TLTX vs. PEPS

Last updated Jul 17, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and PEPS (Parametric Equity Plus ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while PEPS is a Derivative Income fund actively managed by Parametric. Both are actively managed. Over the past year, TLTX returned 3.72% vs 24.84% for PEPS. At a 0.25 correlation, their price movements are largely independent. TLTX charges 0.29%/yr vs 0.10%/yr for PEPS.

Performance

TLTX vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Treasury Bond Enhanced Income ETF (TLTX) 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, TLTX achieves a -1.59% return, which is significantly lower than PEPS's 10.53% return.

TLTX

• 1D: -0.20%
• 1M: -3.45%
• 6M: -2.30%
• YTD: -1.59%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -0.66%
• 1M: 0.75%
• 6M: 8.66%
• YTD: 10.53%
• 1Y: 24.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTX vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%
PEPS Parametric Equity Plus ETF	10.53%	13.30%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.25

Return for Risk

TLTX vs. PEPS — Risk / Return Rank

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

TLTX

TLTX Risk / Return Rank: 16
TLTX Sharpe Ratio Rank: 17
TLTX Sortino Ratio Rank: 15
TLTX Omega Ratio Rank: 15
TLTX Calmar Ratio Rank: 18
TLTX Martin Ratio Rank: 17

PEPS

PEPS Risk / Return Rank: 69
PEPS Sharpe Ratio Rank: 70
PEPS Sortino Ratio Rank: 65
PEPS Omega Ratio Rank: 69
PEPS Calmar Ratio Rank: 63
PEPS Martin Ratio Rank: 77

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. PEPS - Risk-Adjusted Trends Comparison

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

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	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.80	-1.40
Sortino ratio: Return per unit of downside risk	0.64	2.41	-1.76
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.59	2.55	-1.96
Martin ratio: Return relative to average drawdown	1.32	11.24	-9.93

TLTX vs. PEPS - Sharpe Ratio Comparison

The current TLTX Sharpe Ratio is 0.40, which is lower than the PEPS Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of TLTX 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.

Drawdowns

TLTX vs. PEPS - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.35%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for TLTX and PEPS.

Drawdown Indicators

	TLTX	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-21.26%	+14.91%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-9.80%	+3.45%
Current Drawdown Current decline from peak	-5.23%	-0.66%	-4.57%
Average Drawdown Average peak-to-trough decline	-2.38%	-2.70%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.22%	+0.61%

Volatility

TLTX vs. PEPS - Volatility Comparison

The current volatility for Global X Treasury Bond Enhanced Income ETF (TLTX) is 2.87%, while Parametric Equity Plus ETF (PEPS) has a volatility of 3.50%. This indicates that TLTX experiences smaller price fluctuations and is considered to be less risky than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTX	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.50%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	10.90%	-3.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	13.85%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	18.16%	-8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	18.16%	-8.92%

TLTX vs. PEPS - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

TLTX vs. PEPS - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 17.73%, more than PEPS's 0.92% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%	0.00%

Frequently Asked Questions

Can I hold both TLTX and PEPS in my portfolio?

TLTX and PEPS 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 is riskier, TLTX or PEPS?

PEPS has higher volatility (3.50%) compared to TLTX (2.87%). In terms of maximum drawdown, TLTX dropped -6.35% vs PEPS's -21.26%.

Which ETF is better, TLTX or PEPS?

On 1-year performance, PEPS leads with 24.84% vs 3.72% for TLTX. On fees, PEPS is cheaper at 0.10% per year. On volatility, TLTX has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTX or PEPS?

Over the 1-year period, PEPS has performed better with a 24.84% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTX or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.29% for TLTX.

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

TLTX has the higher dividend yield at 17.73%, compared with 0.92% for PEPS.

What is the main difference between TLTX and PEPS?

TLTX is categorized as Government Bonds, while PEPS is Derivative Income. They also come from different issuers: Global X and Parametric. Their fees differ too: 0.29% for TLTX and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (1.80 vs 0.40), 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.