TLTX vs. QYLD

Last updated Aug 1, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. TLTX is actively managed, while QYLD is passively managed. Over the past year, TLTX returned -0.67% vs 20.66% for QYLD. Their 0.19 correlation means their historical movements had little consistent relationship. TLTX charges 0.29%/yr vs 0.60%/yr for QYLD.

Performance

TLTX vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Treasury Bond Enhanced Income ETF (TLTX) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTX achieves a -3.11% return, which is significantly lower than QYLD's 7.67% return.

TLTX

• 1D: -1.91%
• 1M: -3.51%
• 6M: -2.90%
• YTD: -3.11%
• 1Y: -0.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.62%

QYLD

• 1D: 0.65%
• 1M: -0.98%
• 6M: 5.88%
• YTD: 7.67%
• 1Y: 20.66%
• 3Y*: 12.32%
• 5Y*: 7.83%
• 10Y*: 9.59%
• ALL TIME*: 8.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QYLD Global X NASDAQ 100 Covered Call ETF	$83.30M	$78.68M	$98.28M
TLTX Global X Treasury Bond Enhanced Income ETF	$202.98K	$200.23K	$333.11K

TLTX vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	-3.11%	6.02%
QYLD Global X NASDAQ 100 Covered Call ETF	7.67%	11.69%

Correlation

The correlation between TLTX and QYLD is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.19

Return for Risk

TLTX vs. QYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLTX

TLTX Risk / Return Rank: 9
TLTX Sharpe Ratio Rank: 10
TLTX Sortino Ratio Rank: 9
TLTX Omega Ratio Rank: 9
TLTX Calmar Ratio Rank: 10
TLTX Martin Ratio Rank: 10

QYLD

QYLD Risk / Return Rank: 83
QYLD Sharpe Ratio Rank: 77
QYLD Sortino Ratio Rank: 77
QYLD Omega Ratio Rank: 83
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TLTX vs. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Treasury Bond Enhanced Income ETF (TLTX) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	1.73	-1.79
Sortino ratio: Return per unit of downside risk	-0.01	2.48	-2.49
Omega ratio: Gain probability vs. loss probability	1.00	1.35	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.08	3.38	-3.46
Martin ratio: Return relative to average drawdown	-0.17	15.70	-15.88

TLTX vs. QYLD - Sharpe Ratio Comparison

The current TLTX Sharpe Ratio is -0.05, which is lower than the QYLD Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of TLTX and QYLD, 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. QYLD - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.70%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for TLTX and QYLD.

Drawdown Indicators

	TLTX	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-6.70%	-24.75%	+18.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-5.78%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	-6.70%	-2.96%	-3.74%
Average Drawdown Average peak-to-trough decline	-2.49%	-3.81%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.24%	+1.79%

Volatility

TLTX vs. QYLD - Volatility Comparison

The current volatility for Global X Treasury Bond Enhanced Income ETF (TLTX) is 2.95%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 5.19%. This indicates that TLTX experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTX	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	5.19%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	10.04%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	11.26%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.44%	15.04%	-5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	15.63%	-6.19%

TLTX vs. QYLD - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

TLTX vs. QYLD - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 19.30%, more than QYLD's 11.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.89%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
TLTX Global X Treasury Bond Enhanced Income ETF	19.30%	7.54%	0.00%	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 TLTX and QYLD in my portfolio?

TLTX and QYLD have a correlation of 0.21, 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 QYLD?

QYLD has higher volatility (5.19%) compared to TLTX (2.95%). In terms of maximum drawdown, TLTX dropped -6.70% vs QYLD's -24.75%.

Which ETF is better, TLTX or QYLD?

On 1-year performance, QYLD leads with 20.66% vs -0.67% for TLTX. On fees, TLTX is cheaper at 0.29% per year. On volatility, TLTX has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTX or QYLD?

Over the 1-year period, QYLD has performed better with a 20.66% return vs -0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTX or QYLD?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.60% for QYLD.

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

TLTX has the higher dividend yield at 19.30%, compared with 11.89% for QYLD.

What is the main difference between TLTX and QYLD?

TLTX is categorized as Government Bonds, while QYLD is Nasdaq-100. Their fees differ too: 0.29% for TLTX and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (1.73 vs -0.05), 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.