TLTW vs. YLD
TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) and YLD (Principal Active High Yield ETF) are both exchange-traded funds - TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD), while YLD is a High Yield Bonds fund actively managed by Principal. TLTW is passively managed, while YLD is actively managed. Over the past 3 years, TLTW returned 1.13%/yr vs 8.77%/yr for YLD. At a 0.39 correlation, their price movements are largely independent. TLTW charges 0.35%/yr vs 0.39%/yr for YLD.
Performance
TLTW vs. YLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLTW achieves a 1.90% return, which is significantly lower than YLD's 3.11% return.
TLTW
- 1D
- -0.14%
- 1M
- 2.84%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
YLD
- 1D
- 0.48%
- 1M
- 1.27%
- YTD
- 3.11%
- 6M
- 3.78%
- 1Y
- 7.53%
- 3Y*
- 8.77%
- 5Y*
- 4.83%
- 10Y*
- 5.85%
TLTW vs. YLD - 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% |
YLD Principal Active High Yield ETF | 3.11% | 6.55% | 9.19% | 12.93% | -0.97% |
Correlation
The correlation between TLTW and YLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.39 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLTW vs. YLD — Risk / Return Rank
TLTW
YLD
TLTW vs. YLD - 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 Principal Active High Yield ETF (YLD). 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 | YLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.31 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.70 | -2.18 |
| Martin ratioReturn relative to average drawdown | 4.41 | 12.68 | -8.28 |
Loading charts...
Drawdowns
TLTW vs. YLD - Drawdown Comparison
The maximum TLTW drawdown since its inception was -18.61%, smaller than the maximum YLD drawdown of -28.34%. Use the drawdown chart below to compare losses from any high point for TLTW and YLD.
Loading charts...
Drawdown Indicators
| TLTW | YLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -28.34% | +9.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -1.98% | -3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -17.19% | -5.62% | -11.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.89% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.34% | — |
Current DrawdownCurrent decline from peak | -2.54% | -0.11% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -2.70% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 0.58% | +1.47% |
Volatility
TLTW vs. YLD - Volatility Comparison
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a higher volatility of 2.31% compared to Principal Active High Yield ETF (YLD) at 1.34%. This indicates that TLTW's price experiences larger fluctuations and is considered to be riskier than YLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLTW | YLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 1.34% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 3.50% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 4.36% | +3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.36% | 6.39% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 8.20% | +3.16% |
TLTW vs. YLD - Expense Ratio Comparison
TLTW has a 0.35% expense ratio, which is lower than YLD's 0.39% expense ratio.
Dividends
TLTW vs. YLD - Dividend Comparison
TLTW's dividend yield for the trailing twelve months is around 11.68%, more than YLD's 7.25% 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% |
YLD Principal Active High Yield ETF | 7.25% | 7.33% | 7.12% | 6.46% | 6.51% | 3.92% | 4.40% | 4.81% | 5.42% | 6.28% | 4.47% | 2.56% |
Frequently Asked Questions
TLTW and YLD have a correlation of 0.38, 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 YLD (1.34%). In terms of maximum drawdown, TLTW dropped -18.61% vs YLD's -28.34%.
On 3-year performance, YLD leads with 8.77% vs 1.13% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, YLD has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YLD has performed better with a 8.77% return vs 1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.39% for YLD.
TLTW has the higher dividend yield at 11.68%, compared with 7.25% for YLD.
TLTW is categorized as Derivative Income, while YLD is High Yield Bonds. They also come from different issuers: iShares and Principal. Their fees differ too: 0.35% for TLTW and 0.39% for YLD.
YLD currently has the higher Sharpe Ratio (1.68 vs 1.18), 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.
Find the right allocation for TLTW and YLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer