AIAI.L vs. TLH

Last updated Jun 5, 2026

AIAI.L (L&G Artificial Intelligence UCITS ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - AIAI.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 5 years, AIAI.L returned 18.10%/yr vs -3.89%/yr for TLH. At a 0.02 correlation, their price movements are largely independent. AIAI.L charges 0.49%/yr vs 0.15%/yr for TLH.

Performance

AIAI.L vs. TLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Artificial Intelligence UCITS ETF (AIAI.L) and iShares 10-20 Year Treasury Bond ETF (TLH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIAI.L achieves a 42.35% return, which is significantly higher than TLH's -0.95% return.

AIAI.L

• 1D: -1.83%
• 1M: 18.80%
• YTD: 42.35%
• 6M: 39.03%
• 1Y: 75.99%
• 3Y*: 38.01%
• 5Y*: 18.10%
• 10Y*: —

TLH

• 1D: -0.62%
• 1M: -1.02%
• YTD: -0.95%
• 6M: -1.04%
• 1Y: 3.54%
• 3Y*: 0.36%
• 5Y*: -3.89%
• 10Y*: -0.87%

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

AIAI.L vs. TLH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIAI.L L&G Artificial Intelligence UCITS ETF	42.35%	30.30%	18.45%	59.58%	-40.29%	9.81%	68.60%	3.43%
TLH iShares 10-20 Year Treasury Bond ETF	-0.95%	6.47%	-4.21%	4.03%	-25.24%	-5.38%	13.78%	1.27%

Correlation

The correlation between AIAI.L and TLH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 3, 2019	0.02

The correlation between AIAI.L and TLH shifts across timeframes, from 0.02 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AIAI.L vs. TLH — Risk / Return Rank

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

AIAI.L

AIAI.L Risk / Return Rank: 83
AIAI.L Sharpe Ratio Rank: 89
AIAI.L Sortino Ratio Rank: 83
AIAI.L Omega Ratio Rank: 78
AIAI.L Calmar Ratio Rank: 86
AIAI.L Martin Ratio Rank: 77

TLH

TLH Risk / Return Rank: 16
TLH Sharpe Ratio Rank: 16
TLH Sortino Ratio Rank: 15
TLH Omega Ratio Rank: 15
TLH Calmar Ratio Rank: 16
TLH 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.

AIAI.L vs. TLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Artificial Intelligence UCITS ETF (AIAI.L) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.

	AIAI.L	TLH	Difference
Sharpe ratio: Return per unit of total volatility	3.00	0.45	+2.55
Sortino ratio: Return per unit of downside risk	3.68	0.69	+2.99
Omega ratio: Gain probability vs. loss probability	1.46	1.08	+0.38
Calmar ratio: Return relative to maximum drawdown	4.73	0.55	+4.18
Martin ratio: Return relative to average drawdown	14.60	1.50	+13.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIAI.L vs. TLH - Sharpe Ratio Comparison

The current AIAI.L Sharpe Ratio is 3.00, which is higher than the TLH Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of AIAI.L and TLH, 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

	AIAI.L	TLH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	0.45	+2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	-0.31	+0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.27	+0.50

Drawdowns

AIAI.L vs. TLH - Drawdown Comparison

The maximum AIAI.L drawdown since its inception was -49.61%, which is greater than TLH's maximum drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for AIAI.L and TLH.

Drawdown Indicators

	AIAI.L	TLH	Difference
Max Drawdown Largest peak-to-trough decline	-49.61%	-41.14%	-8.47%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-6.50%	-10.30%
Max Drawdown (3Y) Largest decline over 3 years	-29.96%	-15.35%	-14.61%
Max Drawdown (5Y) Largest decline over 5 years	-49.61%	-35.41%	-14.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.14%	—
Current Drawdown Current decline from peak	-1.83%	-30.13%	+28.30%
Average Drawdown Average peak-to-trough decline	-14.16%	-10.76%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	2.37%	+3.08%

Volatility

AIAI.L vs. TLH - Volatility Comparison

L&G Artificial Intelligence UCITS ETF (AIAI.L) has a higher volatility of 10.67% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.37%. This indicates that AIAI.L's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIAI.L	TLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.67%	2.37%	+8.30%
Volatility (6M) Calculated over the trailing 6-month period	20.49%	5.52%	+14.97%
Volatility (1Y) Calculated over the trailing 1-year period	26.55%	7.92%	+18.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.59%	12.69%	+15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.81%	11.19%	+17.62%

AIAI.L vs. TLH - Expense Ratio Comparison

AIAI.L has a 0.49% expense ratio, which is higher than TLH's 0.15% expense ratio.

Dividends

AIAI.L vs. TLH - Dividend Comparison

AIAI.L has not paid dividends to shareholders, while TLH's dividend yield for the trailing twelve months is around 4.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIAI.L L&G Artificial Intelligence UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLH iShares 10-20 Year Treasury Bond ETF	4.50%	4.17%	4.28%	3.83%	2.78%	1.50%	2.65%	2.31%	2.17%	1.83%	1.91%	2.13%

Frequently Asked Questions

Can I hold both AIAI.L and TLH in my portfolio?

AIAI.L and TLH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIAI.L or TLH?

On fees, TLH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIAI.L or TLH?

TLH is cheaper with a 0.15% expense ratio, compared with 0.49% for AIAI.L.

What is the main difference between AIAI.L and TLH?

AIAI.L is categorized as Technology Equities, while TLH is Government Bonds. AIAI.L tracks MSCI World/Information Tech NR USD, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.49% for AIAI.L and 0.15% for TLH.