SPIN vs. TLTX

Last updated Jul 17, 2026

SPIN (State Street US Equity Premium Income ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - SPIN is a Derivative Income fund actively managed by State Street, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. Over the past year, SPIN returned 15.31% vs 3.72% for TLTX. At a 0.26 correlation, their price movements are largely independent. SPIN charges 0.25%/yr vs 0.29%/yr for TLTX.

Performance

SPIN vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street US Equity Premium Income ETF (SPIN) 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, SPIN achieves a 3.79% return, which is significantly higher than TLTX's -1.59% return.

SPIN

• 1D: -0.35%
• 1M: 1.37%
• 6M: 2.39%
• YTD: 3.79%
• 1Y: 15.31%
• 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)

SPIN vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
SPIN State Street US Equity Premium Income ETF	3.79%	11.25%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%

Correlation

The correlation between SPIN and TLTX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.26

Return for Risk

SPIN vs. TLTX — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 46
SPIN Sharpe Ratio Rank: 48
SPIN Sortino Ratio Rank: 46
SPIN Omega Ratio Rank: 49
SPIN Calmar Ratio Rank: 37
SPIN Martin Ratio Rank: 48

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.

SPIN vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.40	+0.96
Sortino ratio: Return per unit of downside risk	1.90	0.64	+1.26
Omega ratio: Gain probability vs. loss probability	1.25	1.08	+0.18
Calmar ratio: Return relative to maximum drawdown	1.57	0.59	+0.98
Martin ratio: Return relative to average drawdown	6.33	1.32	+5.01

SPIN vs. TLTX - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.37, which is higher than the TLTX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of SPIN 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

SPIN vs. TLTX - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for SPIN and TLTX.

Drawdown Indicators

	SPIN	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-6.35%	-10.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-6.35%	-3.46%
Current Drawdown Current decline from peak	-0.35%	-5.23%	+4.88%
Average Drawdown Average peak-to-trough decline	-2.23%	-2.38%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.83%	-0.41%

Volatility

SPIN vs. TLTX - Volatility Comparison

State Street US Equity Premium Income ETF (SPIN) and Global X Treasury Bond Enhanced Income ETF (TLTX) have volatilities of 2.94% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIN	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.87%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	6.92%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.26%	9.24%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.25%	9.24%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	9.24%	+5.01%

SPIN vs. TLTX - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is lower than TLTX's 0.29% expense ratio.

Dividends

SPIN vs. TLTX - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.12%, less than TLTX's 17.73% yield.

Position	TTM	2025	2024
SPIN State Street US Equity Premium Income ETF	5.12%	8.20%	2.36%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%	0.00%

Frequently Asked Questions

Can I hold both SPIN and TLTX in my portfolio?

SPIN and TLTX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIN or TLTX?

SPIN has higher volatility (2.94%) compared to TLTX (2.87%). In terms of maximum drawdown, SPIN dropped -16.85% vs TLTX's -6.35%.

Which ETF is better, SPIN or TLTX?

On 1-year performance, SPIN leads with 15.31% vs 3.72% for TLTX. On fees, SPIN is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or TLTX?

Over the 1-year period, SPIN has performed better with a 15.31% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or TLTX?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.29% for TLTX.

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

TLTX has the higher dividend yield at 17.73%, compared with 5.12% for SPIN.

What is the main difference between SPIN and TLTX?

SPIN is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: State Street and Global X. Their fees differ too: 0.25% for SPIN and 0.29% for TLTX.

Which has better risk-adjusted returns?

SPIN currently has the higher Sharpe Ratio (1.37 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.