YLD vs. TLTW
YLD (Principal Active High Yield ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - YLD is a High Yield Bonds fund actively managed by Principal, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). YLD is actively managed, while TLTW is passively managed. Over the past 3 years, YLD returned 8.77%/yr vs 1.13%/yr for TLTW. At a 0.39 correlation, their price movements are largely independent. YLD charges 0.39%/yr vs 0.35%/yr for TLTW.
Performance
YLD vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, YLD achieves a 3.11% return, which is significantly higher than TLTW's 1.90% return.
YLD
- 1D
- 0.48%
- 1M
- 1.27%
- YTD
- 3.11%
- 6M
- 3.78%
- 1Y
- 7.53%
- 3Y*
- 8.77%
- 5Y*
- 4.83%
- 10Y*
- 5.85%
TLTW
- 1D
- -0.14%
- 1M
- 2.84%
- YTD
- 1.90%
- 6M
- 2.26%
- 1Y
- 9.45%
- 3Y*
- 1.13%
- 5Y*
- —
- 10Y*
- —
YLD vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
YLD Principal Active High Yield ETF | 3.11% | 6.55% | 9.19% | 12.93% | -0.97% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.90% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between YLD and TLTW is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.39 |
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Return for Risk
YLD vs. TLTW — Risk / Return Rank
YLD
TLTW
YLD vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Active High Yield ETF (YLD) 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.
| YLD | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.21 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 1.52 | +2.18 |
| Martin ratioReturn relative to average drawdown | 12.68 | 4.41 | +8.28 |
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Drawdowns
YLD vs. TLTW - Drawdown Comparison
The maximum YLD drawdown since its inception was -28.34%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for YLD and TLTW.
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Drawdown Indicators
| YLD | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.34% | -18.61% | -9.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -5.97% | +3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -5.62% | -17.19% | +11.57% |
Max Drawdown (5Y)Largest decline over 5 years | -13.89% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.34% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -2.54% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -8.20% | +5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 2.05% | -1.47% |
Volatility
YLD vs. TLTW - Volatility Comparison
The current volatility for Principal Active High Yield ETF (YLD) is 1.34%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.31%. This indicates that YLD experiences smaller price fluctuations and is considered to be less risky 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
| YLD | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 2.31% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 5.85% | -2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 7.68% | -3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 11.36% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.20% | 11.36% | -3.16% |
YLD vs. TLTW - Expense Ratio Comparison
YLD has a 0.39% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
YLD vs. TLTW - Dividend Comparison
YLD's dividend yield for the trailing twelve months is around 7.25%, less than TLTW's 11.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.68% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
YLD Principal Active High Yield ETF | 7.25% | 7.33% | 7.12% | 6.46% | 6.51% | 3.92% | 4.40% | 4.81% | 5.42% | 6.28% | 4.47% | 2.56% |
Frequently Asked Questions
YLD and TLTW have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.31%) compared to YLD (1.34%). In terms of maximum drawdown, YLD dropped -28.34% vs TLTW's -18.61%.
On 3-year performance, YLD leads with 8.77% vs 1.13% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, YLD has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, YLD has performed better with a 8.77% return vs 1.13%. 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 0.39% for YLD.
TLTW has the higher dividend yield at 11.68%, compared with 7.25% for YLD.
YLD is categorized as High Yield Bonds, while TLTW is Derivative Income. They also come from different issuers: Principal and iShares. Their fees differ too: 0.39% for YLD and 0.35% for TLTW.
YLD currently has the higher Sharpe Ratio (1.68 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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