TLTI vs. PEPS

Last updated Jun 4, 2026

TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TLTI returned 6.68% vs 31.83% for PEPS. At a 0.20 correlation, their price movements are largely independent. TLTI charges 0.58%/yr vs 0.10%/yr for PEPS.

Performance

TLTI vs. PEPS - 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 Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI achieves a 0.83% return, which is significantly lower than PEPS's 10.67% return.

TLTI

• 1D: -0.42%
• 1M: 0.91%
• YTD: 0.83%
• 6M: -0.98%
• 1Y: 6.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTI vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.83%	4.31%	-4.61%
PEPS Parametric Equity Plus ETF	10.67%	20.32%	-3.73%

Correlation

The correlation between TLTI and PEPS is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.20

Return for Risk

TLTI vs. PEPS — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 20
TLTI Sharpe Ratio Rank: 20
TLTI Sortino Ratio Rank: 20
TLTI Omega Ratio Rank: 19
TLTI Calmar Ratio Rank: 22
TLTI Martin Ratio Rank: 21

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

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. PEPS - 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 Parametric Equity Plus ETF (PEPS). 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.

	TLTI	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.45	-1.74
Sortino ratio: Return per unit of downside risk	1.08	3.22	-2.14
Omega ratio: Gain probability vs. loss probability	1.12	1.45	-0.33
Calmar ratio: Return relative to maximum drawdown	1.02	3.26	-2.25
Martin ratio: Return relative to average drawdown	2.47	15.28	-12.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTI vs. PEPS - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.71, which is lower than the PEPS Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of TLTI and PEPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLTI	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	2.45	-1.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	1.05	-1.03

Drawdowns

TLTI vs. PEPS - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for TLTI and PEPS.

Drawdown Indicators

	TLTI	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-21.26%	+12.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-9.80%	+3.20%
Current Drawdown Current decline from peak	-3.70%	-0.51%	-3.19%
Average Drawdown Average peak-to-trough decline	-3.51%	-2.77%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.09%	+0.62%

Volatility

TLTI vs. PEPS - Volatility Comparison

NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) and Parametric Equity Plus ETF (PEPS) have volatilities of 2.80% and 2.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.77%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	9.83%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	13.06%	-3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	18.31%	-7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.15%	18.31%	-7.16%

TLTI vs. PEPS - Expense Ratio Comparison

TLTI has a 0.58% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

TLTI vs. PEPS - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.31%, more than PEPS's 0.88% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.31%	6.33%	0.57%

Frequently Asked Questions

Can I hold both TLTI and PEPS in my portfolio?

TLTI and PEPS have a correlation of 0.21, 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 PEPS?

TLTI has higher volatility (2.80%) compared to PEPS (2.77%). In terms of maximum drawdown, TLTI dropped -8.70% vs PEPS's -21.26%.

Which ETF is better, TLTI or PEPS?

On 1-year performance, PEPS leads with 31.83% vs 6.68% for TLTI. On fees, PEPS is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTI or PEPS?

Over the 1-year period, PEPS has performed better with a 31.83% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTI or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.58% for TLTI.

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

TLTI has the higher dividend yield at 6.31%, compared with 0.88% for PEPS.

What is the main difference between TLTI and PEPS?

They also come from different issuers: NEOS Investments and Parametric. Their fees differ too: 0.58% for TLTI and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (2.45 vs 0.71), 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.