BOND vs. TLT
BOND (PIMCO Active Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. BOND is actively managed, while TLT is passively managed. Over the past 10 years, BOND returned 1.96%/yr vs -2.38%/yr for TLT. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BOND charges 0.54%/yr vs 0.15%/yr for TLT.
Performance
BOND vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BOND achieves a -0.31% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, BOND has outperformed TLT with an annualized return of 1.96%, while TLT has yielded a comparatively lower -2.38% annualized return.
BOND
- 1D
- -0.33%
- 1M
- -1.43%
- 6M
- -0.84%
- YTD
- -0.31%
- 1Y
- 3.01%
- 3Y*
- 4.85%
- 5Y*
- 0.00%
- 10Y*
- 1.96%
- ALL TIME*
- 2.88%
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) |
|---|---|---|---|
| $46.87M | $49.77M | $50.25M | |
| $2.33B | $2.02B | $2.19B |
BOND vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | -0.31% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
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 BOND and TLT is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012 | 0.78 |
The correlation between BOND and TLT shifts across timeframes, from 0.78 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BOND vs. TLT — Risk / Return Rank
BOND
TLT
BOND vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) 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.
| BOND | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.99 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | -0.14 | +1.42 |
| Martin ratioReturn relative to average drawdown | 3.47 | -0.30 | +3.77 |
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Drawdowns
BOND vs. TLT - Drawdown Comparison
The maximum BOND drawdown since its inception was -19.71%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BOND and TLT.
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Drawdown Indicators
| BOND | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.71% | -48.35% | +28.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -7.74% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -14.79% | +9.58% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -43.70% | +23.99% |
Max Drawdown (10Y)Largest decline over 10 years | -19.71% | -48.35% | +28.64% |
Current DrawdownCurrent decline from peak | -2.34% | -42.36% | +40.02% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -13.99% | +10.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 3.57% | -2.46% |
Volatility
BOND vs. TLT - Volatility Comparison
The current volatility for PIMCO Active Bond ETF (BOND) is 1.15%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that BOND 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
| BOND | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 2.46% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 6.85% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.01% | 9.32% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 15.74% | -9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 14.83% | -9.73% |
BOND vs. TLT - Expense Ratio Comparison
BOND has a 0.54% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BOND vs. TLT - Dividend Comparison
BOND's dividend yield for the trailing twelve months is around 5.25%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 4.81% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
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 0.90, BOND 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 BOND (1.15%). In terms of maximum drawdown, BOND dropped -19.71% vs TLT's -48.35%.
On 10-year performance, BOND leads with 1.96% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BOND has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOND has performed better with a 1.96% return vs -2.38%. 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 0.54% for BOND.
BOND has the higher dividend yield at 4.81%, compared with 4.34% for TLT.
BOND is categorized as Intermediate Core-Plus Bond, while TLT is Government Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.54% for BOND and 0.15% for TLT.
BOND currently has the higher Sharpe Ratio (0.96 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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