iShares 20+ Year Treasury Bond BuyWrite… (TLTW) Performance
TLTW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.5% since Dec 31, 2025
- 1 year
- −2.6% total return
- 3 years
- +5.3% a year
- Since first price
- −0.7% a year since 2022
TLTW trailing returns vs AGG, TLT, SPY
| Period | TLTW total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.7% | +0.2% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.0% | −2.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.3% | −7.0% | −1.5% | −3.8% | +7.8% |
| YTD | −0.5% | −7.7% | −1.0% | −3.4% | +12.3% |
| 1 year | −2.6% | −12.5% | −1.1% | −6.9% | +14.4% |
| 3 years | +16.7%+5.3%/yr | −22.9% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionAug 22, 2022 | −2.9%−0.7%/yr | −47.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TLTW vs AGG
From Aug 22, 2022: TLTW grew to $9,709, AGG to $10,974.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TLTW returns by calendar year
2 of 3 full years positive. Best 2025 (+11.4%), worst 2024 (−2.2%). 2026 is year to date.
TLTW annual returns table
| Year | TLTW | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.5% | −9.6% | −1.0% | −3.4% | +12.3% |
| 2025 | +11.4% | −5.8% | +7.2% | +4.3% | +17.7% |
| 2024 | −2.2% | −9.5% | +1.3% | −8.1% | +24.9% |
| 2023 | +0.8% | −17.2% | +5.7% | +2.8% | +26.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TLTW largest drawdowns
Now 4.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 26, 2022 | −18.6% | Oct 19, 2023 | Feb 17, 2026 | 1.1 years | 3.5 years |
| Feb 27, 2026 | −9.6% | Oct 5, 2026 | not yet | 7 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
TLTW risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +1.9% | −1.7% |
| Volatility (annualized) | 10.0% | 12.1% |
| Sharpe ratio | -0.20 | -0.44 |
| Sortino ratio | -0.26 | -0.56 |
| Best month | +5.9% | +8.2% |
| Worst month | −5.6% | −6.6% |
| Best 12 months | +11.4% | +11.4% |
| Worst 12 months | −4.3% | −14.4% |
| Positive months | 61% | 55% |
| Beta vs S&P 500 | 0.36 | — |
| Correlation with S&P 500 | 0.45 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TLTW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 39 | −14.4% | +1.9% | +11.4% | 59% |
| 3-year (a year) | 15 | −2.1% | +1.3% | +5.3% | 87% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
TLTW performance overview
iShares 20+ Year Treasury Bond BuyWrite… (TLTW) returned −2.6% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned −0.7% a year, turning $10,000 into about $9,709. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −18.6%, from Aug 26, 2022 to Oct 19, 2023, and it took 2.3 years to get back to the old high. TLTW finished 2 of its 3 full calendar years with a gain; the best year was 2025 (+11.4%) and the worst 2024 (−2.2%). Volatility has been 12.1% a year.
Related: TLTW chart, TLTW dividends, TLTW bond profile. See the TLTW overview for the latest quote and fund facts.
TLTW performance FAQ
What is the TLTW return over the past year?
TLTW returned −2.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 12.5%.
How much would $10,000 invested in TLTW be worth?
$10,000 invested in TLTW at its first recorded close on August 22, 2022 would be worth about $9,709 on October 23, 2026 with distributions reinvested.
What was the worst year for TLTW?
The worst calendar year was 2024, with a total return of −2.2%. The best was 2025 at +11.4%.
What is the biggest drawdown of TLTW?
The largest peak-to-trough decline was −18.6% between August 26, 2022 and October 19, 2023. It recovered to the old high on February 17, 2026, 2.3 years after the bottom.
How volatile is TLTW?
Over the past 3 years TLTW had an annualized volatility of 10.0% and a Sharpe ratio of -0.20 (excess return over 1–3 month T-bills per unit of risk).