TLTX vs. KHPI

Last updated Jun 5, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and KHPI (Kensington Hedged Premium Income ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while KHPI is a Derivative Income fund actively managed by Kensington Asset Management. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. TLTX charges 0.29%/yr vs 0.96%/yr for KHPI.

Performance

TLTX vs. KHPI - Performance Comparison

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

Returns By Period

In the year-to-date period, TLTX achieves a 0.25% return, which is significantly lower than KHPI's 5.69% return.

TLTX

• 1D: 0.61%
• 1M: 0.23%
• YTD: 0.25%
• 6M: -0.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHPI

• 1D: 0.23%
• 1M: 2.28%
• YTD: 5.69%
• 6M: 4.86%
• 1Y: 14.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTX vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	0.25%	5.40%
KHPI Kensington Hedged Premium Income ETF	5.69%	5.60%

Correlation

The correlation between TLTX and KHPI is 0.22, 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 17, 2025	0.22

Return for Risk

TLTX vs. KHPI — Risk / Return Rank

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

KHPI

KHPI Risk / Return Rank: 60
KHPI Sharpe Ratio Rank: 63
KHPI Sortino Ratio Rank: 66
KHPI Omega Ratio Rank: 65
KHPI Calmar Ratio Rank: 47
KHPI Martin Ratio Rank: 61

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. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Treasury Bond Enhanced Income ETF (TLTX) and Kensington Hedged Premium Income ETF (KHPI). 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.

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

Sharpe Ratios by Period

	TLTX	KHPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.29	-0.59

Drawdowns

TLTX vs. KHPI - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.35%, smaller than the maximum KHPI drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for TLTX and KHPI.

Drawdown Indicators

	TLTX	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-10.58%	+4.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.55%	—
Current Drawdown Current decline from peak	-3.46%	-0.27%	-3.19%
Average Drawdown Average peak-to-trough decline	-2.27%	-1.23%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.39%	—

Volatility

Volatility by Period

	TLTX	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.14%	7.23%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.14%	9.60%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.14%	9.60%	-0.46%

TLTX vs. KHPI - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is lower than KHPI's 0.96% expense ratio.

Dividends

TLTX vs. KHPI - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 15.70%, more than KHPI's 8.84% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.84%	8.90%	3.01%
TLTX Global X Treasury Bond Enhanced Income ETF	15.70%	7.54%	0.00%

Frequently Asked Questions

Can I hold both TLTX and KHPI in my portfolio?

TLTX and KHPI have a correlation of 0.22, 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 KHPI?

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 KHPI?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.96% for KHPI.

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

TLTX has the higher dividend yield at 15.70%, compared with 8.84% for KHPI.

What is the main difference between TLTX and KHPI?

TLTX is categorized as Government Bonds, while KHPI is Derivative Income. They also come from different issuers: Global X and Kensington Asset Management. Their fees differ too: 0.29% for TLTX and 0.96% for KHPI.