ISPY vs. TLTX

Last updated Jul 16, 2026

ISPY (ProShares S&P 500 High Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while TLTX is a Government Bonds fund actively managed by Global X. ISPY is passively managed, while TLTX is actively managed. Over the past year, ISPY returned 19.35% vs 4.54% for TLTX. At a 0.24 correlation, their price movements are largely independent. ISPY charges 0.55%/yr vs 0.29%/yr for TLTX.

Performance

ISPY vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 9.52% return, which is significantly higher than TLTX's -1.39% return.

ISPY

• 1D: 0.35%
• 1M: 0.30%
• 6M: 8.15%
• YTD: 9.52%
• 1Y: 19.35%
• 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)

ISPY vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
ISPY ProShares S&P 500 High Income ETF	9.52%	8.98%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.39%	6.02%

Correlation

The correlation between ISPY and TLTX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.24

Return for Risk

ISPY vs. TLTX — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 58
ISPY Sharpe Ratio Rank: 58
ISPY Sortino Ratio Rank: 54
ISPY Omega Ratio Rank: 57
ISPY Calmar Ratio Rank: 57
ISPY Martin Ratio Rank: 64

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.

ISPY vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	—	—
Sortino ratio: Return per unit of downside risk	2.12	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	9.17	—	—

Drawdowns

ISPY vs. TLTX - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for ISPY and TLTX.

Drawdown Indicators

	ISPY	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-6.35%	-10.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.35%	-2.08%
Current Drawdown Current decline from peak	-0.79%	-5.04%	+4.25%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.37%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	—	—

Volatility

Volatility by Period

	ISPY	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	9.26%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	9.26%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	9.26%	+4.46%

ISPY vs. TLTX - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

ISPY vs. TLTX - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.62%, less than TLTX's 17.69% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.62%	8.56%	9.84%
TLTX Global X Treasury Bond Enhanced Income ETF	17.69%	7.54%	0.00%

Frequently Asked Questions

Can I hold both ISPY and TLTX in my portfolio?

ISPY and TLTX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISPY or TLTX?

On 1-year performance, ISPY leads with 19.35% vs 4.54% for 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 has performed better, ISPY or TLTX?

Over the 1-year period, ISPY has performed better with a 19.35% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.55% for ISPY.

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

TLTX has the higher dividend yield at 17.69%, compared with 4.62% for ISPY.

What is the main difference between ISPY and TLTX?

ISPY is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.55% for ISPY and 0.29% for TLTX.