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 -1.00%/yr vs 1.02%/yr for TLTW. Their correlation of 0.84 means they have usually moved in the same direction. 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 -7.44% return, which is significantly lower than TLTW's -1.13% return.
TYA
- 1D
- 0.46%
- 1M
- -3.02%
- 6M
- -6.00%
- YTD
- -7.44%
- 1Y
- -6.08%
- 3Y*
- -1.00%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -10.67%
TLTW
- 1D
- 0.38%
- 1M
- -3.24%
- 6M
- -1.22%
- YTD
- -1.13%
- 1Y
- 3.52%
- 3Y*
- 1.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.95M | $26.72M | $32.40M | |
| $293.95K | $302.74K | $683.37K |
TYA vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -7.44% | 14.38% | -9.63% | -2.23% | -15.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.13% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between TYA and TLTW is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 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 0.83 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 | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.08 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 0.59 | -1.09 |
| Martin ratioReturn relative to average drawdown | -1.07 | 1.47 | -2.55 |
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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 | -12.24% | -5.97% | -6.27% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | -12.93% | -6.20% |
Current DrawdownCurrent decline from peak | -42.95% | -5.44% | -37.51% |
Average DrawdownAverage peak-to-trough decline | -36.02% | -8.03% | -27.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 2.40% | +3.28% |
Volatility
TYA vs. TLTW - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 3.30% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.27%. 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 | 3.30% | 2.27% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 5.92% | +3.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 7.71% | +4.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 11.26% | +9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 11.26% | +9.09% |
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 3.74%, less than TLTW's 11.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.27% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.74% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% |
Frequently Asked Questions
TYA and TLTW have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYA has higher volatility (3.30%) compared to TLTW (2.27%). In terms of maximum drawdown, TYA dropped -51.15% vs TLTW's -18.61%.
On 3-year performance, TLTW leads with 1.02% vs -1.00% for TYA. On fees, TYA is cheaper at 0.15% per year. On volatility, TLTW has been the lower-risk option at 2.27%. 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 1.02% return vs -1.00%. 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 11.27%, compared with 3.74% 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 (0.46 vs -0.51), 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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