UTHY vs. TLTW
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 Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, UTHY returned -2.15%/yr vs 0.27%/yr for TLTW. Their correlation of 0.95 means they have usually moved in the same direction. UTHY charges 0.15%/yr vs 0.35%/yr for TLTW.
Performance
UTHY vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, UTHY achieves a -3.52% return, which is significantly lower than TLTW's -1.50% return.
UTHY
- 1D
- -0.59%
- 1M
- -3.91%
- 6M
- -3.34%
- YTD
- -3.52%
- 1Y
- -2.36%
- 3Y*
- -2.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.35%
TLTW
- 1D
- -0.65%
- 1M
- -3.60%
- 6M
- -1.68%
- YTD
- -1.50%
- 1Y
- 3.14%
- 3Y*
- 0.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.30M | $26.52M | $33.25M | |
| $6.52M | $5.25M | $5.75M |
UTHY vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | -3.52% | 3.47% | -8.07% | -2.77% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -1.50% | 11.36% | -2.18% | -6.18% |
Correlation
The correlation between UTHY and TLTW is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 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.
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Return for Risk
UTHY vs. TLTW — Risk / Return Rank
UTHY
TLTW
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.
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.
| UTHY | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.09 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 0.63 | -0.77 |
| Martin ratioReturn relative to average drawdown | -0.31 | 1.57 | -1.89 |
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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.
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Drawdown Indicators
| UTHY | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.86% | -18.61% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -5.97% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -12.93% | -1.97% |
Current DrawdownCurrent decline from peak | -14.25% | -5.79% | -8.46% |
Average DrawdownAverage peak-to-trough decline | -10.75% | -8.04% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 2.37% | +1.03% |
Volatility
UTHY vs. TLTW - Volatility Comparison
US Treasury 30 Year Bond ETF (UTHY) has a higher volatility of 2.33% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.20%. 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.
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Volatility by Period
| UTHY | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 2.20% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 5.94% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.98% | 7.70% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 11.26% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.46% | 11.26% | +2.20% |
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 5.26%, less than TLTW's 11.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.31% | 14.82% | 14.47% | 19.59% | 8.71% |
UTHY US Treasury 30 Year Bond ETF | 4.86% | 4.53% | 4.58% | 2.81% | 0.00% |
Frequently Asked Questions
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.
UTHY has higher volatility (2.33%) compared to TLTW (2.20%). In terms of maximum drawdown, UTHY dropped -21.86% vs TLTW's -18.61%.
On 3-year performance, TLTW leads with 0.27% vs -2.15% for UTHY. On fees, UTHY is cheaper at 0.15% per year. On volatility, TLTW has been the lower-risk option at 2.20%. 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 0.27% return vs -2.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTHY is cheaper with a 0.15% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.31%, compared with 4.86% for UTHY.
UTHY is categorized as Government Bonds, while TLTW is Derivative Income. 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.
TLTW currently has the higher Sharpe Ratio (0.49 vs -0.12), 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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