SQY vs. TLT

Last updated Jun 25, 2026

SQY (YieldMax SQ Option Income Strategy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SQY is a Derivative Income fund actively managed by YieldMax, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. SQY is actively managed, while TLT is passively managed. SQY charges 1.01%/yr vs 0.15%/yr for TLT.

Performance

SQY vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SQ Option Income Strategy ETF (SQY) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SQY

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLT

• 1D: 1.37%
• 1M: 3.59%
• YTD: 2.15%
• 6M: 1.14%
• 1Y: 4.54%
• 3Y*: -1.45%
• 5Y*: -6.14%
• 10Y*: -1.61%

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

Return for Risk

SQY vs. TLT — Risk / Return Rank

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

SQY

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

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 16
TLT Martin Ratio Rank: 16

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.

SQY vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SQ Option Income Strategy ETF (SQY) 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.

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.

	SQY	TLT	Difference
Sharpe ratio: Return per unit of total volatility	—	0.48	—
Sortino ratio: Return per unit of downside risk	—	0.76	—
Omega ratio: Gain probability vs. loss probability	—	1.08	—
Calmar ratio: Return relative to maximum drawdown	—	0.60	—
Martin ratio: Return relative to average drawdown	—	1.43	—

Drawdowns

Drawdown Indicators

	SQY	TLT	Difference
Max Drawdown Largest peak-to-trough decline	—	-48.35%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	—	-38.99%	—
Average Drawdown Average peak-to-trough decline	—	-13.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.19%	—

Volatility

Volatility by Period

	SQY	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	9.57%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	15.83%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.89%	—

SQY vs. TLT - Expense Ratio Comparison

SQY has a 1.01% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

SQY vs. TLT - Dividend Comparison

SQY has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SQY YieldMax SQ Option Income Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.48%	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

Which ETF is better, SQY or TLT?

On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SQY or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 1.01% for SQY.

Which ETF pays a higher dividend yield, SQY or TLT?

TLT has the higher dividend yield at 4.48%, compared with 0.00% for SQY.

What is the main difference between SQY and TLT?

SQY is categorized as Derivative Income, while TLT is Government Bonds. They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.01% for SQY and 0.15% for TLT.