TLT vs TLTW
iShares 20+ Year Treasury Bond ETF compared with iShares 20+ Year Treasury Bond Buywrite Strategy ETF on yield, payout growth, payment schedule, cost and risk.
TLT
iShares 20+ Year Treasury Bond ETF
TTM yield · Monthly
TLTW
iShares 20+ Year Treasury Bond Buywrite Strategy ETF
TTM yield · Monthly
Quick take
- TLTW yields more today: 9.74% vs 4.73% (forward).
- TLT has grown its payout faster: 7.2%/yr vs -26.5%/yr over the last 3 years.
- Both pay every month.
- Over the last year TLTW delivered the higher total return: +2.8% vs -0.6% (price change plus payouts).
- TLT is cheaper to own: 0.15% vs 0.35% expense ratio.
- TLT has the steadier distribution: consistency 96/100 vs 65/100.
Generated from the latest data on both pages. Not a recommendation.
Side by side
| Metric | TLT | TLTW |
|---|---|---|
| Share price | $82.20 | $21.20 |
| TTM yield | 4.73% | 10.58% |
| Forward yield | 4.73% | 9.74% |
| Annual payout per share | $3.89 | $2.064 |
| Payment frequency | Monthly | Monthly |
| Next ex-date | Oct 1, 2026 (est.) | Oct 2, 2026 (est.) |
| Expense ratio | 0.15% | 0.35% |
| 1-year payout growth | +0.6% | -41.7% |
| 5-year payout CAGR | +12.5% | — |
| Consecutive years of increases | 0 years | 0 years |
| Payout consistency (last 12) | 96/100 | 65/100 |
| 1-year total return | -0.6% | +2.8% |
| 1-year price return | -5.1% | -7.1% |
| Size (market cap / AUM) | 47.0B | 1.8B |
| Years paying | 24.0 | 4.0 |
| Sector / category | Long Government | Long Government |
✓ marks the more favourable figure where one exists (higher yield, growth, streak, consistency, return and size; lower cost, payout ratio and risk).
$10,000 invested today
| TLT | TLTW | |
|---|---|---|
| Shares | 121.7 | 471.7 |
| Income per year | $473 | $974 |
| Income per month (avg) | $39 | $81 |
At forward yields, before taxes. Model TLT · Model TLTW
Next payments
| Ex-date | Pay date | Per share | Status |
|---|---|---|---|
| TLT Oct 1, 2026 | Oct 4, 2026 | $0.3242 | Est. |
| TLT Oct 31, 2026 | Nov 3, 2026 | $0.3242 | Est. |
| TLT Nov 30, 2026 | Dec 3, 2026 | $0.3242 | Est. |
| TLTW Oct 2, 2026 | Oct 16, 2026 | $0.172 | Est. |
| TLTW Nov 1, 2026 | Nov 15, 2026 | $0.172 | Est. |
| TLTW Dec 1, 2026 | Dec 15, 2026 | $0.172 | Est. |
Annual payouts per share
TLTTLTW
Regular payments only; the current year is year to date. Per-share amounts are not directly comparable when share prices differ, so read this chart for growth trends.
FAQ
Which has the higher dividend yield, TLT or TLTW?
TLTW currently has the higher trailing yield: TLT yields 4.73% and TLTW yields 10.58%. Yield changes daily with price, so check the live figures above.
How often do TLT and TLTW pay?
TLT pays every month and TLTW pays every month. TLT's next ex-date is Oct 1, 2026 and TLTW's is Oct 2, 2026.
Which has grown its dividend faster, TLT or TLTW?
TLT has grown its payout faster: 7.2%/yr vs -26.5%/yr over the last 3 years.
Is TLT or TLTW better for income?
It depends on what you are optimising for. TLT and TLTW differ in yield, growth, payment schedule and risk profile; the table above puts every metric side by side so you can weigh them for your own goals. This page is data, not advice.