TTT vs. TLTW
TTT (UltraPro Short 20+ Year Treasury) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, TTT returned 10.12%/yr vs 0.58%/yr for TLTW. At a correlation of -0.95, they often move in opposite directions. TTT charges 0.95%/yr vs 0.35%/yr for TLTW.
Performance
TTT vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly lower than TLTW's 2.36% return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
TLTW
- 1D
- 0.18%
- 1M
- 2.22%
- YTD
- 2.36%
- 6M
- 2.13%
- 1Y
- 9.03%
- 3Y*
- 0.58%
- 5Y*
- —
- 10Y*
- —
TTT vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 32.64% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.36% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between TTT and TLTW is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.95 |
The correlation between TTT and TLTW has been stable across timeframes, ranging from -0.96 to -0.94 - a consistent structural relationship.
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Return for Risk
TTT vs. TLTW — Risk / Return Rank
TTT
TLTW
TTT vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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.
| TTT | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.21 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 1.52 | -1.70 |
| Martin ratioReturn relative to average drawdown | -0.34 | 4.36 | -4.70 |
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Drawdowns
TTT vs. TLTW - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TTT and TLTW.
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Drawdown Indicators
| TTT | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -18.61% | -75.39% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -5.97% | -16.21% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -17.19% | -32.50% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | — | — |
Current DrawdownCurrent decline from peak | -78.91% | -2.10% | -76.81% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -8.17% | -62.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 2.08% | +9.81% |
Volatility
TTT vs. TLTW - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.36% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 1.66%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 1.66% | +4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 5.80% | +13.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 7.62% | +20.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 11.33% | +35.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 11.33% | +31.99% |
TTT vs. TLTW - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
TTT vs. TLTW - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, less than TLTW's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.62% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% |
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
TTT and TLTW have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (6.36%) compared to TLTW (1.66%). In terms of maximum drawdown, TTT dropped -94.00% vs TLTW's -18.61%.
On 3-year performance, TTT leads with 10.12% vs 0.58% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TTT has performed better with a 10.12% return vs 0.58%. 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 0.95% for TTT.
TLTW has the higher dividend yield at 11.62%, compared with 9.61% for TTT.
TTT is categorized as Leveraged Bonds, while TLTW is Derivative Income. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TTT and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.19 vs -0.14), 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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