BRHYX vs. TLT
BRHYX (BlackRock High Yield K) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - BRHYX is a High Yield Bonds fund managed by BlackRock, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, BRHYX returned 6.05%/yr vs -1.74%/yr for TLT. At a correlation of -0.02, they often move in opposite directions. BRHYX charges 0.48%/yr vs 0.15%/yr for TLT.
Performance
BRHYX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BRHYX achieves a 1.52% return, which is significantly higher than TLT's 0.77% return. Over the past 10 years, BRHYX has outperformed TLT with an annualized return of 6.05%, while TLT has yielded a comparatively lower -1.74% annualized return.
BRHYX
- 1D
- -0.14%
- 1M
- 0.57%
- YTD
- 1.52%
- 6M
- 2.25%
- 1Y
- 7.25%
- 3Y*
- 9.42%
- 5Y*
- 4.38%
- 10Y*
- 6.05%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
BRHYX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRHYX BlackRock High Yield K | 1.52% | 9.44% | 8.65% | 13.26% | -11.18% | 5.47% | 5.98% | 15.65% | -2.67% | 8.34% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between BRHYX and TLT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.02 |
The correlation between BRHYX and TLT shifts across timeframes, from -0.02 (all time) to 0.40 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BRHYX vs. TLT — Risk / Return Rank
BRHYX
TLT
BRHYX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield K (BRHYX) 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.
| BRHYX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.07 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 0.51 | +2.58 |
| Martin ratioReturn relative to average drawdown | 15.57 | 1.22 | +14.35 |
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Drawdowns
BRHYX vs. TLT - Drawdown Comparison
The maximum BRHYX drawdown since its inception was -34.77%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BRHYX and TLT.
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Drawdown Indicators
| BRHYX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.77% | -48.35% | +13.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -7.58% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -4.07% | -19.18% | +15.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -43.70% | +28.41% |
Max Drawdown (10Y)Largest decline over 10 years | -23.20% | -48.35% | +25.15% |
Current DrawdownCurrent decline from peak | -0.42% | -39.82% | +39.40% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -13.87% | +11.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.18% | -2.70% |
Volatility
BRHYX vs. TLT - Volatility Comparison
The current volatility for BlackRock High Yield K (BRHYX) is 0.86%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.20%. This indicates that BRHYX 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
| BRHYX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.20% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 6.62% | -3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 9.48% | -6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.27% | 15.82% | -10.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.92% | 14.88% | -8.96% |
BRHYX vs. TLT - Expense Ratio Comparison
BRHYX has a 0.48% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BRHYX vs. TLT - Dividend Comparison
BRHYX's dividend yield for the trailing twelve months is around 7.18%, more than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRHYX BlackRock High Yield K | 7.18% | 7.14% | 7.56% | 6.20% | 4.98% | 4.80% | 5.22% | 5.82% | 6.48% | 5.92% | 6.03% | 6.42% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 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
BRHYX and TLT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.20%) compared to BRHYX (0.86%). In terms of maximum drawdown, BRHYX dropped -34.77% vs TLT's -48.35%.
BRHYX currently has the higher Sharpe Ratio (2.14 vs 0.41), 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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