TLTW vs. UTHY
Compare and contrast key facts about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and US Treasury 30 Year Bond ETF (UTHY).
TLTW and UTHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022. UTHY is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross. It was launched on Mar 27, 2023. Both TLTW and UTHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TLTW vs. UTHY - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.94% return, which is significantly higher than UTHY's 0.55% return.
TLTW
- 1D
- 0.54%
- 1M
- -1.29%
- YTD
- 1.94%
- 6M
- 2.47%
- 1Y
- 6.63%
- 3Y*
- 0.73%
- 5Y*
- —
- 10Y*
- —
UTHY
- 1D
- 0.52%
- 1M
- -1.78%
- YTD
- 0.55%
- 6M
- -0.47%
- 1Y
- -2.91%
- 3Y*
- -3.09%
- 5Y*
- —
- 10Y*
- —
TLTW vs. UTHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.94% | 11.36% | -2.18% | -6.34% |
UTHY US Treasury 30 Year Bond ETF | 0.55% | 3.47% | -8.07% | -2.67% |
Correlation
The correlation between TLTW and UTHY is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.
TLTW vs. UTHY - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than UTHY's 0.15% expense ratio.
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Return for Risk
TLTW vs. UTHY — Risk / Return Rank
TLTW
UTHY
TLTW vs. UTHY - 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 US Treasury 30 Year Bond ETF (UTHY). 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 | UTHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | -0.11 | +0.94 |
Sortino ratioReturn per unit of downside risk | 1.15 | -0.08 | +1.23 |
Omega ratioGain probability vs. loss probability | 1.15 | 0.99 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.13 | +1.37 |
Martin ratioReturn relative to average drawdown | 3.25 | -0.28 | +3.52 |
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 | UTHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | -0.11 | +0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.17 | +0.16 |
Drawdowns
TLTW vs. UTHY - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum UTHY drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for TLTW and UTHY.
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Drawdown Indicators
| TLTW | UTHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -21.86% | +3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -9.42% | +3.62% |
Current DrawdownCurrent decline from peak | -2.50% | -10.65% | +8.15% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -10.67% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 4.56% | -2.34% |
Volatility
TLTW vs. UTHY - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and US Treasury 30 Year Bond ETF (UTHY) have volatilities of 3.52% and 3.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTW | UTHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.52% | 3.56% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 6.32% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.87% | 11.08% | -2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.54% | 13.90% | -2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.54% | 13.90% | -2.36% |
Dividends
TLTW vs. UTHY - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 13.52%, more than UTHY's 4.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.52% | 14.82% | 14.47% | 19.59% | 8.71% |
UTHY US Treasury 30 Year Bond ETF | 4.56% | 4.53% | 4.58% | 2.81% | 0.00% |