ISEM.L vs. TLTI.L

Last updated Jun 5, 2026

ISEM.L (IncomeShares Semiconductors Leaders ETP) and TLTI.L (IncomeShares 20+ Year Treasury (TLT) Options ETP) are both Derivative Income funds. ISEM.L is passively managed, while TLTI.L is actively managed. At a correlation of -0.01, they often move in opposite directions. ISEM.L charges 0.45%/yr vs 0.55%/yr for TLTI.L.

Performance

ISEM.L vs. TLTI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in IncomeShares Semiconductors Leaders ETP (ISEM.L) and IncomeShares 20+ Year Treasury (TLT) Options ETP (TLTI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISEM.L is traded in GBp, while TLTI.L is traded in USD. To make them comparable, the TLTI.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

ISEM.L

• 1D: -1.88%
• 1M: 20.31%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTI.L

• 1D: 0.81%
• 1M: 1.33%
• YTD: -4.65%
• 6M: -6.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISEM.L vs. TLTI.L - Yearly Performance Comparison

	2026 (YTD)
ISEM.L IncomeShares Semiconductors Leaders ETP	54.74%
TLTI.L IncomeShares 20+ Year Treasury (TLT) Options ETP	-3.12%

Correlation

The correlation between ISEM.L and TLTI.L is -0.01, 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 Mar 27, 2026	-0.01

Return for Risk

ISEM.L vs. TLTI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares Semiconductors Leaders ETP (ISEM.L) and IncomeShares 20+ Year Treasury (TLT) Options ETP (TLTI.L). 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.

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

Sharpe Ratios by Period

	ISEM.L	TLTI.L	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	25.95	-0.26	+26.22

Drawdowns

ISEM.L vs. TLTI.L - Drawdown Comparison

The maximum ISEM.L drawdown since its inception was -6.35%, smaller than the maximum TLTI.L drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for ISEM.L and TLTI.L.

Drawdown Indicators

	ISEM.L	TLTI.L	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-14.19%	+7.84%
Current Drawdown Current decline from peak	-1.88%	-12.68%	+10.80%
Average Drawdown Average peak-to-trough decline	-0.98%	-6.59%	+5.61%

Volatility

Volatility by Period

	ISEM.L	TLTI.L	Difference
Volatility (1Y) Calculated over the trailing 1-year period	41.02%	13.42%	+27.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.02%	13.42%	+27.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.02%	13.42%	+27.60%

ISEM.L vs. TLTI.L - Expense Ratio Comparison

ISEM.L has a 0.45% expense ratio, which is lower than TLTI.L's 0.55% expense ratio.

Dividends

ISEM.L vs. TLTI.L - Dividend Comparison

ISEM.L's dividend yield for the trailing twelve months is around 14.10%, more than TLTI.L's 0.11% yield.

Position	TTM	2025
ISEM.L IncomeShares Semiconductors Leaders ETP	14.10%	0.00%
TLTI.L IncomeShares 20+ Year Treasury (TLT) Options ETP	0.11%	0.02%

Frequently Asked Questions

Can I hold both ISEM.L and TLTI.L in my portfolio?

ISEM.L and TLTI.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISEM.L or TLTI.L?

On fees, ISEM.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISEM.L or TLTI.L?

ISEM.L is cheaper with a 0.45% expense ratio, compared with 0.55% for TLTI.L.

What is the main difference between ISEM.L and TLTI.L?

They also come from different issuers: IncomeShares and Leverage Shares. Their fees differ too: 0.45% for ISEM.L and 0.55% for TLTI.L.