TLTW vs. UTHY
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and UTHY (US Treasury 30 Year Bond ETF) are both exchange-traded funds - TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while UTHY is a Government Bonds fund tracking the ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TLTW returned 0.85%/yr vs -2.01%/yr for UTHY. Their correlation of 0.95 suggests significant overlap in exposure. TLTW charges 0.35%/yr vs 0.15%/yr for UTHY.
Performance
TLTW vs. UTHY - Performance Comparison
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Returns By Period
In the year-to-date period, TLTW achieves a 1.44% return, which is significantly higher than UTHY's -0.07% return.
TLTW
- 1D
- 0.23%
- 1M
- 0.48%
- YTD
- 1.44%
- 6M
- 0.46%
- 1Y
- 9.58%
- 3Y*
- 0.85%
- 5Y*
- —
- 10Y*
- —
UTHY
- 1D
- 0.28%
- 1M
- 0.55%
- YTD
- -0.07%
- 6M
- -1.08%
- 1Y
- 3.20%
- 3Y*
- -2.01%
- 5Y*
- —
- 10Y*
- —
TLTW vs. UTHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | -6.34% |
UTHY US Treasury 30 Year Bond ETF | -0.07% | 3.47% | -8.07% | -2.67% |
Correlation
The correlation between TLTW and UTHY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.95 |
The correlation between TLTW and UTHY has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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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 | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.06 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 0.44 | +1.17 |
| Martin ratioReturn relative to average drawdown | 4.81 | 1.10 | +3.71 |
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 | 1.26 | 0.35 | +0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | -0.18 | +0.15 |
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 | -5.97% | -7.34% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -18.58% | +1.39% |
Current DrawdownCurrent decline from peak | -2.98% | -11.19% | +8.21% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -10.72% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.92% | -0.92% |
Volatility
TLTW vs. UTHY - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is 2.44%, while US Treasury 30 Year Bond ETF (UTHY) has a volatility of 2.68%. This indicates that TLTW experiences smaller price fluctuations and is considered to be less risky than UTHY based on this measure. 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 | 2.44% | 2.68% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 6.22% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 9.41% | -1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 13.65% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 13.65% | -2.26% |
TLTW vs. UTHY - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is higher than UTHY's 0.15% expense ratio.
Dividends
TLTW vs. UTHY - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.73%, more than UTHY's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.73% | 14.82% | 14.47% | 19.59% | 8.71% |
UTHY US Treasury 30 Year Bond ETF | 4.63% | 4.53% | 4.58% | 2.81% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, TLTW and UTHY 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.
UTHY has higher volatility (2.68%) compared to TLTW (2.44%). In terms of maximum drawdown, TLTW dropped -18.61% vs UTHY's -21.86%.
On 3-year performance, TLTW leads with 0.85% vs -2.01% for UTHY. On fees, UTHY is cheaper at 0.15% per year. On volatility, TLTW has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLTW has performed better with a 0.85% return vs -2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTHY is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.73%, compared with 4.63% for UTHY.
TLTW is categorized as Options Trading, while UTHY is Government Bonds. TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while UTHY tracks ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.35% for TLTW and 0.15% for UTHY.
TLTW currently has the higher Sharpe Ratio (1.26 vs 0.35), 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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