XPAY vs. TLTW
XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Derivative Income funds. XPAY is actively managed, while TLTW is passively managed. Over the past year, XPAY returned 24.99% vs 9.45% for TLTW. At a 0.22 correlation, their price movements are largely independent. XPAY charges 0.49%/yr vs 0.35%/yr for TLTW.
Performance
XPAY vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, XPAY achieves a 8.67% return, which is significantly higher than TLTW's 1.90% return.
XPAY
- 1D
- 0.27%
- 1M
- -1.03%
- YTD
- 8.67%
- 6M
- 8.87%
- 1Y
- 24.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.14%
- 1M
- 1.53%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
XPAY vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 8.67% | 16.78% | 1.60% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.85% |
Correlation
The correlation between XPAY and TLTW is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024 | 0.22 |
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Return for Risk
XPAY vs. TLTW — Risk / Return Rank
XPAY
TLTW
XPAY vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) 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.
| XPAY | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.21 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.52 | +0.99 |
| Martin ratioReturn relative to average drawdown | 11.28 | 4.41 | +6.87 |
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Drawdowns
XPAY vs. TLTW - Drawdown Comparison
The maximum XPAY drawdown since its inception was -18.20%, roughly equal to the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for XPAY and TLTW.
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Drawdown Indicators
| XPAY | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.20% | -18.61% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -9.34% | -5.97% | -3.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -2.61% | -2.54% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -8.20% | +5.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 2.05% | +0.03% |
Volatility
XPAY vs. TLTW - Volatility Comparison
Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a higher volatility of 4.24% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that XPAY'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
| XPAY | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 2.31% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 5.85% | +3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.25% | 7.68% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.81% | 11.36% | +5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.81% | 11.36% | +5.45% |
XPAY vs. TLTW - Expense Ratio Comparison
XPAY has a 0.49% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
XPAY vs. TLTW - Dividend Comparison
XPAY's dividend yield for the trailing twelve months is around 21.03%, more than TLTW's 11.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% |
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 21.03% | 21.21% | 3.40% | 0.00% | 0.00% |
Frequently Asked Questions
XPAY and TLTW have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPAY has higher volatility (4.24%) compared to TLTW (2.31%). In terms of maximum drawdown, XPAY dropped -18.20% vs TLTW's -18.61%.
On 1-year performance, XPAY leads with 24.99% vs 9.45% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, XPAY has performed better with a 24.99% return vs 9.45%. 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 0.49% for XPAY.
XPAY has the higher dividend yield at 21.03%, compared with 11.68% for TLTW.
They also come from different issuers: Roundhill and iShares. Their fees differ too: 0.49% for XPAY and 0.35% for TLTW.
XPAY currently has the higher Sharpe Ratio (1.91 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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