TSIIX vs. TSLY

Last updated Jun 3, 2026

TSIIX (Thornburg Strategic Income Fund) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both funds - TSIIX is a Multisector Bonds fund managed by Thornburg, while TSLY is a Options Trading fund actively managed by YieldMax. Over the past 3 years, TSIIX returned 5.87%/yr vs 15.12%/yr for TSLY. At a 0.12 correlation, their price movements are largely independent. TSIIX charges 0.60%/yr vs 0.99%/yr for TSLY.

Performance

TSIIX vs. TSLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Strategic Income Fund (TSIIX) and YieldMax TSLA Option Income Strategy ETF (TSLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSIIX achieves a 0.81% return, which is significantly higher than TSLY's -1.77% return.

TSIIX

• 1D: -0.09%
• 1M: 0.16%
• YTD: 0.81%
• 6M: 1.15%
• 1Y: 5.53%
• 3Y*: 5.87%
• 5Y*: 3.00%
• 10Y*: 4.30%

TSLY

• 1D: 1.87%
• 1M: 5.85%
• YTD: -1.77%
• 6M: 1.35%
• 1Y: 24.96%
• 3Y*: 15.12%
• 5Y*: —
• 10Y*: —

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

TSIIX vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSIIX Thornburg Strategic Income Fund	0.81%	7.58%	4.85%	7.63%	0.80%
TSLY YieldMax TSLA Option Income Strategy ETF	-1.77%	13.62%	27.83%	50.69%	-27.02%

Correlation

The correlation between TSIIX and TSLY is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Nov 25, 2022	0.12

Return for Risk

TSIIX vs. TSLY — Risk / Return Rank

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

TSIIX

TSIIX Risk / Return Rank: 48
TSIIX Sharpe Ratio Rank: 42
TSIIX Sortino Ratio Rank: 53
TSIIX Omega Ratio Rank: 44
TSIIX Calmar Ratio Rank: 53
TSIIX Martin Ratio Rank: 47

TSLY

TSLY Risk / Return Rank: 21
TSLY Sharpe Ratio Rank: 20
TSLY Sortino Ratio Rank: 20
TSLY Omega Ratio Rank: 21
TSLY Calmar Ratio Rank: 23
TSLY Martin Ratio Rank: 21

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.

TSIIX vs. TSLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Income Fund (TSIIX) and YieldMax TSLA Option Income Strategy ETF (TSLY). 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.

	TSIIX	TSLY	Difference
Sharpe ratio Return per unit of total volatility	1.89	0.66	+1.24
Sortino ratio Return per unit of downside risk	3.08	1.07	+2.01
Omega ratio Gain probability vs. loss probability	1.36	1.14	+0.22
Calmar ratio Return relative to maximum drawdown	2.80	1.12	+1.68
Martin ratio Return relative to average drawdown	9.88	2.66	+7.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSIIX vs. TSLY - Sharpe Ratio Comparison

The current TSIIX Sharpe Ratio is 1.89, which is higher than the TSLY Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of TSIIX and TSLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSIIX	TSLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.66	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.30	+1.09

Drawdowns

TSIIX vs. TSLY - Drawdown Comparison

The maximum TSIIX drawdown since its inception was -21.98%, smaller than the maximum TSLY drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TSIIX and TSLY.

Drawdown Indicators

	TSIIX	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-21.98%	-49.52%	+27.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.14%	-21.64%	+19.50%
Max Drawdown (3Y) Largest decline over 3 years	-2.62%	-49.52%	+46.90%
Max Drawdown (5Y) Largest decline over 5 years	-9.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.58%	—	—
Current Drawdown Current decline from peak	-0.54%	-8.16%	+7.62%
Average Drawdown Average peak-to-trough decline	-1.65%	-20.01%	+18.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	9.08%	-8.47%

Volatility

TSIIX vs. TSLY - Volatility Comparison

The current volatility for Thornburg Strategic Income Fund (TSIIX) is 0.94%, while YieldMax TSLA Option Income Strategy ETF (TSLY) has a volatility of 9.96%. This indicates that TSIIX experiences smaller price fluctuations and is considered to be less risky than TSLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSIIX	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	9.96%	-9.02%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	22.38%	-20.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	38.19%	-35.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	45.53%	-42.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	45.53%	-42.57%

TSIIX vs. TSLY - Expense Ratio Comparison

TSIIX has a 0.60% expense ratio, which is lower than TSLY's 0.99% expense ratio.

Dividends

TSIIX vs. TSLY - Dividend Comparison

TSIIX's dividend yield for the trailing twelve months is around 4.88%, less than TSLY's 83.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSIIX Thornburg Strategic Income Fund	4.88%	4.99%	5.10%	4.50%	3.49%	4.17%	3.70%	3.82%	3.40%	3.59%	3.43%	4.51%
TSLY YieldMax TSLA Option Income Strategy ETF	83.88%	91.19%	82.30%	76.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSIIX and TSLY in my portfolio?

TSIIX and TSLY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSIIX or TSLY?

TSLY has higher volatility (9.96%) compared to TSIIX (0.94%). In terms of maximum drawdown, TSIIX dropped -21.98% vs TSLY's -49.52%.

Which has better risk-adjusted returns?

TSIIX currently has the higher Sharpe Ratio (1.89 vs 0.66), 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.