CHPY vs. TLTX

Last updated Jul 17, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - CHPY is a Derivative Income fund actively managed by YieldMax, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. Over the past year, CHPY returned 98.32% vs 3.72% for TLTX. At a 0.23 correlation, their price movements are largely independent. CHPY charges 0.99%/yr vs 0.29%/yr for TLTX.

Performance

CHPY vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and Global X Treasury Bond Enhanced Income ETF (TLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHPY achieves a 63.11% return, which is significantly higher than TLTX's -1.59% return.

CHPY

• 1D: -4.40%
• 1M: -9.52%
• 6M: 49.62%
• YTD: 63.11%
• 1Y: 98.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: -0.20%
• 1M: -3.45%
• 6M: -2.30%
• YTD: -1.59%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CHPY vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	63.11%	21.17%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%

Correlation

The correlation between CHPY and TLTX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.23

Return for Risk

CHPY vs. TLTX — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 91
CHPY Sharpe Ratio Rank: 94
CHPY Sortino Ratio Rank: 85
CHPY Omega Ratio Rank: 88
CHPY Calmar Ratio Rank: 95
CHPY Martin Ratio Rank: 95

TLTX

TLTX Risk / Return Rank: 16
TLTX Sharpe Ratio Rank: 17
TLTX Sortino Ratio Rank: 15
TLTX Omega Ratio Rank: 15
TLTX Calmar Ratio Rank: 18
TLTX Martin Ratio Rank: 17

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.

CHPY vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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.

	CHPY	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	0.40	+2.36
Sortino ratio: Return per unit of downside risk	3.08	0.64	+2.44
Omega ratio: Gain probability vs. loss probability	1.44	1.08	+0.36
Calmar ratio: Return relative to maximum drawdown	5.84	0.59	+5.25
Martin ratio: Return relative to average drawdown	23.10	1.32	+21.78

CHPY vs. TLTX - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 2.77, which is higher than the TLTX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of CHPY and TLTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CHPY vs. TLTX - Drawdown Comparison

The maximum CHPY drawdown since its inception was -16.93%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for CHPY and TLTX.

Drawdown Indicators

	CHPY	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.93%	-6.35%	-10.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.93%	-6.35%	-10.58%
Current Drawdown Current decline from peak	-16.93%	-5.23%	-11.70%
Average Drawdown Average peak-to-trough decline	-2.48%	-2.38%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.83%	+1.44%

Volatility

CHPY vs. TLTX - Volatility Comparison

YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a higher volatility of 18.29% compared to Global X Treasury Bond Enhanced Income ETF (TLTX) at 2.87%. This indicates that CHPY's price experiences larger fluctuations and is considered to be riskier than TLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHPY	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.29%	2.87%	+15.42%
Volatility (6M) Calculated over the trailing 6-month period	31.41%	6.92%	+24.49%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	9.24%	+26.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.88%	9.24%	+28.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.88%	9.24%	+28.64%

CHPY vs. TLTX - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

CHPY vs. TLTX - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 36.41%, more than TLTX's 17.73% yield.

Position	TTM	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	36.41%	28.19%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%

Frequently Asked Questions

Can I hold both CHPY and TLTX in my portfolio?

CHPY and TLTX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or TLTX?

CHPY has higher volatility (18.29%) compared to TLTX (2.87%). In terms of maximum drawdown, CHPY dropped -16.93% vs TLTX's -6.35%.

Which ETF is better, CHPY or TLTX?

On 1-year performance, CHPY leads with 98.32% vs 3.72% for TLTX. On fees, TLTX is cheaper at 0.29% per year. On volatility, TLTX has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or TLTX?

Over the 1-year period, CHPY has performed better with a 98.32% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.99% for CHPY.

Which ETF pays a higher dividend yield, CHPY or TLTX?

CHPY has the higher dividend yield at 36.41%, compared with 17.73% for TLTX.

What is the main difference between CHPY and TLTX?

CHPY is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: YieldMax and Global X. Their fees differ too: 0.99% for CHPY and 0.29% for TLTX.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (2.77 vs 0.40), 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.