Dividend comparison
TLT vs TLTW: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares 20+ Year Treasury Bond ETF and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, side by side. Updated October 21, 2026.
TLT vs TLTW: key differences
The short answer, from the latest data on this page.
- Fees. TLT is cheaper at 0.15% a year versus 0.35% for TLTW. On $10,000 that is $20 a year less in fees.
- Income. TLTW pays more income, yielding 11.55% over the last twelve months versus 4.86% for TLT. That is about $669 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, TLTW returned 7.1% versus 5.3% for TLT, with dividends reinvested. $10,000 would have grown to $10,709 in TLTW and $10,530 in TLT.
- Risk. TLT has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -43.7%, against -18.6% for TLTW.
- Diversification. TLT holds 47 positions and TLTW holds 1.
- Dividend growth. TLT grew its yearly payout 14.9% a year over the last 2 years, versus -21.0% for TLTW.
- Size. TLT is the larger fund with $46.4 billion in assets, against $1.6 billion for TLTW.
Bottom line: TLT fits better if you care most about lower fees, faster dividend growth and broader diversification. TLTW fits better if you care most about more income today and smaller drawdowns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | TLT iShares 20+ Year Treasury Bond ETF | TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF |
|---|---|---|
| Dividend yield (TTM) | 4.86% | 11.55% |
| Dividend / share (TTM) | $3.89 | $2.39 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3116 on Oct 6, 2026 | $0.2886 on Oct 7, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 2, 2026 |
| Dividend growth (CAGR) | 14.9% over 4 yrs | -21.0% over 2 yrs |
| Price | $80.13 | $20.68 |
| Dividend growth streak | 4 years | 1 year |
| Beta | 2.40 | 1.68 |
| Max drawdown (5Y) | -43.7% | -18.6% |
| Market cap | $40.47B | $1.58B |
| Exchange | NASDAQ | CBOE |
| Expense ratio | 0.15% | 0.35% |
| Assets under management | $46.45B | $1.58B |
| Number of holdings | 47 | 1 |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
TLT
$40.47/mo
$486 /yr at 4.86% yield
TLTW
$96.21/mo
$1155 /yr at 11.55% yield
Dividend history
Total dividends paid per share in each calendar year. TLT pays monthly; TLTW pays monthly.
| Year | TLT | TLTW |
|---|---|---|
| 2025 | $3.8607 | $3.3590 |
| 2024 | $3.7549 | $3.4045 |
| 2023 | $3.3424 | $5.3817 |
| 2022 | $2.6563 | — |
| 2021 | $2.2165 | — |
Strategy: Bonds
Funds that hold government, corporate or municipal debt and pay out the interest as monthly income. The two numbers that explain most of their behavior are duration, which sets how much the price moves when interest rates change, and credit quality, which sets how much extra yield is earned for default risk. Long-term Treasury funds move a lot with rates, while short-term funds behave closer to cash.
Bond prices fall when interest rates rise, and long-duration funds can lose as much as stocks in a fast rate-hiking cycle.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Aug 22, 2022 would now be worth $8,064 in TLT and $8,830 in TLTW.
| Period | TLT | TLTW |
|---|---|---|
| 1 month | -1.38% | -1.57% |
| 3 months | -5.19% | -5.05% |
| Year to date | -8.07% | -8.78% |
| 1 year | -11.85% | -11.40% |
| 3 years | 5.30% | 7.09% |
| 5 years | -35.38% | — |
- TLT
- TLTW
Both series indexed to 100 on 2022-08-22 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- TLT
- TLTW
Quick verdict
TLT fits better if you care most about lower fees, faster dividend growth and broader diversification. TLTW fits better if you care most about more income today and smaller drawdowns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how TLT vs TLTW fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is TLT or TLTW better for dividend income?
It depends on your goals. TLT currently yields 4.86% Trailing Twelve Months (TTM) while TLTW yields 11.55%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between TLT and TLTW?
iShares 20+ Year Treasury Bond ETF (TLT) is an ETF listed on NASDAQ. iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, TLT or TLTW?
TLT has the lower expense ratio. TLT charges 0.15% a year and TLTW charges 0.35%, a difference of $20 a year on a $10,000 investment.
Which has performed better, TLT or TLTW?
Over the last 3 years, TLTW has the higher total return with dividends reinvested: TLT returned 5.3% and TLTW returned 7.1%. Past performance does not predict future returns.
Which is riskier, TLT or TLTW?
Measured by the worst peak-to-trough decline over the last five years, TLT has been riskier: TLT fell as much as 43.7% and TLTW as much as 18.6%. Their betas are 2.40 and 1.68.
How often do TLT and TLTW pay dividends?
Both pay monthly. The most recent payments were $0.3116 for TLT and $0.2886 for TLTW.
How much income does $10,000 in TLT vs TLTW generate?
At current TTM yields, $10,000 in TLT would generate roughly $40.47 per month ($486 annually). The same amount in TLTW would produce about $96.21 per month ($1155 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both TLT and TLTW?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare TLT vs TLTW with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how TLT and TLTW fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.