SCLZ vs. TLTX

Last updated Jul 17, 2026

SCLZ (Swan Enhanced Dividend Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - SCLZ is a Derivative Income fund actively managed by Swan, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. Over the past year, SCLZ returned 14.02% vs 3.72% for TLTX. At a 0.26 correlation, their price movements are largely independent. SCLZ charges 0.79%/yr vs 0.29%/yr for TLTX.

Performance

SCLZ vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Enhanced Dividend Income ETF (SCLZ) 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, SCLZ achieves a 6.53% return, which is significantly higher than TLTX's -1.59% return.

SCLZ

• 1D: -0.75%
• 1M: 0.00%
• 6M: 6.51%
• YTD: 6.53%
• 1Y: 14.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: -0.20%
• 1M: -3.45%
• 6M: -2.30%
• YTD: -1.59%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SCLZ vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
SCLZ Swan Enhanced Dividend Income ETF	6.53%	7.52%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%

Correlation

The correlation between SCLZ and TLTX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.26

Return for Risk

SCLZ vs. TLTX — Risk / Return Rank

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

SCLZ

SCLZ Risk / Return Rank: 55
SCLZ Sharpe Ratio Rank: 52
SCLZ Sortino Ratio Rank: 52
SCLZ Omega Ratio Rank: 54
SCLZ Calmar Ratio Rank: 49
SCLZ Martin Ratio Rank: 67

TLTX

TLTX Risk / Return Rank: 16
TLTX Sharpe Ratio Rank: 17
TLTX Sortino Ratio Rank: 15
TLTX Omega Ratio Rank: 15
TLTX Calmar Ratio Rank: 18
TLTX Martin Ratio Rank: 17

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.

SCLZ vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Enhanced Dividend Income ETF (SCLZ) 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.

	SCLZ	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	0.40	+1.05
Sortino ratio: Return per unit of downside risk	2.09	0.64	+1.44
Omega ratio: Gain probability vs. loss probability	1.27	1.08	+0.20
Calmar ratio: Return relative to maximum drawdown	2.01	0.59	+1.42
Martin ratio: Return relative to average drawdown	9.45	1.32	+8.13

SCLZ vs. TLTX - Sharpe Ratio Comparison

The current SCLZ Sharpe Ratio is 1.46, which is higher than the TLTX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of SCLZ and TLTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCLZ vs. TLTX - Drawdown Comparison

The maximum SCLZ drawdown since its inception was -12.58%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for SCLZ and TLTX.

Drawdown Indicators

	SCLZ	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-12.58%	-6.35%	-6.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-6.35%	-0.65%
Current Drawdown Current decline from peak	-1.06%	-5.23%	+4.17%
Average Drawdown Average peak-to-trough decline	-1.34%	-2.38%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.83%	-1.34%

Volatility

SCLZ vs. TLTX - Volatility Comparison

The current volatility for Swan Enhanced Dividend Income ETF (SCLZ) is 2.72%, while Global X Treasury Bond Enhanced Income ETF (TLTX) has a volatility of 2.87%. This indicates that SCLZ experiences smaller price fluctuations and is considered to be less risky than TLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCLZ	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.87%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	6.92%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	9.24%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	9.24%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	9.24%	+2.09%

SCLZ vs. TLTX - Expense Ratio Comparison

SCLZ has a 0.79% expense ratio, which is higher than TLTX's 0.29% expense ratio.

Dividends

SCLZ vs. TLTX - Dividend Comparison

SCLZ's dividend yield for the trailing twelve months is around 8.02%, less than TLTX's 17.73% yield.

Position	TTM	2025	2024
SCLZ Swan Enhanced Dividend Income ETF	8.02%	7.53%	4.86%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%	0.00%

Frequently Asked Questions

Can I hold both SCLZ and TLTX in my portfolio?

SCLZ and TLTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCLZ or TLTX?

TLTX has higher volatility (2.87%) compared to SCLZ (2.72%). In terms of maximum drawdown, SCLZ dropped -12.58% vs TLTX's -6.35%.

Which ETF is better, SCLZ or TLTX?

On 1-year performance, SCLZ leads with 14.02% vs 3.72% for TLTX. On fees, TLTX is cheaper at 0.29% per year. On volatility, SCLZ has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCLZ or TLTX?

Over the 1-year period, SCLZ has performed better with a 14.02% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCLZ or TLTX?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.79% for SCLZ.

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

TLTX has the higher dividend yield at 17.73%, compared with 8.02% for SCLZ.

What is the main difference between SCLZ and TLTX?

SCLZ is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: Swan and Global X. Their fees differ too: 0.79% for SCLZ and 0.29% for TLTX.

Which has better risk-adjusted returns?

SCLZ currently has the higher Sharpe Ratio (1.46 vs 0.40), 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.