WIP vs. TLTW
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), 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, WIP returned 5.08%/yr vs 0.74%/yr for TLTW. At a 0.45 correlation, their price movements are largely independent. WIP charges 0.50%/yr vs 0.35%/yr for TLTW.
Performance
WIP vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.31% return, which is significantly higher than TLTW's 1.21% return.
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
WIP vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -3.66% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between WIP and TLTW is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.45 |
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Return for Risk
WIP vs. TLTW — Risk / Return Rank
WIP
TLTW
WIP vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) 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.
| WIP | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.76 | +0.24 |
| Martin ratioReturn relative to average drawdown | 5.98 | 5.28 | +0.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WIP | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.37 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.03 | +0.15 |
Drawdowns
WIP vs. TLTW - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for WIP and TLTW.
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Drawdown Indicators
| WIP | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -18.61% | -10.99% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -5.97% | +0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -17.19% | +6.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -3.20% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -8.25% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 1.99% | -0.27% |
Volatility
WIP vs. TLTW - Volatility Comparison
SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 2.95% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that WIP'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
| WIP | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 2.48% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 5.79% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 7.70% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 11.39% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 11.39% | -1.23% |
WIP vs. TLTW - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
WIP vs. TLTW - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, less than TLTW's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
WIP and TLTW have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to TLTW (2.48%). In terms of maximum drawdown, WIP dropped -29.60% vs TLTW's -18.61%.
On 3-year performance, WIP leads with 5.08% vs 0.74% for TLTW. On fees, TLTW is cheaper at 0.35% 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.
Over the 3-year period, WIP has performed better with a 5.08% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.50% for WIP.
TLTW has the higher dividend yield at 11.76%, compared with 5.79% for WIP.
WIP is categorized as Inflation-Protected Bonds, while TLTW is Options Trading. WIP tracks FTSE International Inflation-Linked Securities Select (USD), while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for WIP and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.37 vs 1.18), 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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