OBJECTIVES: Lead-time time trade-off (TTO) is a promising alternative to conventional TTO. The purpose of this study was to compare the values of EQ-5D-5L health states as measured by two TTO variants using different ratios of lead time to unhealthy time. METHODS: Data were collected as part of a wider multi-country pilot study. We elicited the values of 10 selected EQ-5D-5L health states from a convenience general population sample (N=406) using two lead-time TTO variants: 10 years of lead time in full health preceding 5 years of unhealthy time (standard method), and 5 years of lead time preceding 5 years of unhealthy time (experimental method). Participants self-completed the tasks using personal computers, with an interviewer supervising groups of participants. Participants were randomized to receive one of the two TTO variants to value a block of 5 EQ-5D-5L states. The TTO values were compared between the two study arms using random-effects linear models, with adjustment of age, gender, education, and health states. RESULTS: Health-state values generated from TTO valuation exercises using the longer lead time were slightly lower than those generated from exercises using the shorter lead time. The proportion of non-negative values in the standard and experimental arms was 81.2% and 86.7%, respectively (p=0.046); the grand mean TTO value was 0.35 and 0.43 for the standard and experimental arms, respectively (p=0.049). Exhaustion of tradable time occurred only in the experimental arm (0.46%) where the lead time was shorter. CONCLUSIONS: This study confirms earlier findings that the ratio of lead time to time in poor health exerts an effect on TTO values of health states. The more lead time is offered, the more time is traded. Different lead-time TTO variants should be carefully studied in order to achieve the best measurement of health-state values using this new method.