UTHY vs. TLTW

Last updated Jun 3, 2026

UTHY (US Treasury 30 Year Bond ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - UTHY is a Government Bonds fund tracking the ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross, while TLTW is a Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, UTHY returned -2.05%/yr vs 0.74%/yr for TLTW. Their correlation of 0.95 suggests significant overlap in exposure. UTHY charges 0.15%/yr vs 0.35%/yr for TLTW.

Performance

UTHY vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 30 Year Bond ETF (UTHY) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTHY achieves a -0.02% return, which is significantly lower than TLTW's 1.21% return.

UTHY

• 1D: 0.18%
• 1M: 0.43%
• YTD: -0.02%
• 6M: -1.28%
• 1Y: 4.71%
• 3Y*: -2.05%
• 5Y*: —
• 10Y*: —

TLTW

• 1D: -0.23%
• 1M: 0.76%
• YTD: 1.21%
• 6M: -0.20%
• 1Y: 10.46%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UTHY vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTHY US Treasury 30 Year Bond ETF	-0.02%	3.47%	-8.07%	-2.67%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	-6.34%

Correlation

The correlation between UTHY and TLTW is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.95

The correlation between UTHY and TLTW has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

UTHY vs. TLTW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTHY

UTHY Risk / Return Rank: 15
UTHY Sharpe Ratio Rank: 17
UTHY Sortino Ratio Rank: 16
UTHY Omega Ratio Rank: 15
UTHY Calmar Ratio Rank: 15
UTHY Martin Ratio Rank: 15

TLTW

TLTW Risk / Return Rank: 36
TLTW Sharpe Ratio Rank: 37
TLTW Sortino Ratio Rank: 37
TLTW Omega Ratio Rank: 35
TLTW Calmar Ratio Rank: 35
TLTW Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTHY vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 30 Year Bond ETF (UTHY) 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.

	UTHY	TLTW	Difference
Sharpe ratio Return per unit of total volatility	0.50	1.37	-0.86
Sortino ratio Return per unit of downside risk	0.79	1.96	-1.17
Omega ratio Gain probability vs. loss probability	1.09	1.24	-0.15
Calmar ratio Return relative to maximum drawdown	0.51	1.76	-1.25
Martin ratio Return relative to average drawdown	1.29	5.28	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTHY vs. TLTW - Sharpe Ratio Comparison

The current UTHY Sharpe Ratio is 0.50, which is lower than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of UTHY and TLTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UTHY	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.37	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	-0.03	-0.15

Drawdowns

UTHY vs. TLTW - Drawdown Comparison

The maximum UTHY drawdown since its inception was -21.86%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for UTHY and TLTW.

Drawdown Indicators

	UTHY	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-18.61%	-3.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-5.97%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-17.19%	-1.39%
Current Drawdown Current decline from peak	-11.15%	-3.20%	-7.95%
Average Drawdown Average peak-to-trough decline	-10.71%	-8.25%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.99%	+0.90%

Volatility

UTHY vs. TLTW - Volatility Comparison

US Treasury 30 Year Bond ETF (UTHY) has a higher volatility of 2.79% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that UTHY'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.

Volatility by Period

	UTHY	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.48%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	6.30%	5.79%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.45%	7.70%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.66%	11.39%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	11.39%	+2.27%

UTHY vs. TLTW - Expense Ratio Comparison

UTHY has a 0.15% expense ratio, which is lower than TLTW's 0.35% expense ratio.

Dividends

UTHY vs. TLTW - Dividend Comparison

UTHY's dividend yield for the trailing twelve months is around 4.63%, less than TLTW's 11.76% yield.

Position	TTM	2025	2024	2023	2022
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	11.76%	14.82%	14.47%	19.59%	8.71%
UTHY US Treasury 30 Year Bond ETF	4.63%	4.53%	4.58%	2.81%	0.00%

Frequently Asked Questions

Can I hold both UTHY and TLTW in my portfolio?

With a correlation of 0.96, UTHY and TLTW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UTHY or TLTW?

UTHY has higher volatility (2.79%) compared to TLTW (2.48%). In terms of maximum drawdown, UTHY dropped -21.86% vs TLTW's -18.61%.

Which ETF is better, UTHY or TLTW?

On 3-year performance, TLTW leads with 0.74% vs -2.05% for UTHY. On fees, UTHY is cheaper at 0.15% per year. On volatility, TLTW has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTHY or TLTW?

Over the 3-year period, TLTW has performed better with a 0.74% return vs -2.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTHY or TLTW?

UTHY is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.

Which ETF pays a higher dividend yield, UTHY or TLTW?

TLTW has the higher dividend yield at 11.76%, compared with 4.63% for UTHY.

What is the main difference between UTHY and TLTW?

UTHY is categorized as Government Bonds, while TLTW is Options Trading. UTHY tracks ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for UTHY and 0.35% for TLTW.

Which has better risk-adjusted returns?

TLTW currently has the higher Sharpe Ratio (1.37 vs 0.50), 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.