TYA vs. TLTW
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). TYA is actively managed, while TLTW is passively managed. Over the past 3 years, TYA returned -2.02%/yr vs 0.05%/yr for TLTW. Their correlation of 0.84 suggests significant overlap in exposure. TYA charges 0.15%/yr vs 0.35%/yr for TLTW.
Performance
TYA vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -6.92% return, which is significantly lower than TLTW's 0.30% return.
TYA
- 1D
- -1.24%
- 1M
- -2.13%
- 6M
- -6.77%
- YTD
- -6.92%
- 1Y
- -1.32%
- 3Y*
- -2.02%
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.60%
- 1M
- -1.57%
- 6M
- -0.27%
- YTD
- 0.30%
- 1Y
- 6.79%
- 3Y*
- 0.05%
- 5Y*
- —
- 10Y*
- —
TYA vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -6.92% | 14.38% | -9.63% | -2.23% | -15.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0.30% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between TYA and TLTW is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.84 |
The correlation between TYA and TLTW has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.
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Return for Risk
TYA vs. TLTW — Risk / Return Rank
TYA
TLTW
TYA vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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.
| TYA | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 1.14 | -1.26 |
| Martin ratioReturn relative to average drawdown | -0.26 | 3.20 | -3.46 |
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Drawdowns
TYA vs. TLTW - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TYA and TLTW.
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Drawdown Indicators
| TYA | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -18.61% | -32.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.80% | -5.97% | -5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -17.19% | -3.75% |
Current DrawdownCurrent decline from peak | -42.62% | -4.07% | -38.55% |
Average DrawdownAverage peak-to-trough decline | -35.94% | -8.09% | -27.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 2.13% | +2.88% |
Volatility
TYA vs. TLTW - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.27% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.33%. This indicates that TYA'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
| TYA | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 2.33% | +1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 5.95% | +3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 7.62% | +4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 11.30% | +9.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.44% | 11.30% | +9.14% |
TYA vs. TLTW - Expense Ratio Comparison
TYA has a 0.15% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
TYA vs. TLTW - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.79%, less than TLTW's 11.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.11% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.79% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% |
Frequently Asked Questions
TYA and TLTW have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYA has higher volatility (4.27%) compared to TLTW (2.33%). In terms of maximum drawdown, TYA dropped -51.15% vs TLTW's -18.61%.
On 3-year performance, TLTW leads with 0.05% vs -2.02% for TYA. On fees, TYA is cheaper at 0.15% per year. On volatility, TLTW has been the lower-risk option at 2.33%. 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 0.05% return vs -2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYA is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.11%, compared with 3.79% for TYA.
TYA is categorized as Government Bonds, while TLTW is Derivative Income. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.15% for TYA and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (0.90 vs -0.11), 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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