TEST vs. TLTX

Last updated Jun 6, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - TEST 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 0.18 correlation, their price movements are largely independent. TEST charges 1.01%/yr vs 0.29%/yr for TLTX.

Performance

TEST vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) 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, TEST achieves a -8.43% return, which is significantly lower than TLTX's 0.01% return.

TEST

• 1D: -4.27%
• 1M: -0.51%
• YTD: -8.43%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: -0.23%
• 1M: -0.35%
• YTD: 0.01%
• 6M: -0.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEST vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-8.43%	9.05%
TLTX Global X Treasury Bond Enhanced Income ETF	0.01%	-1.16%

Correlation

The correlation between TEST and TLTX is 0.18, 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 Nov 19, 2025	0.18

Return for Risk

TEST vs. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) 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.

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

Sharpe Ratios by Period

	TEST	TLTX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.67	-0.68

Drawdowns

TEST vs. TLTX - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for TEST and TLTX.

Drawdown Indicators

	TEST	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-6.35%	-17.00%
Current Drawdown Current decline from peak	-14.44%	-3.69%	-10.75%
Average Drawdown Average peak-to-trough decline	-10.39%	-2.28%	-8.11%

Volatility

Volatility by Period

	TEST	TLTX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	32.46%	9.12%	+23.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.46%	9.12%	+23.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.46%	9.12%	+23.34%

TEST vs. TLTX - Expense Ratio Comparison

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

Dividends

TEST vs. TLTX - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 14.42%, less than TLTX's 15.74% yield.

Position	TTM	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	14.42%	2.50%
TLTX Global X Treasury Bond Enhanced Income ETF	15.74%	7.54%

Frequently Asked Questions

Can I hold both TEST and TLTX in my portfolio?

TEST and TLTX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEST 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, TEST or TLTX?

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

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

TLTX has the higher dividend yield at 15.74%, compared with 14.42% for TEST.

What is the main difference between TEST and TLTX?

TEST 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 TEST and 0.29% for TLTX.