TLTI.L vs. QYLD.L

Last updated Jul 18, 2026

TLTI.L (IncomeShares 20+ Year Treasury (TLT) Options ETP) and QYLD.L (Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)) are both exchange-traded funds - TLTI.L is a Derivative Income fund actively managed by Leverage Shares, while QYLD.L is a Nasdaq-100 fund tracking the Cboe Nasdaq-100 BuyWrite v2 UCITS Index. TLTI.L is actively managed, while QYLD.L is passively managed. Over the past year, TLTI.L returned 1.07% vs 16.20% for QYLD.L. At a 0.05 correlation, their price movements are largely independent. TLTI.L charges 0.55%/yr vs 0.45%/yr for QYLD.L.

Performance

TLTI.L vs. QYLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IncomeShares 20+ Year Treasury (TLT) Options ETP (TLTI.L) and Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI.L achieves a -1.11% return, which is significantly lower than QYLD.L's 4.70% return.

TLTI.L

• 1D: -0.46%
• 1M: -2.42%
• 6M: -2.18%
• YTD: -1.11%
• 1Y: 1.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QYLD.L

• 1D: -2.15%
• 1M: -2.53%
• 6M: 3.85%
• YTD: 4.70%
• 1Y: 16.20%
• 3Y*: 11.90%
• 5Y*: —
• 10Y*: —

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

TLTI.L vs. QYLD.L - Yearly Performance Comparison

	2026 (YTD)	2025
TLTI.L IncomeShares 20+ Year Treasury (TLT) Options ETP	-1.11%	9,999.74%
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)	4.70%	10.98%

Correlation

The correlation between TLTI.L and QYLD.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025	0.05

Return for Risk

TLTI.L vs. QYLD.L — Risk / Return Rank

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

TLTI.L

TLTI.L Risk / Return Rank: 14
TLTI.L Sharpe Ratio Rank: 11
TLTI.L Sortino Ratio Rank: 13
TLTI.L Omega Ratio Rank: 23
TLTI.L Calmar Ratio Rank: 11
TLTI.L Martin Ratio Rank: 10

QYLD.L

QYLD.L Risk / Return Rank: 76
QYLD.L Sharpe Ratio Rank: 66
QYLD.L Sortino Ratio Rank: 66
QYLD.L Omega Ratio Rank: 75
QYLD.L Calmar Ratio Rank: 85
QYLD.L Martin Ratio Rank: 90

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.

TLTI.L vs. QYLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares 20+ Year Treasury (TLT) Options ETP (TLTI.L) and Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L). 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.

	TLTI.L	QYLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.61	-1.56
Sortino ratio: Return per unit of downside risk	0.43	2.31	-1.88
Omega ratio: Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio: Return relative to maximum drawdown	0.08	3.44	-3.36
Martin ratio: Return relative to average drawdown	0.11	15.06	-14.96

TLTI.L vs. QYLD.L - Sharpe Ratio Comparison

The current TLTI.L Sharpe Ratio is 0.06, which is lower than the QYLD.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TLTI.L and QYLD.L, 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

TLTI.L vs. QYLD.L - Drawdown Comparison

The maximum TLTI.L drawdown since its inception was -30.03%, which is greater than QYLD.L's maximum drawdown of -21.59%. Use the drawdown chart below to compare losses from any high point for TLTI.L and QYLD.L.

Drawdown Indicators

	TLTI.L	QYLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.03%	-21.59%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-30.03%	-4.68%	-25.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.59%	—
Current Drawdown Current decline from peak	-28.96%	-3.81%	-25.15%
Average Drawdown Average peak-to-trough decline	-19.51%	-2.76%	-16.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.24%	1.07%	+22.17%

Volatility

TLTI.L vs. QYLD.L - Volatility Comparison

The current volatility for IncomeShares 20+ Year Treasury (TLT) Options ETP (TLTI.L) is 3.39%, while Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist) (QYLD.L) has a volatility of 5.08%. This indicates that TLTI.L experiences smaller price fluctuations and is considered to be less risky than QYLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI.L	QYLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	5.08%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	7.01%	8.46%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	42.10%	9.99%	+32.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9,800.84%	16.29%	+9,784.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9,800.84%	16.29%	+9,784.55%

TLTI.L vs. QYLD.L - Expense Ratio Comparison

TLTI.L has a 0.55% expense ratio, which is higher than QYLD.L's 0.45% expense ratio.

Dividends

TLTI.L vs. QYLD.L - Dividend Comparison

TLTI.L's dividend yield for the trailing twelve months is around 10.39%, less than QYLD.L's 11.85% yield.

Position	TTM	2025	2024	2023
QYLD.L Global X Nasdaq 100 Covered Call UCITS ETF USD (Dist)	11.85%	11.41%	12.28%	10.88%
TLTI.L IncomeShares 20+ Year Treasury (TLT) Options ETP	10.39%	2.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTI.L and QYLD.L in my portfolio?

TLTI.L and QYLD.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLTI.L or QYLD.L?

On fees, QYLD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLTI.L or QYLD.L?

QYLD.L is cheaper with a 0.45% expense ratio, compared with 0.55% for TLTI.L.

What is the main difference between TLTI.L and QYLD.L?

TLTI.L is categorized as Derivative Income, while QYLD.L is Nasdaq-100. They also come from different issuers: Leverage Shares and Global X. Their fees differ too: 0.55% for TLTI.L and 0.45% for QYLD.L.