EDV vs. TLT
EDV (Vanguard Extended Duration Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, EDV returned -4.47%/yr vs -2.38%/yr for TLT. Their 0.96 correlation means they have historically moved very closely together. EDV charges 0.05%/yr vs 0.15%/yr for TLT.
Performance
EDV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -6.20% return, which is significantly lower than TLT's -3.49% return. Over the past 10 years, EDV has underperformed TLT with an annualized return of -4.47%, while TLT has yielded a comparatively higher -2.38% annualized return.
EDV
- 1D
- -1.06%
- 1M
- -6.35%
- 6M
- -5.97%
- YTD
- -6.20%
- 1Y
- -6.00%
- 3Y*
- -5.53%
- 5Y*
- -12.61%
- 10Y*
- -4.47%
- ALL TIME*
- 2.34%
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) |
|---|---|---|---|
| $89.59M | $71.96M | $67.10M | |
| $2.33B | $2.02B | $2.19B |
EDV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -6.20% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
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 EDV and TLT is 0.99 - 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. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007 | 0.96 |
The correlation between EDV and TLT has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
EDV vs. TLT — Risk / Return Rank
EDV
TLT
EDV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) 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.
| EDV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.99 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.14 | -0.20 |
| Martin ratioReturn relative to average drawdown | -0.70 | -0.30 | -0.40 |
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Drawdowns
EDV vs. TLT - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EDV and TLT.
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Drawdown Indicators
| EDV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -48.35% | -11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.24% | -7.74% | -5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -22.74% | -14.79% | -7.95% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | -43.70% | -11.33% |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | -48.35% | -11.61% |
Current DrawdownCurrent decline from peak | -56.96% | -42.36% | -14.60% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -13.99% | -9.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.34% | 3.57% | +2.77% |
Volatility
EDV vs. TLT - Volatility Comparison
Vanguard Extended Duration Treasury ETF (EDV) has a higher volatility of 3.85% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that EDV's price experiences larger fluctuations and is considered to be riskier 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
| EDV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 2.46% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 6.85% | +3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.08% | 9.32% | +4.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.52% | 15.74% | +5.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 14.83% | +4.91% |
EDV vs. TLT - Expense Ratio Comparison
EDV has a 0.05% 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
EDV vs. TLT - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 5.45%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.45% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
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 0.99, EDV 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.
EDV has higher volatility (3.85%) compared to TLT (2.46%). In terms of maximum drawdown, EDV dropped -59.96% vs TLT's -48.35%.
On 10-year performance, TLT leads with -2.38% vs -4.47% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -2.38% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.15% for TLT.
EDV has the higher dividend yield at 5.45%, compared with 4.34% for TLT.
EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond 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: 0.05% for EDV and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.11 vs -0.31), 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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