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QYLD vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QYLD vs. TLT

Last updated Jun 9, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, QYLD returned 9.77%/yr vs -1.85%/yr for TLT. At a correlation of -0.11, they often move in opposite directions. QYLD charges 0.60%/yr vs 0.15%/yr for TLT.

Performance

QYLD vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Covered Call ETF (QYLD) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QYLD achieves a 7.05% return, which is significantly higher than TLT's -1.08% return. Over the past 10 years, QYLD has outperformed TLT with an annualized return of 9.77%, while TLT has yielded a comparatively lower -1.85% annualized return.

QYLD

1D
1.07%
1M
0.23%
YTD
7.05%
6M
8.87%
1Y
22.45%
3Y*
13.42%
5Y*
8.24%
10Y*
9.77%

TLT

1D
-0.52%
1M
-1.31%
YTD
-1.08%
6M
-1.51%
1Y
3.67%
3Y*
-2.05%
5Y*
-6.70%
10Y*
-1.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QYLD vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QYLD
Global X NASDAQ 100 Covered Call ETF		7.05%9.28%19.35%22.77%-19.08%10.41%8.72%22.69%-3.07%18.79%
TLT
iShares 20+ Year Treasury Bond ETF		-1.08%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between QYLD and TLT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Dec 12, 2013

-0.11

The correlation between QYLD and TLT shifts across timeframes, from -0.11 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X NASDAQ 100 Covered Call ETF

iShares 20+ Year Treasury Bond ETF

Often compared with QYLD:
QYLD vs. JEPQQYLD vs. JEPIQYLD vs. QQQQYLD vs. XYLDQYLD vs. RYLDQYLD vs. SCHDQYLD vs. QYLG
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

QYLD vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QYLD
QYLD Risk / Return Rank: 8989
Overall Rank
QYLD Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
QYLD Sortino Ratio Rank: 8686
Sortino Ratio Rank
QYLD Omega Ratio Rank: 9292
Omega Ratio Rank
QYLD Calmar Ratio Rank: 8787
Calmar Ratio Rank
QYLD Martin Ratio Rank: 9595
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1515
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1414
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
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.

QYLD vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

QYLDTLTDifference
Sharpe ratioReturn per unit of total volatility
2.56
0.38

+2.17

Sortino ratioReturn per unit of downside risk
3.53
0.62

+2.91

Omega ratioGain probability vs. loss probability

1.57

1.07

+0.50

Calmar ratioReturn relative to maximum drawdown

4.54

0.49

+4.05

Martin ratioReturn relative to average drawdown

26.31

1.19

+25.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QYLD vs. TLT - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.56, which is higher than the TLT Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of QYLD and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

QYLDTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.56

0.38

+2.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

-0.42

+0.99

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

-0.12

+0.76

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.25

+0.33

Drawdowns

QYLD vs. TLT - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for QYLD and TLT.

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Drawdown Indicators

QYLDTLTDifference

Max Drawdown

Largest peak-to-trough decline

-24.75%

-48.35%

+23.60%

Max Drawdown (1Y)

Largest decline over 1 year

-4.97%

-7.58%

+2.61%

Max Drawdown (3Y)

Largest decline over 3 years

-19.06%

-19.18%

+0.12%

Max Drawdown (5Y)

Largest decline over 5 years

-24.61%

-43.70%

+19.09%

Max Drawdown (10Y)

Largest decline over 10 years

-24.75%

-48.35%

+23.60%

Current Drawdown

Current decline from peak

-0.83%

-40.92%

+40.09%

Average Drawdown

Average peak-to-trough decline

-3.83%

-13.83%

+10.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.86%

3.08%

-2.22%

Volatility

QYLD vs. TLT - Volatility Comparison

Global X NASDAQ 100 Covered Call ETF (QYLD) has a higher volatility of 2.86% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.65%. This indicates that QYLD's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QYLDTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.86%

2.65%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

7.44%

6.51%

+0.93%

Volatility (1Y)

Calculated over the trailing 1-year period

8.84%

9.60%

-0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.73%

15.85%

-1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.51%

14.91%

+0.60%

QYLD vs. TLT - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

QYLD vs. TLT - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 11.55%, more than TLT's 4.63% yield.

PositionTTM20252024202320222021202020192018201720162015
QYLD
Global X NASDAQ 100 Covered Call ETF		11.55%11.55%12.50%11.78%13.75%12.85%11.16%9.84%12.44%7.69%9.15%9.42%
TLT
iShares 20+ Year Treasury Bond ETF		4.63%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%

Frequently Asked Questions

QYLD and TLT 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.

QYLD has higher volatility (2.86%) compared to TLT (2.65%). In terms of maximum drawdown, QYLD dropped -24.75% vs TLT's -48.35%.

On 10-year performance, QYLD leads with 9.77% vs -1.85% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QYLD has performed better with a 9.77% return vs -1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.60% for QYLD.

QYLD has the higher dividend yield at 11.55%, compared with 4.63% for TLT.

QYLD is categorized as Nasdaq-100, while TLT is Government Bonds. QYLD tracks CBOE NASDAQ-100 Buy Write V2, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.60% for QYLD and 0.15% for TLT.

QYLD currently has the higher Sharpe Ratio (2.56 vs 0.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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