TLTW vs. XRMI

Last updated Jun 24, 2026

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds - TLTW tracks the CBOE TLT 2% OTM Buywrite Index (USD) while XRMI tracks the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past 3 years, TLTW returned 0.58%/yr vs 6.90%/yr for XRMI. At a 0.15 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.60%/yr for XRMI.

Performance

TLTW vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Global X S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTW achieves a 2.36% return, which is significantly higher than XRMI's 1.66% return.

TLTW

• 1D: 0.18%
• 1M: 2.22%
• YTD: 2.36%
• 6M: 2.13%
• 1Y: 9.03%
• 3Y*: 0.58%
• 5Y*: —
• 10Y*: —

XRMI

• 1D: -0.52%
• 1M: 0.39%
• YTD: 1.66%
• 6M: 1.20%
• 1Y: 9.03%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLTW vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	2.36%	11.36%	-2.18%	0.73%	-11.14%
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	4.60%	15.18%	4.22%	-5.71%

Correlation

The correlation between TLTW and XRMI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022	0.15

Return for Risk

TLTW vs. XRMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLTW

TLTW Risk / Return Rank: 32
TLTW Sharpe Ratio Rank: 34
TLTW Sortino Ratio Rank: 34
TLTW Omega Ratio Rank: 32
TLTW Calmar Ratio Rank: 31
TLTW Martin Ratio Rank: 31

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 54
XRMI Calmar Ratio Rank: 38
XRMI Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLTW vs. XRMI - 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 Global X S&P 500 Risk Managed Income ETF (XRMI). 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	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.65	-0.46
Sortino ratio: Return per unit of downside risk	1.72	2.30	-0.59
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.52	1.81	-0.29
Martin ratio: Return relative to average drawdown	4.36	7.28	-2.92

TLTW vs. XRMI - Sharpe Ratio Comparison

The current TLTW Sharpe Ratio is 1.19, which is comparable to the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of TLTW and XRMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLTW vs. XRMI - Drawdown Comparison

The maximum TLTW drawdown since its inception was -18.61%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TLTW and XRMI.

Drawdown Indicators

	TLTW	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-15.31%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-5.02%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.19%	-8.34%	-8.85%
Current Drawdown Current decline from peak	-2.10%	-0.52%	-1.58%
Average Drawdown Average peak-to-trough decline	-8.17%	-5.87%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.24%	+0.84%

Volatility

TLTW vs. XRMI - Volatility Comparison

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and Global X S&P 500 Risk Managed Income ETF (XRMI) have volatilities of 1.66% and 1.71%, 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.

Volatility by Period

	TLTW	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.71%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	4.44%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	7.62%	5.52%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	6.91%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	6.91%	+4.42%

TLTW vs. XRMI - Expense Ratio Comparison

TLTW has a 0.35% expense ratio, which is lower than XRMI's 0.60% expense ratio.

Dividends

TLTW vs. XRMI - Dividend Comparison

TLTW's dividend yield for the trailing twelve months is around 11.62%, less than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.62%	14.82%	14.47%	19.59%	8.71%	0.00%
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both TLTW and XRMI in my portfolio?

TLTW and XRMI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTW or XRMI?

XRMI has higher volatility (1.71%) compared to TLTW (1.66%). In terms of maximum drawdown, TLTW dropped -18.61% vs XRMI's -15.31%.

Which ETF is better, TLTW or XRMI?

On 3-year performance, XRMI leads with 6.90% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTW or XRMI?

Over the 3-year period, XRMI has performed better with a 6.90% return vs 0.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTW or XRMI?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.60% for XRMI.

Which ETF pays a higher dividend yield, TLTW or XRMI?

XRMI has the higher dividend yield at 12.73%, compared with 11.62% for TLTW.

What is the main difference between TLTW and XRMI?

TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD), while XRMI tracks Cboe S&P 500 Risk Managed Income Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.35% for TLTW and 0.60% for XRMI.

Which has better risk-adjusted returns?

XRMI currently has the higher Sharpe Ratio (1.65 vs 1.19), 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.