^TYX vs. TLT

Last updated Jun 3, 2026

^TYX (Treasury Yield 30 Years) is an index, while TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, ^TYX returned 7.03%/yr vs -1.62%/yr for TLT. At a correlation of -0.94, they often move in opposite directions.

Performance

^TYX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 30 Years (^TYX) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^TYX achieves a 2.62% return, which is significantly higher than TLT's 0.13% return. Over the past 10 years, ^TYX has outperformed TLT with an annualized return of 7.03%, while TLT has yielded a comparatively lower -1.62% annualized return.

^TYX

• 1D: -0.48%
• 1M: 0.02%
• YTD: 2.62%
• 6M: 4.77%
• 1Y: -0.56%
• 3Y*: 8.56%
• 5Y*: 16.70%
• 10Y*: 7.03%

TLT

• 1D: 0.21%
• 1M: 0.44%
• YTD: 0.13%
• 6M: -1.35%
• 1Y: 5.16%
• 3Y*: -1.67%
• 5Y*: -5.98%
• 10Y*: -1.62%

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

^TYX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^TYX Treasury Yield 30 Years	2.62%	1.13%	19.08%	1.11%	108.66%	15.74%	-31.10%	-20.89%	10.26%	-10.58%
TLT iShares 20+ Year Treasury Bond ETF	0.13%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Correlation

The correlation between ^TYX and TLT is -0.95, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.95
Correlation (3Y) Calculated over the trailing 3-year period	-0.95
Correlation (5Y) Calculated over the trailing 5-year period	-0.94
Correlation (10Y) Calculated over the trailing 10-year period	-0.93
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002	-0.94

The correlation between ^TYX and TLT has been stable across timeframes, ranging from -0.95 to -0.93 - a consistent structural relationship.

Return for Risk

^TYX vs. TLT — Risk / Return Rank

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

^TYX

^TYX Risk / Return Rank: 11
^TYX Sharpe Ratio Rank: 9
^TYX Sortino Ratio Rank: 8
^TYX Omega Ratio Rank: 8
^TYX Calmar Ratio Rank: 14
^TYX Martin Ratio Rank: 14

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 17
TLT Sortino Ratio Rank: 17
TLT Omega Ratio Rank: 16
TLT Calmar Ratio Rank: 15
TLT Martin Ratio Rank: 15

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.

^TYX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 30 Years (^TYX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

	^TYX	TLT	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.53	-0.58
Sortino ratio Return per unit of downside risk	0.02	0.83	-0.81
Omega ratio Gain probability vs. loss probability	1.00	1.09	-0.09
Calmar ratio Return relative to maximum drawdown	0.11	0.55	-0.44
Martin ratio Return relative to average drawdown	0.24	1.38	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TYX vs. TLT - Sharpe Ratio Comparison

The current ^TYX Sharpe Ratio is -0.04, which is lower than the TLT Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of ^TYX and TLT, 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

	^TYX	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.53	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	-0.38	+1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	-0.11	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.26	-0.28

Drawdowns

^TYX vs. TLT - Drawdown Comparison

The maximum ^TYX drawdown since its inception was -88.52%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ^TYX and TLT.

Drawdown Indicators

	^TYX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-88.52%	-48.35%	-40.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-7.58%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-19.18%	-3.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-43.70%	+18.24%
Max Drawdown (10Y) Largest decline over 10 years	-72.86%	-48.35%	-24.51%
Current Drawdown Current decline from peak	-39.12%	-40.20%	+1.08%
Average Drawdown Average peak-to-trough decline	-45.96%	-13.81%	-32.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	3.02%	+1.44%

Volatility

^TYX vs. TLT - Volatility Comparison

Treasury Yield 30 Years (^TYX) has a higher volatility of 3.73% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.84%. This indicates that ^TYX's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TYX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.84%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	6.60%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	9.81%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.08%	15.87%	+9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.12%	14.91%	+18.21%

Frequently Asked Questions

Can I hold both ^TYX and TLT in my portfolio?

^TYX and TLT have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^TYX or TLT?

^TYX has higher volatility (3.73%) compared to TLT (2.84%). In terms of maximum drawdown, ^TYX dropped -88.52% vs TLT's -48.35%.

Which has better risk-adjusted returns?

TLT currently has the higher Sharpe Ratio (0.53 vs -0.04), 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.