PYPY vs. TLTX

Last updated Jun 25, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - PYPY 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 0.21 correlation, their price movements are largely independent. PYPY charges 1.01%/yr vs 0.29%/yr for TLTX.

Performance

PYPY vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) 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, PYPY achieves a -24.69% return, which is significantly lower than TLTX's 1.95% return.

PYPY

• 1D: 1.60%
• 1M: -4.44%
• YTD: -24.69%
• 6M: -26.14%
• 1Y: -40.91%
• 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)

PYPY vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
PYPY Yieldmax PYPL Option Income Strategy ETF	-24.69%	-20.03%
TLTX Global X Treasury Bond Enhanced Income ETF	1.95%	6.02%

Correlation

The correlation between PYPY and TLTX is 0.21, 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	0.21

Return for Risk

PYPY vs. TLTX — Risk / Return Rank

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

PYPY

PYPY Risk / Return Rank: 1
PYPY Sharpe Ratio Rank: 0
PYPY Sortino Ratio Rank: 1
PYPY Omega Ratio Rank: 0
PYPY Calmar Ratio Rank: 1
PYPY Martin Ratio Rank: 1

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.

PYPY vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) 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.

	PYPY	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	—	—
Sortino ratio: Return per unit of downside risk	-1.61	—	—
Omega ratio: Gain probability vs. loss probability	0.76	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.45	—	—

Drawdowns

PYPY vs. TLTX - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for PYPY and TLTX.

Drawdown Indicators

	PYPY	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-6.35%	-47.29%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	—	—
Current Drawdown Current decline from peak	-50.11%	-1.82%	-48.29%
Average Drawdown Average peak-to-trough decline	-16.83%	-2.29%	-14.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.31%	—	—

Volatility

Volatility by Period

	PYPY	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.91%	9.28%	+24.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.95%	9.28%	+21.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.95%	9.28%	+21.67%

PYPY vs. TLTX - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

PYPY vs. TLTX - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 74.19%, more than TLTX's 17.11% yield.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	74.19%	64.68%	48.65%	5.70%
TLTX Global X Treasury Bond Enhanced Income ETF	17.11%	7.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYPY and TLTX in my portfolio?

PYPY and TLTX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PYPY 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, PYPY or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 1.01% for PYPY.

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

PYPY has the higher dividend yield at 74.19%, compared with 17.11% for TLTX.

What is the main difference between PYPY and TLTX?

PYPY is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: YieldMax and Global X. Their fees differ too: 1.01% for PYPY and 0.29% for TLTX.