% | -2.18% | 0.73% | -11.14% |
USFR WisdomTree Floating Rate Treasury Fund | 1.66% | 4.23% | 5.47% | 5.18% | 1.25% |
Correlation
The correlation between TLTW and USFR is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.06 |
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Return for Risk
TLTW vs. USFR — Risk / Return Rank
TLTW
USFR
TLTW vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.71 | ||
| Sortino ratioReturn per unit of downside risk | -48.86 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 13.43 | -12.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 203.42 | -201.83 |
| Martin ratioReturn relative to average drawdown | 4.68 | 787.83 | -783.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLTW | USFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 14.95 | -13.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 9.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 3.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 1.61 | -1.64 |
Drawdowns
TLTW vs. USFR - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TLTW and USFR.
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Drawdown Indicators
| TLTW | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -1.36% | -17.25% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -0.02% | -5.95% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -0.06% | -17.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -3.59% | 0.00% | -3.59% |
Average DrawdownAverage peak-to-trough decline | -8.24% | -0.16% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 0.01% | +2.01% |
Volatility
TLTW vs. USFR - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.31% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 0.08% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 0.19% | +5.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 0.27% | +7.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.38% | 0.40% | +10.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.38% | 0.78% | +10.60% |
TLTW vs. USFR - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
TLTW vs. USFR - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.80%, more than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.80% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
TLTW and USFR have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.31%) compared to USFR (0.08%). In terms of maximum drawdown, TLTW dropped -18.61% vs USFR's -1.36%.
On 3-year performance, USFR leads with 4.74% vs 0.58% for TLTW. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USFR has performed better with a 4.74% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.80%, compared with 3.91% for USFR.
TLTW is categorized as Derivative Income, while USFR is Government Bonds. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.35% for TLTW and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.95 vs 1.24), 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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