GOVI vs. TLH
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds - GOVI tracks the ICE 1-30 Year Laddered Maturity U.S. Treasury Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, GOVI returned -0.05%/yr vs -0.78%/yr for TLH. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
GOVI vs. TLH - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GOVI having a -0.34% return and TLH slightly higher at -0.33%. Over the past 10 years, GOVI has outperformed TLH with an annualized return of -0.05%, while TLH has yielded a comparatively lower -0.78% annualized return.
GOVI
- 1D
- 0.20%
- 1M
- 0.24%
- YTD
- -0.34%
- 6M
- -0.80%
- 1Y
- 3.44%
- 3Y*
- 0.97%
- 5Y*
- -2.73%
- 10Y*
- -0.05%
TLH
- 1D
- 0.18%
- 1M
- 0.38%
- YTD
- -0.33%
- 6M
- -0.83%
- 1Y
- 4.09%
- 3Y*
- 0.67%
- 5Y*
- -3.77%
- 10Y*
- -0.78%
GOVI vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.34% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
TLH iShares 10-20 Year Treasury Bond ETF | -0.33% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
Correlation
The correlation between GOVI and TLH is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.97 |
The correlation between GOVI and TLH has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
GOVI vs. TLH — Risk / Return Rank
GOVI
TLH
GOVI vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.
| GOVI | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.63 | 0.00 |
| Martin ratioReturn relative to average drawdown | 1.76 | 1.74 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOVI | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 0.52 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | -0.30 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | -0.07 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.28 | +0.04 |
Drawdowns
GOVI vs. TLH - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for GOVI and TLH.
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Drawdown Indicators
| GOVI | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -41.14% | +8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -6.50% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -15.35% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -35.41% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -41.14% | +8.44% |
Current DrawdownCurrent decline from peak | -22.22% | -29.69% | +7.47% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -10.76% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.36% | -0.41% |
Volatility
GOVI vs. TLH - Volatility Comparison
The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 2.03%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.43%. This indicates that GOVI experiences smaller price fluctuations and is considered to be less risky than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVI | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.43% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 5.49% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 8.01% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 12.69% | -2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 11.19% | -2.09% |
GOVI vs. TLH - Expense Ratio Comparison
Both GOVI and TLH have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GOVI vs. TLH - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 3.82%, less than TLH's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.82% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.47% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.99, GOVI and TLH 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.
TLH has higher volatility (2.43%) compared to GOVI (2.03%). In terms of maximum drawdown, GOVI dropped -32.70% vs TLH's -41.14%.
On 10-year performance, GOVI leads with -0.05% vs -0.78% for TLH. Both ETFs have the same 0.15% expense ratio. On volatility, GOVI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOVI has performed better with a -0.05% return vs -0.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVI and TLH have the same expense ratio: 0.15% per year.
TLH has the higher dividend yield at 4.47%, compared with 3.82% for GOVI.
GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Invesco and iShares.
GOVI currently has the higher Sharpe Ratio (0.53 vs 0.52), 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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