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AOK vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOK vs. TLT

Last updated Jun 4, 2026

AOK (iShares Core Conservative Allocation ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - AOK is a Diversified Portfolio fund tracking the S&P Target Risk Conservative Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, AOK returned 5.14%/yr vs -1.66%/yr for TLT. At a 0.15 correlation, their price movements are largely independent. AOK charges 0.25%/yr vs 0.15%/yr for TLT.

Performance

AOK vs. TLT - Performance Comparison

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

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Returns By Period

In the year-to-date period, AOK achieves a 4.26% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, AOK has outperformed TLT with an annualized return of 5.14%, while TLT has yielded a comparatively lower -1.66% annualized return.

AOK

1D
-0.41%
1M
1.66%
YTD
4.26%
6M
4.14%
1Y
12.11%
3Y*
9.28%
5Y*
3.71%
10Y*
5.14%

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)

AOK vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AOK
iShares Core Conservative Allocation ETF		4.26%11.26%6.58%10.85%-14.16%4.87%9.33%13.90%-3.09%9.70%
TLT
iShares 20+ Year Treasury Bond ETF		-0.27%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between AOK and TLT is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.54

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Nov 11, 2008

0.15

Over the past year, AOK and TLT have become more correlated (0.55) than their long-term average of 0.15, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core Conservative Allocation ETF

iShares 20+ Year Treasury Bond ETF

Often compared with AOK:
AOK vs. AOMAOK vs. AOAAOK vs. SGOVAOK vs. AGGAOK vs. VTAOK vs. VOOAOK vs. EAOM
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

AOK vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOK
AOK Risk / Return Rank: 6161
Overall Rank
AOK Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
AOK Sortino Ratio Rank: 6464
Sortino Ratio Rank
AOK Omega Ratio Rank: 6565
Omega Ratio Rank
AOK Calmar Ratio Rank: 5454
Calmar Ratio Rank
AOK Martin Ratio Rank: 6262
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
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.

AOK vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Conservative Allocation ETF (AOK) 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.

AOKTLTDifference

Sharpe ratio

Return per unit of total volatility

2.11

0.51

+1.60

Sortino ratio

Return per unit of downside risk

3.01

0.80

+2.21

Omega ratio

Gain probability vs. loss probability

1.41

1.09

+0.32

Calmar ratio

Return relative to maximum drawdown

2.70

0.65

+2.05

Martin ratio

Return relative to average drawdown

11.50

1.63

+9.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOK vs. TLT - Sharpe Ratio Comparison

The current AOK Sharpe Ratio is 2.11, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of AOK 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.

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Sharpe Ratios by Period

AOKTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

0.51

+1.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

-0.40

+0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

-0.11

+0.88

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.26

+0.46

Drawdowns

AOK vs. TLT - Drawdown Comparison

The maximum AOK drawdown since its inception was -18.94%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for AOK and TLT.

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Drawdown Indicators

AOKTLTDifference

Max Drawdown

Largest peak-to-trough decline

-18.94%

-48.35%

+29.41%

Max Drawdown (1Y)

Largest decline over 1 year

-4.50%

-7.58%

+3.08%

Max Drawdown (3Y)

Largest decline over 3 years

-6.37%

-19.18%

+12.81%

Max Drawdown (5Y)

Largest decline over 5 years

-18.94%

-43.70%

+24.76%

Max Drawdown (10Y)

Largest decline over 10 years

-18.94%

-48.35%

+29.41%

Current Drawdown

Current decline from peak

-0.41%

-40.44%

+40.03%

Average Drawdown

Average peak-to-trough decline

-2.37%

-13.82%

+11.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.06%

3.04%

-1.98%

Volatility

AOK vs. TLT - Volatility Comparison

The current volatility for iShares Core Conservative Allocation ETF (AOK) is 1.97%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that AOK 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.

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Volatility by Period

AOKTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

2.76%

-0.79%

Volatility (6M)

Calculated over the trailing 6-month period

4.47%

6.50%

-2.03%

Volatility (1Y)

Calculated over the trailing 1-year period

5.76%

9.77%

-4.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.10%

15.87%

-8.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.71%

14.91%

-8.20%

AOK vs. TLT - Expense Ratio Comparison

AOK has a 0.25% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AOK vs. TLT - Dividend Comparison

AOK's dividend yield for the trailing twelve months is around 3.28%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
AOK
iShares Core Conservative Allocation ETF		3.28%3.28%3.23%2.93%2.25%1.55%2.10%2.71%2.68%2.91%2.14%2.02%
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

AOK and TLT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.76%) compared to AOK (1.97%). In terms of maximum drawdown, AOK dropped -18.94% vs TLT's -48.35%.

On 10-year performance, AOK leads with 5.14% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, AOK has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AOK has performed better with a 5.14% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.25% for AOK.

TLT has the higher dividend yield at 4.59%, compared with 3.28% for AOK.

AOK is categorized as Diversified Portfolio, while TLT is Government Bonds. AOK tracks S&P Target Risk Conservative Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.25% for AOK and 0.15% for TLT.

AOK currently has the higher Sharpe Ratio (2.11 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.

Portfolio Optimizer

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