AFGB vs. TLT

Last updated Jun 4, 2026

AFGB (American Financial Group, Inc. ) is a stock, 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 5 years, AFGB returned -0.17%/yr vs -6.31%/yr for TLT. At a 0.22 correlation, their price movements are largely independent.

Performance

AFGB vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Financial Group, Inc. (AFGB) 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, AFGB achieves a -1.26% return, which is significantly lower than TLT's -0.27% return.

AFGB

• 1D: -0.52%
• 1M: -1.92%
• YTD: -1.26%
• 6M: -1.18%
• 1Y: 6.24%
• 3Y*: 1.84%
• 5Y*: -0.17%
• 10Y*: —

TLT

• 1D: -0.40%
• 1M: 0.81%
• YTD: -0.27%
• 6M: -2.02%
• 1Y: 4.93%
• 3Y*: -1.80%
• 5Y*: -6.31%
• 10Y*: -1.66%

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

AFGB vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFGB American Financial Group, Inc.	-1.26%	2.35%	-0.22%	13.72%	-11.75%	-1.01%	10.83%	11.03%
TLT iShares 20+ Year Treasury Bond ETF	-0.27%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	13.71%

Correlation

The correlation between AFGB and TLT is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 20, 2019	0.22

The correlation between AFGB and TLT shifts across timeframes, from 0.22 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AFGB vs. TLT — Risk / Return Rank

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

AFGB

AFGB Risk / Return Rank: 60
AFGB Sharpe Ratio Rank: 67
AFGB Sortino Ratio Rank: 60
AFGB Omega Ratio Rank: 58
AFGB Calmar Ratio Rank: 57
AFGB Martin Ratio Rank: 57

TLT

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

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.

AFGB vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Financial Group, Inc. (AFGB) 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.

	AFGB	TLT	Difference
Sharpe ratio Return per unit of total volatility	0.83	0.51	+0.32
Sortino ratio Return per unit of downside risk	1.26	0.80	+0.46
Omega ratio Gain probability vs. loss probability	1.15	1.09	+0.06
Calmar ratio Return relative to maximum drawdown	0.73	0.65	+0.08
Martin ratio Return relative to average drawdown	1.52	1.63	-0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFGB vs. TLT - Sharpe Ratio Comparison

The current AFGB Sharpe Ratio is 0.83, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of AFGB 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

	AFGB	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	0.51	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.40	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.26	-0.10

Drawdowns

AFGB vs. TLT - Drawdown Comparison

The maximum AFGB drawdown since its inception was -36.35%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for AFGB and TLT.

Drawdown Indicators

	AFGB	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-36.35%	-48.35%	+12.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-7.58%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-19.18%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-22.01%	-43.70%	+21.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-8.48%	-40.44%	+31.96%
Average Drawdown Average peak-to-trough decline	-6.03%	-13.82%	+7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	3.04%	+1.09%

Volatility

AFGB vs. TLT - Volatility Comparison

The current volatility for American Financial Group, Inc. (AFGB) is 1.42%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that AFGB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFGB	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.76%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	6.50%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	9.77%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	15.87%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	14.91%	+3.58%

Dividends

AFGB vs. TLT - Dividend Comparison

AFGB's dividend yield for the trailing twelve months is around 7.02%, more than TLT's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFGB American Financial Group, Inc.	7.02%	6.82%	6.52%	6.13%	6.54%	5.44%	5.10%	1.34%	0.00%	0.00%	0.00%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.59%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both AFGB and TLT in my portfolio?

AFGB and TLT have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFGB or TLT?

TLT has higher volatility (2.76%) compared to AFGB (1.42%). In terms of maximum drawdown, AFGB dropped -36.35% vs TLT's -48.35%.

Which has better risk-adjusted returns?

AFGB currently has the higher Sharpe Ratio (0.83 vs 0.51), 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.