DRAY vs. TLTX

Last updated Jul 16, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - DRAY 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, DRAY returned -42.41% vs 4.54% for TLTX. At a correlation of -0.03, they often move in opposite directions. DRAY charges 0.99%/yr vs 0.29%/yr for TLTX.

Performance

DRAY vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DKNG Option Income Strategy ETF (DRAY) 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, DRAY achieves a -28.70% return, which is significantly lower than TLTX's -1.39% return.

DRAY

• 1D: 0.34%
• 1M: -9.99%
• 6M: -27.98%
• YTD: -28.70%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: 0.15%
• 1M: -3.09%
• 6M: -1.83%
• YTD: -1.39%
• 1Y: 4.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRAY vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.70%	-19.23%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.39%	6.02%

Correlation

The correlation between DRAY and TLTX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	-0.03

Return for Risk

DRAY vs. TLTX — Risk / Return Rank

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

DRAY

DRAY Risk / Return Rank: 2
DRAY Sharpe Ratio Rank: 2
DRAY Sortino Ratio Rank: 2
DRAY Omega Ratio Rank: 1
DRAY Calmar Ratio Rank: 3
DRAY Martin Ratio Rank: 4

TLTX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DRAY vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) 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.

	DRAY	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	—	—
Sortino ratio: Return per unit of downside risk	-1.37	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.74	—	—
Martin ratio: Return relative to average drawdown	-1.13	—	—

Drawdowns

DRAY vs. TLTX - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for DRAY and TLTX.

Drawdown Indicators

	DRAY	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-6.35%	-51.52%
Max Drawdown (1Y) Largest decline over 1 year	-57.87%	-6.35%	-51.52%
Current Drawdown Current decline from peak	-48.25%	-5.04%	-43.21%
Average Drawdown Average peak-to-trough decline	-32.92%	-2.37%	-30.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.71%	—	—

Volatility

Volatility by Period

	DRAY	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.33%	9.26%	+33.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.33%	9.26%	+33.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.33%	9.26%	+33.07%

DRAY vs. TLTX - Expense Ratio Comparison

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

Dividends

DRAY vs. TLTX - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 101.99%, more than TLTX's 17.69% yield.

Position	TTM	2025
DRAY YieldMax DKNG Option Income Strategy ETF	101.99%	32.48%
TLTX Global X Treasury Bond Enhanced Income ETF	17.69%	7.54%

Frequently Asked Questions

Can I hold both DRAY and TLTX in my portfolio?

DRAY and TLTX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRAY or TLTX?

On 1-year performance, TLTX leads with 4.54% vs -42.41% for DRAY. On fees, TLTX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRAY or TLTX?

Over the 1-year period, TLTX has performed better with a 4.54% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRAY or TLTX?

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

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

DRAY has the higher dividend yield at 101.99%, compared with 17.69% for TLTX.

What is the main difference between DRAY and TLTX?

DRAY 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 DRAY and 0.29% for TLTX.