TLTI vs. FTQI

Last updated Jul 18, 2026

TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - TLTI is a Derivative Income fund actively managed by NEOS Investments, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. TLTI is actively managed, while FTQI is passively managed. Over the past year, TLTI returned 5.58% vs 25.43% for FTQI. At a 0.18 correlation, their price movements are largely independent. TLTI charges 0.58%/yr vs 0.75%/yr for FTQI.

Performance

TLTI vs. FTQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and First Trust Nasdaq BuyWrite Income ETF (FTQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI achieves a 0.42% return, which is significantly lower than FTQI's 12.35% return.

TLTI

• 1D: 0.42%
• 1M: -1.52%
• 6M: -0.34%
• YTD: 0.42%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTQI

• 1D: -0.36%
• 1M: 1.42%
• 6M: 11.44%
• YTD: 12.35%
• 1Y: 25.43%
• 3Y*: 16.33%
• 5Y*: 12.18%
• 10Y*: 7.99%

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

TLTI vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.42%	4.31%	-5.46%
FTQI First Trust Nasdaq BuyWrite Income ETF	12.35%	12.68%	-1.50%

Correlation

The correlation between TLTI and FTQI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.18

Return for Risk

TLTI vs. FTQI — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 21
TLTI Sharpe Ratio Rank: 22
TLTI Sortino Ratio Rank: 21
TLTI Omega Ratio Rank: 19
TLTI Calmar Ratio Rank: 23
TLTI Martin Ratio Rank: 21

FTQI

FTQI Risk / Return Rank: 90
FTQI Sharpe Ratio Rank: 89
FTQI Sortino Ratio Rank: 88
FTQI Omega Ratio Rank: 89
FTQI Calmar Ratio Rank: 88
FTQI Martin Ratio Rank: 94

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 vs. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.35	-1.73
Sortino ratio: Return per unit of downside risk	0.94	3.26	-2.32
Omega ratio: Gain probability vs. loss probability	1.11	1.44	-0.33
Calmar ratio: Return relative to maximum drawdown	0.85	4.09	-3.25
Martin ratio: Return relative to average drawdown	1.94	19.35	-17.41

TLTI vs. FTQI - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.62, which is lower than the FTQI Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of TLTI and FTQI, 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 vs. FTQI - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum FTQI drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for TLTI and FTQI.

Drawdown Indicators

	TLTI	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-19.42%	+10.72%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-6.24%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-4.10%	-1.21%	-2.89%
Average Drawdown Average peak-to-trough decline	-3.59%	-3.73%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	1.32%	+1.56%

Volatility

TLTI vs. FTQI - Volatility Comparison

The current volatility for NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) is 2.40%, while First Trust Nasdaq BuyWrite Income ETF (FTQI) has a volatility of 2.95%. This indicates that TLTI experiences smaller price fluctuations and is considered to be less risky than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.95%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	6.71%	8.82%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	10.88%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	14.81%	-3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	12.96%	-1.95%

TLTI vs. FTQI - Expense Ratio Comparison

TLTI has a 0.58% expense ratio, which is lower than FTQI's 0.75% expense ratio.

Dividends

TLTI vs. FTQI - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.84%, less than FTQI's 10.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	10.96%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.84%	6.33%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTI and FTQI in my portfolio?

TLTI and FTQI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTI or FTQI?

FTQI has higher volatility (2.95%) compared to TLTI (2.40%). In terms of maximum drawdown, TLTI dropped -8.70% vs FTQI's -19.42%.

Which ETF is better, TLTI or FTQI?

On 1-year performance, FTQI leads with 25.43% vs 5.58% for TLTI. On fees, TLTI is cheaper at 0.58% per year. On volatility, TLTI has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTI or FTQI?

Over the 1-year period, FTQI has performed better with a 25.43% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTI or FTQI?

TLTI is cheaper with a 0.58% expense ratio, compared with 0.75% for FTQI.

Which ETF pays a higher dividend yield, TLTI or FTQI?

FTQI has the higher dividend yield at 10.96%, compared with 6.84% for TLTI.

What is the main difference between TLTI and FTQI?

TLTI is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: NEOS Investments and First Trust. Their fees differ too: 0.58% for TLTI and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.35 vs 0.62), 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.