TLTX vs. SHLD

Last updated Jul 17, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. TLTX is actively managed, while SHLD is passively managed. Over the past year, TLTX returned 3.72% vs -0.87% for SHLD. At a 0.13 correlation, their price movements are largely independent. TLTX charges 0.29%/yr vs 0.50%/yr for SHLD.

Performance

TLTX vs. SHLD - 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 Defense Tech ETF (SHLD). 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 higher than SHLD's -7.27% return.

TLTX

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

SHLD

• 1D: -0.61%
• 1M: -5.92%
• 6M: -22.32%
• YTD: -7.27%
• 1Y: -0.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%
SHLD Global X Defense Tech ETF	-7.27%	7.44%

Correlation

The correlation between TLTX and SHLD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.13

Return for Risk

TLTX vs. SHLD — 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

SHLD

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

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. SHLD - 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 Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.40	-0.03	+0.44
Sortino ratio: Return per unit of downside risk	0.64	0.13	+0.51
Omega ratio: Gain probability vs. loss probability	1.08	1.01	+0.06
Calmar ratio: Return relative to maximum drawdown	0.59	-0.03	+0.62
Martin ratio: Return relative to average drawdown	1.32	-0.08	+1.40

TLTX vs. SHLD - Sharpe Ratio Comparison

The current TLTX Sharpe Ratio is 0.40, which is higher than the SHLD Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of TLTX and SHLD, 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. SHLD - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.35%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for TLTX and SHLD.

Drawdown Indicators

	TLTX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-25.40%	+19.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-25.40%	+19.05%
Current Drawdown Current decline from peak	-5.23%	-22.99%	+17.76%
Average Drawdown Average peak-to-trough decline	-2.38%	-3.90%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	10.30%	-7.47%

Volatility

TLTX vs. SHLD - Volatility Comparison

The current volatility for Global X Treasury Bond Enhanced Income ETF (TLTX) is 2.87%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.28%. This indicates that TLTX experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	8.28%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	19.79%	-12.87%
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	25.12%	-15.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	21.54%	-12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	21.54%	-12.30%

TLTX vs. SHLD - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

TLTX vs. SHLD - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 17.73%, more than SHLD's 0.71% yield.

Position	TTM	2025	2024	2023
SHLD Global X Defense Tech ETF	0.71%	0.55%	0.53%	0.26%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTX and SHLD in my portfolio?

TLTX and SHLD have a correlation of 0.13, 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 SHLD?

SHLD has higher volatility (8.28%) compared to TLTX (2.87%). In terms of maximum drawdown, TLTX dropped -6.35% vs SHLD's -25.40%.

Which ETF is better, TLTX or SHLD?

On 1-year performance, TLTX leads with 3.72% vs -0.87% for SHLD. On fees, TLTX is cheaper at 0.29% 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 SHLD?

Over the 1-year period, TLTX has performed better with a 3.72% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTX or SHLD?

TLTX is cheaper with a 0.29% expense ratio, compared with 0.50% for SHLD.

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

TLTX has the higher dividend yield at 17.73%, compared with 0.71% for SHLD.

What is the main difference between TLTX and SHLD?

TLTX is categorized as Government Bonds, while SHLD is Aerospace & Defense. Their fees differ too: 0.29% for TLTX and 0.50% for SHLD.

Which has better risk-adjusted returns?

TLTX currently has the higher Sharpe Ratio (0.40 vs -0.03), 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.