PAYH vs. TLTX

Last updated Jun 5, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - PAYH is a Derivative Income fund actively managed by TrueShares, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. PAYH charges 0.74%/yr vs 0.29%/yr for TLTX.

Performance

PAYH vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable High Income ETF (PAYH) 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, PAYH achieves a 8.63% return, which is significantly higher than TLTX's 0.25% return.

PAYH

• 1D: -0.66%
• 1M: 0.43%
• YTD: 8.63%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: 0.61%
• 1M: 0.23%
• YTD: 0.25%
• 6M: -0.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAYH vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	8.63%	-0.58%
TLTX Global X Treasury Bond Enhanced Income ETF	0.25%	-0.22%

Correlation

The correlation between PAYH and TLTX is 0.18, 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 Dec 31, 2025	0.18

Return for Risk

PAYH vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable High Income ETF (PAYH) 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.

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

Sharpe Ratios by Period

	PAYH	TLTX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.70	+0.14

Drawdowns

PAYH vs. TLTX - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for PAYH and TLTX.

Drawdown Indicators

	PAYH	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-6.35%	-9.98%
Current Drawdown Current decline from peak	-1.04%	-3.46%	+2.42%
Average Drawdown Average peak-to-trough decline	-2.76%	-2.27%	-0.49%

Volatility

Volatility by Period

	PAYH	TLTX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	9.14%	+14.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	9.14%	+14.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	9.14%	+14.50%

PAYH vs. TLTX - Expense Ratio Comparison

PAYH has a 0.74% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

PAYH vs. TLTX - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 6.46%, less than TLTX's 15.70% yield.

Position	TTM	2025
PAYH TrueShares S&P Autocallable High Income ETF	6.46%	0.00%
TLTX Global X Treasury Bond Enhanced Income ETF	15.70%	7.54%

Frequently Asked Questions

Can I hold both PAYH and TLTX in my portfolio?

PAYH and TLTX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYH 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, PAYH or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.74% for PAYH.

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

TLTX has the higher dividend yield at 15.70%, compared with 6.46% for PAYH.

What is the main difference between PAYH and TLTX?

PAYH is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: TrueShares and Global X. Their fees differ too: 0.74% for PAYH and 0.29% for TLTX.