TLTX vs. SMBS

Last updated Jun 25, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and SMBS (Schwab Mortgage-Backed Securities ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while SMBS is a Mortgage Backed Securities fund tracking the Bloomberg US MBS Float Adjusted Total Return Index. TLTX is actively managed, while SMBS is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. TLTX charges 0.29%/yr vs 0.03%/yr for SMBS.

Performance

TLTX vs. SMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Treasury Bond Enhanced Income ETF (TLTX) and Schwab Mortgage-Backed Securities ETF (SMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTX achieves a 1.95% return, which is significantly higher than SMBS's 1.28% return.

TLTX

• 1D: 0.82%
• 1M: 2.89%
• YTD: 1.95%
• 6M: 1.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMBS

• 1D: 0.49%
• 1M: 1.19%
• YTD: 1.28%
• 6M: 1.02%
• 1Y: 5.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTX vs. SMBS - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	1.95%	6.02%
SMBS Schwab Mortgage-Backed Securities ETF	1.28%	5.04%

Correlation

The correlation between TLTX and SMBS is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.54

Return for Risk

TLTX vs. SMBS — 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.

SMBS

SMBS Risk / Return Rank: 44
SMBS Sharpe Ratio Rank: 45
SMBS Sortino Ratio Rank: 45
SMBS Omega Ratio Rank: 43
SMBS Calmar Ratio Rank: 45
SMBS Martin Ratio Rank: 44

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. SMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Treasury Bond Enhanced Income ETF (TLTX) and Schwab Mortgage-Backed Securities ETF (SMBS). 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	SMBS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.39	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.02	—
Martin ratio: Return relative to average drawdown	—	6.50	—

Drawdowns

TLTX vs. SMBS - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.35%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for TLTX and SMBS.

Drawdown Indicators

	TLTX	SMBS	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-3.20%	-3.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.83%	—
Current Drawdown Current decline from peak	-1.82%	-0.77%	-1.05%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.85%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	TLTX	SMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	4.14%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.28%	4.86%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	4.86%	+4.42%

TLTX vs. SMBS - Expense Ratio Comparison

TLTX has a 0.29% expense ratio, which is higher than SMBS's 0.03% expense ratio.

Dividends

TLTX vs. SMBS - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 17.11%, more than SMBS's 5.14% yield.

Position	TTM	2025	2024
SMBS Schwab Mortgage-Backed Securities ETF	5.14%	4.83%	0.50%
TLTX Global X Treasury Bond Enhanced Income ETF	17.11%	7.54%	0.00%

Frequently Asked Questions

Can I hold both TLTX and SMBS in my portfolio?

TLTX and SMBS have a correlation of 0.54, 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 SMBS?

On fees, SMBS is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLTX or SMBS?

SMBS is cheaper with a 0.03% expense ratio, compared with 0.29% for TLTX.

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

TLTX has the higher dividend yield at 17.11%, compared with 5.14% for SMBS.

What is the main difference between TLTX and SMBS?

TLTX is categorized as Government Bonds, while SMBS is Mortgage Backed Securities. They also come from different issuers: Global X and Charles Schwab. Their fees differ too: 0.29% for TLTX and 0.03% for SMBS.