- ISIN
- US4642874329
- CUSIP
- 464287432
- Issuer
- iShares
- Inception Date
- Jul 22, 2002
- Region
- North America (U.S.)
- Category
- Government Bonds, Long-Term Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE U.S. Treasury 20+ Year Bond Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $41B
Share Price Chart
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Performance
TLT Performance Chart
iShares 20+ Year Treasury Bond ETF (TLT) is up 0.3% since the beginning of the year. TLT is currently trading at $85 per share. Investors who bought $1,000 worth of TLT shares 5 years ago would now be looking at an investment worth $685.
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Returns By Period
iShares 20+ Year Treasury Bond ETF (TLT) has returned 0.26% so far this year and 2.73% over the past 12 months. Over the last ten years, TLT has returned -2.36% per year, falling short of the S&P 500 Index benchmark, which averaged 13.47% annually.
iShares 20+ Year Treasury Bond ETF
- 1D
- -0.07%
- 1M
- 0.83%
- 6M
- -0.08%
- YTD
- 0.26%
- 1Y
- 2.73%
- 3Y*
- -0.77%
- 5Y*
- -7.29%
- 10Y*
- -2.36%
Benchmark (S&P 500 Index)
- 1D
- 0.72%
- 1M
- 2.08%
- 6M
- 9.21%
- YTD
- 10.11%
- 1Y
- 20.04%
- 3Y*
- 19.66%
- 5Y*
- 11.58%
- 10Y*
- 13.47%
TLT Monthly Returns History
Based on dividend-adjusted daily data since Jul 26, 2002, TLT's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 53% of months were positive and 47% were negative. The best month was Nov 2008 with a return of +14.3%, while the worst month was Jan 2009 at -13.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 7 months.
On a daily basis, TLT closed higher 52% of trading days. The best single day was Mar 20, 2020 with a return of +7.5%, while the worst single day was Mar 17, 2020 at -6.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.03% | 4.63% | -4.23% | -0.84% | 0.53% | 1.17% | -0.76% | 0.26% | |||||
| 2025 | 0.49% | 5.70% | -1.20% | -1.36% | -3.21% | 2.66% | -1.14% | 0.01% | 3.59% | 1.38% | 0.27% | -2.66% | 4.25% |
| 2024 | -2.25% | -2.25% | 0.78% | -6.46% | 2.89% | 1.82% | 3.63% | 2.11% | 2.00% | -5.46% | 1.99% | -6.38% | -8.05% |
| 2023 | 7.64% | -4.85% | 4.84% | 0.34% | -3.02% | 0.22% | -2.54% | -3.14% | -7.95% | -5.46% | 9.92% | 8.69% | 2.77% |
| 2022 | -3.91% | -1.63% | -5.44% | -9.42% | -2.25% | -1.27% | 2.43% | -4.55% | -8.23% | -5.96% | 7.15% | -2.62% | -31.23% |
| 2021 | -3.63% | -5.73% | -5.25% | 2.50% | 0.00% | 4.42% | 3.72% | -0.34% | -2.91% | 2.47% | 2.77% | -2.01% | -4.60% |
Benchmark Metrics
iShares 20+ Year Treasury Bond ETF has an annualized alpha of 7.44%, beta of -0.23, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since July 26, 2002.
- This ETF captured 1.97% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -24.84%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.23 may look defensive, but with R2 of 0.10 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.10 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 7.44%
- Beta
- -0.23
- R²
- 0.10
- Upside Capture
- 1.97%
- Downside Capture
- -24.84%
Expense Ratio
TLT has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
TLT ranks 13 for risk / return — in the bottom 13% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and compare them to S&P 500 Index.
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.
| TLT | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.29 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 2.21 | -1.85 |
| Martin ratioReturn relative to average drawdown | 0.86 | 9.63 | -8.77 |
Dividends
Dividend History
iShares 20+ Year Treasury Bond ETF provided a 4.57% dividend yield over the last twelve months, with an annual payout of $3.90 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.90 | $3.86 | $3.75 | $3.34 | $2.66 | $2.22 | $2.37 | $3.07 | $3.20 | $3.09 | $3.10 | $3.15 |
Dividend yield | 4.57% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares 20+ Year Treasury Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.33 | $0.30 | $0.34 | $0.32 | $0.34 | $0.32 | $1.95 | |||||
| 2025 | $0.00 | $0.31 | $0.29 | $0.33 | $0.33 | $0.32 | $0.33 | $0.33 | $0.33 | $0.31 | $0.33 | $0.66 | $3.86 |
| 2024 | $0.00 | $0.31 | $0.30 | $0.31 | $0.31 | $0.31 | $0.29 | $0.31 | $0.31 | $0.32 | $0.31 | $0.68 | $3.75 |
| 2023 | $0.00 | $0.28 | $0.25 | $0.27 | $0.27 | $0.27 | $0.28 | $0.28 | $0.29 | $0.28 | $0.29 | $0.60 | $3.34 |
| 2022 | $0.00 | $0.20 | $0.18 | $0.20 | $0.20 | $0.21 | $0.23 | $0.21 | $0.24 | $0.24 | $0.24 | $0.51 | $2.66 |
| 2021 | $0.00 | $0.18 | $0.17 | $0.19 | $0.20 | $0.20 | $0.19 | $0.18 | $0.19 | $0.18 | $0.19 | $0.35 | $2.22 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares 20+ Year Treasury Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares 20+ Year Treasury Bond ETF was 48.35%, occurring on Oct 19, 2023. The portfolio has not yet recovered.
The current iShares 20+ Year Treasury Bond ETF drawdown is 40.12%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -48.35%Oct 2023 | 3y 2mo | — | 5y 11moAug 2020 - now |
Financial crisis2007–2009 | -26.58%Jun 2009 | 5mo 11d | 2y 2mo | 2y 7moDec 2008 - Aug 2011 |
2013 bear market2013 | -20.49%Aug 2013 | 1y 26d | 1y 3mo | 2y 4moJul 2012 - Dec 2014 |
2016 correction2016 | -17.88%Dec 2016 | 5mo 6d | 2y 6mo | 2y 11moJul 2016 - Jul 2019 |
2015 correction2015 | -15.81%Jun 2015 | 4mo 24d | 11mo 19d | 1y 4moFeb 2015 - Jun 2016 |
Drawdown Indicators
| TLT | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -56.78% | +8.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -9.10% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.88% | -18.90% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -25.43% | -18.27% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -33.92% | -14.43% |
Current DrawdownCurrent decline from peak | -40.12% | -0.95% | -39.17% |
Average DrawdownAverage peak-to-trough decline | -13.90% | -10.71% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.09% | +1.09% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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