TLTI vs. PDBC

Last updated Jul 12, 2026

TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - TLTI is a Derivative Income fund actively managed by NEOS Investments, while PDBC is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past year, TLTI returned 4.77% vs 27.16% for PDBC. At a correlation of -0.25, they often move in opposite directions. Both charge a 0.58% expense ratio.

Performance

TLTI vs. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI achieves a 0.41% return, which is significantly lower than PDBC's 24.08% return.

TLTI

• 1D: 0.07%
• 1M: -0.77%
• 6M: -0.47%
• YTD: 0.41%
• 1Y: 4.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PDBC

• 1D: 0.12%
• 1M: -3.63%
• 6M: 21.24%
• YTD: 24.08%
• 1Y: 27.16%
• 3Y*: 9.96%
• 5Y*: 10.22%
• 10Y*: 7.69%

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

TLTI vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.41%	4.31%	-5.46%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	24.08%	5.96%	1.33%

Correlation

The correlation between TLTI and PDBC is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.25

Return for Risk

TLTI vs. PDBC — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 16
TLTI Sharpe Ratio Rank: 16
TLTI Sortino Ratio Rank: 15
TLTI Omega Ratio Rank: 14
TLTI Calmar Ratio Rank: 17
TLTI Martin Ratio Rank: 16

PDBC

PDBC Risk / Return Rank: 51
PDBC Sharpe Ratio Rank: 57
PDBC Sortino Ratio Rank: 54
PDBC Omega Ratio Rank: 53
PDBC Calmar Ratio Rank: 43
PDBC Martin Ratio Rank: 47

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. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.55	-1.18
Sortino ratio: Return per unit of downside risk	0.60	2.13	-1.53
Omega ratio: Gain probability vs. loss probability	1.07	1.27	-0.20
Calmar ratio: Return relative to maximum drawdown	0.52	1.75	-1.23
Martin ratio: Return relative to average drawdown	1.22	6.25	-5.02

TLTI vs. PDBC - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.37, which is lower than the PDBC Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of TLTI and PDBC, 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. PDBC - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TLTI and PDBC.

Drawdown Indicators

	TLTI	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-49.52%	+40.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-16.55%	+9.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-4.10%	-13.06%	+8.96%
Average Drawdown Average peak-to-trough decline	-3.58%	-23.11%	+19.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	4.64%	-1.81%

Volatility

TLTI vs. PDBC - Volatility Comparison

The current volatility for NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) is 2.89%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 5.48%. This indicates that TLTI experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	5.48%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	16.59%	-9.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	18.72%	-9.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	19.19%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	17.75%	-6.69%

TLTI vs. PDBC - Expense Ratio Comparison

Both TLTI and PDBC have an expense ratio of 0.58%.

Dividends

TLTI vs. PDBC - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.31%, more than PDBC's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	3.09%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.31%	6.33%	0.57%	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 PDBC in my portfolio?

TLTI and PDBC have a correlation of -0.33, 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 PDBC?

PDBC has higher volatility (5.48%) compared to TLTI (2.89%). In terms of maximum drawdown, TLTI dropped -8.70% vs PDBC's -49.52%.

Which ETF is better, TLTI or PDBC?

On 1-year performance, PDBC leads with 27.16% vs 4.77% for TLTI. Both ETFs have the same 0.58% expense ratio. On volatility, TLTI has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTI or PDBC?

Over the 1-year period, PDBC has performed better with a 27.16% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTI or PDBC?

TLTI and PDBC have the same expense ratio: 0.58% per year.

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

TLTI has the higher dividend yield at 6.31%, compared with 3.09% for PDBC.

What is the main difference between TLTI and PDBC?

TLTI is categorized as Derivative Income, while PDBC is Commodities. They also come from different issuers: NEOS Investments and Invesco.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (1.55 vs 0.37), 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.