TLTX vs. XYLD

Last updated Aug 1, 2026

TLTX (Global X Treasury Bond Enhanced Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - TLTX is a Government Bonds fund actively managed by Global X, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. TLTX is actively managed, while XYLD is passively managed. Over the past year, TLTX returned -0.67% vs 18.90% for XYLD. Their 0.23 correlation means their historical movements had little consistent relationship. TLTX charges 0.29%/yr vs 0.60%/yr for XYLD.

Performance

TLTX vs. XYLD - 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 S&P 500 Covered Call ETF (XYLD). 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 XYLD's 8.05% return.

TLTX

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

XYLD

• 1D: 0.49%
• 1M: 1.82%
• 6M: 6.81%
• YTD: 8.05%
• 1Y: 18.90%
• 3Y*: 11.51%
• 5Y*: 7.90%
• 10Y*: 8.34%
• ALL TIME*: 8.37%

*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)
TLTX Global X Treasury Bond Enhanced Income ETF	$202.98K	$200.23K	$333.11K
XYLD Global X S&P 500 Covered Call ETF	$36.93M	$37.58M	$32.35M

TLTX vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025
TLTX Global X Treasury Bond Enhanced Income ETF	-3.11%	6.02%
XYLD Global X S&P 500 Covered Call ETF	8.05%	9.48%

Correlation

The correlation between TLTX and XYLD is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.23

Return for Risk

TLTX vs. XYLD — 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

XYLD

XYLD Risk / Return Rank: 93
XYLD Sharpe Ratio Rank: 93
XYLD Sortino Ratio Rank: 94
XYLD Omega Ratio Rank: 95
XYLD Calmar Ratio Rank: 87
XYLD Martin Ratio Rank: 94

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. XYLD - 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 S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.53	-2.58
Sortino ratio: Return per unit of downside risk	-0.01	3.60	-3.61
Omega ratio: Gain probability vs. loss probability	1.00	1.56	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.08	3.40	-3.48
Martin ratio: Return relative to average drawdown	-0.17	17.69	-17.86

TLTX vs. XYLD - Sharpe Ratio Comparison

The current TLTX Sharpe Ratio is -0.05, which is lower than the XYLD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of TLTX and XYLD, 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. XYLD - Drawdown Comparison

The maximum TLTX drawdown since its inception was -6.70%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for TLTX and XYLD.

Drawdown Indicators

	TLTX	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-6.70%	-33.46%	+26.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-5.29%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-6.70%	0.00%	-6.70%
Average Drawdown Average peak-to-trough decline	-2.49%	-3.68%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.02%	+2.01%

Volatility

TLTX vs. XYLD - Volatility Comparison

Global X Treasury Bond Enhanced Income ETF (TLTX) has a higher volatility of 2.95% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.92%. This indicates that TLTX's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTX	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	1.92%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	5.97%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	7.13%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.44%	11.27%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.44%	14.15%	-4.71%

TLTX vs. XYLD - Expense Ratio Comparison

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

Dividends

TLTX vs. XYLD - Dividend Comparison

TLTX's dividend yield for the trailing twelve months is around 19.30%, more than XYLD's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both TLTX and XYLD in my portfolio?

TLTX and XYLD have a correlation of 0.24, 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 XYLD?

TLTX has higher volatility (2.95%) compared to XYLD (1.92%). In terms of maximum drawdown, TLTX dropped -6.70% vs XYLD's -33.46%.

Which ETF is better, TLTX or XYLD?

On 1-year performance, XYLD leads with 18.90% vs -0.67% for TLTX. On fees, TLTX is cheaper at 0.29% per year. On volatility, XYLD has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTX or XYLD?

Over the 1-year period, XYLD has performed better with a 18.90% 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 XYLD?

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

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

TLTX has the higher dividend yield at 19.30%, compared with 10.53% for XYLD.

What is the main difference between TLTX and XYLD?

TLTX is categorized as Government Bonds, while XYLD is Derivative Income. Their fees differ too: 0.29% for TLTX and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.53 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.