BLV vs. TLT
BLV (Vanguard Long-Term Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted 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, BLV returned 0.27%/yr vs -2.38%/yr for TLT. Their correlation of 0.93 means they have usually moved in the same direction. BLV charges 0.03%/yr vs 0.15%/yr for TLT.
Performance
BLV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -2.81% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, BLV has outperformed TLT with an annualized return of 0.27%, while TLT has yielded a comparatively lower -2.38% annualized return.
BLV
- 1D
- -0.47%
- 1M
- -3.57%
- 6M
- -2.98%
- YTD
- -2.81%
- 1Y
- -0.73%
- 3Y*
- 1.49%
- 5Y*
- -5.04%
- 10Y*
- 0.27%
- ALL TIME*
- 4.03%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.82M | $52.31M | $45.06M | |
| $2.33B | $2.02B | $2.19B |
BLV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -2.81% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between BLV and TLT is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.93 |
The correlation between BLV and TLT has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
BLV vs. TLT — Risk / Return Rank
BLV
TLT
BLV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) 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.
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.
| BLV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | -0.14 | +0.21 |
| Martin ratioReturn relative to average drawdown | 0.16 | -0.30 | +0.46 |
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Drawdowns
BLV vs. TLT - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BLV and TLT.
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Drawdown Indicators
| BLV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -48.35% | +10.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -7.74% | +1.82% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -14.79% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -43.70% | +7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -48.35% | +10.06% |
Current DrawdownCurrent decline from peak | -26.48% | -42.36% | +15.88% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -13.99% | +4.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 3.57% | -0.94% |
Volatility
BLV vs. TLT - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.12%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that BLV 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
| BLV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 2.46% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.96% | 6.85% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 9.32% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.90% | 15.74% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 14.83% | -2.88% |
BLV vs. TLT - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BLV vs. TLT - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.97%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.54% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
With a correlation of 0.98, BLV and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLT has higher volatility (2.46%) compared to BLV (2.12%). In terms of maximum drawdown, BLV dropped -38.29% vs TLT's -48.35%.
On 10-year performance, BLV leads with 0.27% vs -2.38% for TLT. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BLV has performed better with a 0.27% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.
BLV has the higher dividend yield at 4.54%, compared with 4.34% for TLT.
BLV is categorized as Long-Term Bond, while TLT is Government Bonds. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BLV and 0.15% for TLT.
BLV currently has the higher Sharpe Ratio (0.05 vs -0.11), 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.
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