DRAY vs. TLTX

Last updated Jun 25, 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. At a correlation of -0.02, 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 -30.74% return, which is significantly lower than TLTX's 1.95% return.

DRAY

• 1D: -1.87%
• 1M: -2.57%
• YTD: -30.74%
• 6M: -30.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: 0.82%
• 1M: 2.89%
• YTD: 1.95%
• 6M: 1.21%
• 1Y: —
• 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	-30.74%	-19.23%
TLTX Global X Treasury Bond Enhanced Income ETF	1.95%	6.02%

Correlation

The correlation between DRAY and TLTX is -0.02, 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	-0.02

Return for Risk

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.

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

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%
Current Drawdown Current decline from peak	-49.73%	-1.82%	-47.91%
Average Drawdown Average peak-to-trough decline	-32.06%	-2.29%	-29.77%

Volatility

Volatility by Period

	DRAY	TLTX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	41.82%	9.28%	+32.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.82%	9.28%	+32.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.82%	9.28%	+32.54%

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 98.00%, more than TLTX's 17.11% yield.

Position	TTM	2025
DRAY YieldMax DKNG Option Income Strategy ETF	98.00%	32.48%
TLTX Global X Treasury Bond Enhanced Income ETF	17.11%	7.54%

Frequently Asked Questions

Can I hold both DRAY and TLTX in my portfolio?

DRAY and TLTX have a correlation of -0.02, 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 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 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 98.00%, compared with 17.11% 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.