PAPI vs. TLTX

Last updated Jun 24, 2026

PAPI (Parametric Equity Premium Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - PAPI is a Derivative Income fund actively managed by Morgan Stanley, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.29% expense ratio.

Performance

PAPI vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Premium Income ETF (PAPI) 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, PAPI achieves a 6.57% return, which is significantly higher than TLTX's 1.13% return.

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: -1.58%
• 1M: 2.06%
• YTD: 1.13%
• 6M: 1.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPI vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
PAPI Parametric Equity Premium Income ETF	6.57%	5.33%
TLTX Global X Treasury Bond Enhanced Income ETF	1.13%	6.02%

Correlation

The correlation between PAPI and TLTX is 0.17, 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	0.17

Return for Risk

PAPI vs. TLTX — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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.

PAPI vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) 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.

	PAPI	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	—	—
Sortino ratio: Return per unit of downside risk	1.74	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.76	—	—
Martin ratio: Return relative to average drawdown	4.42	—	—

Drawdowns

PAPI vs. TLTX - Drawdown Comparison

The maximum PAPI drawdown since its inception was -14.27%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for PAPI and TLTX.

Drawdown Indicators

	PAPI	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-6.35%	-7.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	—	—
Current Drawdown Current decline from peak	-4.37%	-2.62%	-1.75%
Average Drawdown Average peak-to-trough decline	-2.77%	-2.29%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	—	—

Volatility

Volatility by Period

	PAPI	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	9.26%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	9.26%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	9.26%	+2.47%

PAPI vs. TLTX - Expense Ratio Comparison

Both PAPI and TLTX have an expense ratio of 0.29%.

Dividends

PAPI vs. TLTX - Dividend Comparison

PAPI's dividend yield for the trailing twelve months is around 7.56%, less than TLTX's 17.25% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%
TLTX Global X Treasury Bond Enhanced Income ETF	17.25%	7.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAPI and TLTX in my portfolio?

PAPI and TLTX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAPI or TLTX?

Both ETFs have the same 0.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAPI or TLTX?

PAPI and TLTX have the same expense ratio: 0.29% per year.

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

TLTX has the higher dividend yield at 17.25%, compared with 7.56% for PAPI.

What is the main difference between PAPI and TLTX?

PAPI is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: Morgan Stanley and Global X.