TLTX vs. HBTA

Last updated Jun 23, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and HBTA (Horizon Expedition Plus ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while HBTA is a Derivative Income fund actively managed by Horizon. Both are actively managed. At a 0.25 correlation, their price movements are largely independent. TLTX charges 0.29%/yr vs 0.85%/yr for HBTA.

Performance

TLTX vs. HBTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Treasury Bond Enhanced Income ETF (TLTX) and Horizon Expedition Plus ETF (HBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTX achieves a 2.75% return, which is significantly lower than HBTA's 12.74% return.

TLTX

• 1D: 0.82%
• 1M: 3.70%
• YTD: 2.75%
• 6M: 2.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTA

• 1D: -0.73%
• 1M: 1.29%
• YTD: 12.74%
• 6M: 12.06%
• 1Y: 36.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTX vs. HBTA - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	2.75%	6.02%
HBTA Horizon Expedition Plus ETF	12.74%	14.06%

Correlation

The correlation between TLTX and HBTA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.25

Return for Risk

TLTX vs. HBTA — Risk / Return Rank

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

TLTX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HBTA

HBTA Risk / Return Rank: 61
HBTA Sharpe Ratio Rank: 63
HBTA Sortino Ratio Rank: 58
HBTA Omega Ratio Rank: 60
HBTA Calmar Ratio Rank: 58
HBTA Martin Ratio Rank: 69

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.

TLTX vs. HBTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Treasury Bond Enhanced Income ETF (TLTX) and Horizon Expedition Plus ETF (HBTA). 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.

	TLTX	HBTA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.01	—
Sortino ratio: Return per unit of downside risk	—	2.66	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	2.77	—
Martin ratio: Return relative to average drawdown	—	12.56	—

Drawdowns

TLTX vs. HBTA - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.35%, smaller than the maximum HBTA drawdown of -26.73%. Use the drawdown chart below to compare losses from any high point for TLTX and HBTA.

Drawdown Indicators

	TLTX	HBTA	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-26.73%	+20.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.18%	—
Current Drawdown Current decline from peak	-1.05%	-1.83%	+0.78%
Average Drawdown Average peak-to-trough decline	-2.29%	-4.17%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.90%	—

Volatility

Volatility by Period

	TLTX	HBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.13%	18.15%	-9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	24.99%	-15.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.13%	24.99%	-15.86%

TLTX vs. HBTA - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is lower than HBTA's 0.85% expense ratio.

Dividends

TLTX vs. HBTA - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 16.98%, more than HBTA's 0.57% yield.

Position	TTM	2025
HBTA Horizon Expedition Plus ETF	0.57%	0.64%
TLTX Global X Treasury Bond Enhanced Income ETF	16.98%	7.54%

Frequently Asked Questions

Can I hold both TLTX and HBTA in my portfolio?

TLTX and HBTA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLTX or HBTA?

On fees, TLTX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLTX or HBTA?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.85% for HBTA.

Which ETF pays a higher dividend yield, TLTX or HBTA?

TLTX has the higher dividend yield at 16.98%, compared with 0.57% for HBTA.

What is the main difference between TLTX and HBTA?

TLTX is categorized as Government Bonds, while HBTA is Derivative Income. They also come from different issuers: Global X and Horizon. Their fees differ too: 0.29% for TLTX and 0.85% for HBTA.