TLTI vs. SPTL

Last updated Jun 24, 2026

TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - TLTI is a Derivative Income fund actively managed by NEOS Investments, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. TLTI is actively managed, while SPTL is passively managed. Over the past year, TLTI returned 5.45% vs 4.00% for SPTL. With a 0.98 correlation, they move nearly in lockstep. TLTI charges 0.58%/yr vs 0.03%/yr for SPTL.

Performance

TLTI vs. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTI achieves a 1.81% return, which is significantly higher than SPTL's 0.46% return.

TLTI

• 1D: 0.08%
• 1M: 2.24%
• YTD: 1.81%
• 6M: 1.37%
• 1Y: 5.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTL

• 1D: 0.08%
• 1M: 2.04%
• YTD: 0.46%
• 6M: 0.31%
• 1Y: 4.00%
• 3Y*: -0.74%
• 5Y*: -5.61%
• 10Y*: -1.23%

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

TLTI vs. SPTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	1.81%	4.31%	-5.46%
SPTL SPDR Portfolio Long Term Treasury ETF	0.46%	5.28%	-4.99%

Correlation

The correlation between TLTI and SPTL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.98

The correlation between TLTI and SPTL has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

TLTI vs. SPTL — Risk / Return Rank

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

TLTI

TLTI Risk / Return Rank: 18
TLTI Sharpe Ratio Rank: 18
TLTI Sortino Ratio Rank: 18
TLTI Omega Ratio Rank: 16
TLTI Calmar Ratio Rank: 19
TLTI Martin Ratio Rank: 18

SPTL

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

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. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). 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	SPTL	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.46	+0.13
Sortino ratio: Return per unit of downside risk	0.91	0.73	+0.19
Omega ratio: Gain probability vs. loss probability	1.10	1.08	+0.02
Calmar ratio: Return relative to maximum drawdown	0.83	0.57	+0.26
Martin ratio: Return relative to average drawdown	1.94	1.41	+0.53

TLTI vs. SPTL - Sharpe Ratio Comparison

The current TLTI Sharpe Ratio is 0.59, which is comparable to the SPTL Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of TLTI and SPTL, 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. SPTL - Drawdown Comparison

The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for TLTI and SPTL.

Drawdown Indicators

	TLTI	SPTL	Difference
Max Drawdown Largest peak-to-trough decline	-8.70%	-46.20%	+37.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-7.04%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	-2.77%	-36.33%	+33.56%
Average Drawdown Average peak-to-trough decline	-3.61%	-14.30%	+10.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.84%	-0.03%

Volatility

TLTI vs. SPTL - Volatility Comparison

NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) has a higher volatility of 2.36% compared to SPDR Portfolio Long Term Treasury ETF (SPTL) at 2.09%. This indicates that TLTI's price experiences larger fluctuations and is considered to be riskier than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTI	SPTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	2.09%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	6.11%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	8.67%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	14.58%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	13.93%	-2.83%

TLTI vs. SPTL - Expense Ratio Comparison

TLTI has a 0.58% expense ratio, which is higher than SPTL's 0.03% expense ratio.

Dividends

TLTI vs. SPTL - Dividend Comparison

TLTI's dividend yield for the trailing twelve months is around 6.77%, more than SPTL's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTL SPDR Portfolio Long Term Treasury ETF	4.18%	4.12%	4.03%	3.24%	2.75%	1.68%	1.71%	2.45%	2.69%	2.53%	2.56%	2.60%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.77%	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 SPTL in my portfolio?

With a correlation of 0.98, TLTI and SPTL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TLTI or SPTL?

TLTI has higher volatility (2.36%) compared to SPTL (2.09%). In terms of maximum drawdown, TLTI dropped -8.70% vs SPTL's -46.20%.

Which ETF is better, TLTI or SPTL?

On 1-year performance, TLTI leads with 5.45% vs 4.00% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTI or SPTL?

Over the 1-year period, TLTI has performed better with a 5.45% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTI or SPTL?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.58% for TLTI.

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

TLTI has the higher dividend yield at 6.77%, compared with 4.18% for SPTL.

What is the main difference between TLTI and SPTL?

TLTI is categorized as Derivative Income, while SPTL is Government Bonds. They also come from different issuers: NEOS Investments and State Street. Their fees differ too: 0.58% for TLTI and 0.03% for SPTL.

Which has better risk-adjusted returns?

TLTI currently has the higher Sharpe Ratio (0.59 vs 0.46), 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.