GOVT vs. TLT
GOVT (iShares U.S. Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - GOVT tracks the ICE U.S. Treasury Core Bond Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, GOVT returned 0.68%/yr vs -2.38%/yr for TLT. Their correlation of 0.91 means they have usually moved in the same direction. GOVT charges 0.05%/yr vs 0.15%/yr for TLT.
Performance
GOVT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, GOVT achieves a -0.74% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, GOVT has outperformed TLT with an annualized return of 0.68%, while TLT has yielded a comparatively lower -2.38% annualized return.
GOVT
- 1D
- -0.24%
- 1M
- -1.06%
- 6M
- -0.78%
- YTD
- -0.74%
- 1Y
- 1.07%
- 3Y*
- 3.05%
- 5Y*
- -0.94%
- 10Y*
- 0.68%
- ALL TIME*
- 1.18%
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) |
|---|---|---|---|
| $167.09M | $164.37M | $191.03M | |
| $2.33B | $2.02B | $2.19B |
GOVT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | -0.74% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
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 GOVT and TLT is 0.92, 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. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | 0.91 |
The correlation between GOVT and TLT has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
GOVT vs. TLT — Risk / Return Rank
GOVT
TLT
GOVT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) 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.
| GOVT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | -0.14 | +0.82 |
| Martin ratioReturn relative to average drawdown | 1.61 | -0.30 | +1.91 |
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Drawdowns
GOVT vs. TLT - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for GOVT and TLT.
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Drawdown Indicators
| GOVT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -48.35% | +29.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -7.74% | +4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.90% | -14.79% | +9.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -43.70% | +27.10% |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | -48.35% | +29.28% |
Current DrawdownCurrent decline from peak | -7.75% | -42.36% | +34.61% |
Average DrawdownAverage peak-to-trough decline | -5.27% | -13.99% | +8.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 3.57% | -2.37% |
Volatility
GOVT vs. TLT - Volatility Comparison
The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 0.95%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that GOVT 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
| GOVT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 2.46% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 6.85% | -4.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.55% | 9.32% | -5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 15.74% | -9.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.21% | 14.83% | -9.62% |
GOVT vs. TLT - Expense Ratio Comparison
GOVT 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
GOVT vs. TLT - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.63%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.33% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
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 0.92, GOVT 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 GOVT (0.95%). In terms of maximum drawdown, GOVT dropped -19.07% vs TLT's -48.35%.
On 10-year performance, GOVT leads with 0.68% vs -2.38% for TLT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOVT has performed better with a 0.68% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 3.33% for GOVT.
GOVT tracks ICE U.S. Treasury Core Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.05% for GOVT and 0.15% for TLT.
GOVT currently has the higher Sharpe Ratio (0.55 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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