USA vs. TLTW
USA (Liberty All-Star Equity Fund) is a stock, while TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, USA returned 7.82%/yr vs 1.13%/yr for TLTW. At a 0.17 correlation, their price movements are largely independent.
Performance
USA vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, USA achieves a -3.46% return, which is significantly lower than TLTW's 1.90% return.
USA
- 1D
- -0.52%
- 1M
- 0.17%
- YTD
- -3.46%
- 6M
- -1.58%
- 1Y
- -4.32%
- 3Y*
- 7.82%
- 5Y*
- 1.42%
- 10Y*
- 12.13%
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
USA vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USA Liberty All-Star Equity Fund | -3.46% | 0.09% | 20.81% | 23.17% | -14.31% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between USA and TLTW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.17 |
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Return for Risk
USA vs. TLTW — Risk / Return Rank
USA
TLTW
USA vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Equity Fund (USA) 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.
| USA | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.21 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.52 | -1.84 |
| Martin ratioReturn relative to average drawdown | -0.76 | 4.41 | -5.17 |
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Drawdowns
USA vs. TLTW - Drawdown Comparison
The maximum USA drawdown since its inception was -69.15%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for USA and TLTW.
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Drawdown Indicators
| USA | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.15% | -18.61% | -50.54% |
Max Drawdown (1Y)Largest decline over 1 year | -15.28% | -5.97% | -9.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.69% | -17.19% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -34.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.07% | — | — |
Current DrawdownCurrent decline from peak | -8.65% | -2.54% | -6.11% |
Average DrawdownAverage peak-to-trough decline | -11.52% | -8.20% | -3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.43% | 2.05% | +4.38% |
Volatility
USA vs. TLTW - Volatility Comparison
Liberty All-Star Equity Fund (USA) has a higher volatility of 3.16% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that USA'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
| USA | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 2.31% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 5.85% | +4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 7.68% | +5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.26% | 11.36% | +8.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.56% | 11.36% | +11.20% |
Dividends
USA vs. TLTW - Dividend Comparison
USA's dividend yield for the trailing twelve months is around 11.85%, more than TLTW's 11.68% 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% |
USA Liberty All-Star Equity Fund | 11.85% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Frequently Asked Questions
USA and TLTW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (3.16%) compared to TLTW (2.31%). In terms of maximum drawdown, USA dropped -69.15% vs TLTW's -18.61%.
TLTW currently has the higher Sharpe Ratio (1.18 vs -0.36), 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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