XUSP vs. TLTW

Last updated Jun 4, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Options Trading funds. XUSP is actively managed, while TLTW is passively managed. Over the past 3 years, XUSP returned 25.24%/yr vs 0.74%/yr for TLTW. At a 0.19 correlation, their price movements are largely independent. XUSP charges 0.79%/yr vs 0.35%/yr for TLTW.

Performance

XUSP vs. TLTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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, XUSP achieves a 12.67% return, which is significantly higher than TLTW's 1.21% return.

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 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)

XUSP vs. TLTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	26.46%	-7.36%
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	1.21%	11.36%	-2.18%	0.73%	-11.09%

Correlation

The correlation between XUSP and TLTW is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.19

Return for Risk

XUSP vs. TLTW — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

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.

XUSP vs. TLTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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.

	XUSP	TLTW	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.37	+0.77
Sortino ratio: Return per unit of downside risk	2.87	1.96	+0.91
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	2.80	1.76	+1.04
Martin ratio: Return relative to average drawdown	11.82	5.28	+6.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSP vs. TLTW - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 2.13, which is higher than the TLTW Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of XUSP 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

	XUSP	TLTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.37	+0.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	-0.03	+1.07

Drawdowns

XUSP vs. TLTW - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for XUSP and TLTW.

Drawdown Indicators

	XUSP	TLTW	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-18.61%	-3.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-5.97%	-6.16%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	-17.19%	-5.40%
Current Drawdown Current decline from peak	-0.86%	-3.20%	+2.34%
Average Drawdown Average peak-to-trough decline	-4.42%	-8.25%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.99%	+0.87%

Volatility

XUSP vs. TLTW - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) has a higher volatility of 4.13% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that XUSP'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

	XUSP	TLTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	2.48%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	5.79%	+6.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	7.70%	+8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	11.39%	+7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	11.39%	+7.82%

XUSP vs. TLTW - Expense Ratio Comparison

XUSP has a 0.79% expense ratio, which is higher than TLTW's 0.35% expense ratio.

Dividends

XUSP vs. TLTW - Dividend Comparison

XUSP has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 11.76%.

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%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSP and TLTW in my portfolio?

XUSP and TLTW have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XUSP or TLTW?

XUSP has higher volatility (4.13%) compared to TLTW (2.48%). In terms of maximum drawdown, XUSP dropped -22.59% vs TLTW's -18.61%.

Which ETF is better, XUSP or TLTW?

On 3-year performance, XUSP leads with 25.24% 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.

Which ETF has performed better, XUSP or TLTW?

Over the 3-year period, XUSP has performed better with a 25.24% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or TLTW?

TLTW is cheaper with a 0.35% expense ratio, compared with 0.79% for XUSP.

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

TLTW has the higher dividend yield at 11.76%, compared with 0.00% for XUSP.

What is the main difference between XUSP and TLTW?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for XUSP and 0.35% for TLTW.

Which has better risk-adjusted returns?

XUSP currently has the higher Sharpe Ratio (2.13 vs 1.37), 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.