TLTI vs. TLT
TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TLTI is a Derivative Income fund actively managed by Neos, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. TLTI is actively managed, while TLT is passively managed. Over the past year, TLTI returned -0.51% vs -2.45% for TLT. Their 0.98 correlation means they have historically moved very closely together. TLTI charges 0.58%/yr vs 0.15%/yr for TLT.
Performance
TLTI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TLTI achieves a -2.21% return, which is significantly higher than TLT's -3.49% return.
TLTI
- 1D
- -0.65%
- 1M
- -3.66%
- 6M
- -2.32%
- YTD
- -2.21%
- 1Y
- -0.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.19%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $329.73K | $338.37K | $431.05K |
TLTI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF | -2.21% | 4.31% | -5.46% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -5.81% |
Correlation
The correlation between TLTI and TLT is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024 | 0.98 |
The correlation between TLTI and TLT has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
TLTI vs. TLT — Risk / Return Rank
TLTI
TLT
TLTI vs. TLT - 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 iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | -0.14 | +0.24 |
| Martin ratioReturn relative to average drawdown | 0.22 | -0.30 | +0.52 |
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Drawdowns
TLTI vs. TLT - Drawdown Comparison
The maximum TLTI drawdown since its inception was -8.70%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TLTI and TLT.
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Drawdown Indicators
| TLTI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.70% | -48.35% | +39.65% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -7.74% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -6.61% | -42.36% | +35.75% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -13.99% | +10.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 3.57% | -0.50% |
Volatility
TLTI vs. TLT - Volatility Comparison
The current volatility for NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) is 2.33%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that TLTI experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 2.46% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.74% | 6.85% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 9.32% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.99% | 15.74% | -4.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.99% | 14.83% | -3.84% |
TLTI vs. TLT - Expense Ratio Comparison
TLTI has a 0.58% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TLTI vs. TLT - Dividend Comparison
TLTI's dividend yield for the trailing twelve months is around 6.46%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF | 6.46% | 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
With a correlation of 0.98, TLTI and TLT 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.
TLT has higher volatility (2.46%) compared to TLTI (2.33%). In terms of maximum drawdown, TLTI dropped -8.70% vs TLT's -48.35%.
On 1-year performance, TLTI leads with -0.51% vs -2.45% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLTI has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLTI has performed better with a -0.51% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.58% for TLTI.
TLTI has the higher dividend yield at 6.46%, compared with 4.34% for TLT.
TLTI is categorized as Derivative Income, while TLT is Government Bonds. They also come from different issuers: Neos and iShares. Their fees differ too: 0.58% for TLTI and 0.15% for TLT.
TLTI currently has the higher Sharpe Ratio (0.07 vs -0.11), 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.
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