GOVZ vs. TLH
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds from iShares - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.55%/yr vs -5.49%/yr for TLH. Their 0.96 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
GOVZ vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.61% return, which is significantly lower than TLH's -2.55% return.
GOVZ
- 1D
- 0.34%
- 1M
- -6.59%
- 6M
- -5.59%
- YTD
- -6.61%
- 1Y
- -7.04%
- 3Y*
- -6.86%
- 5Y*
- -14.55%
- 10Y*
- —
- ALL TIME*
- -14.11%
TLH
- 1D
- 0.37%
- 1M
- -2.68%
- 6M
- -2.20%
- YTD
- -2.55%
- 1Y
- -0.65%
- 3Y*
- 1.21%
- 5Y*
- -5.49%
- 10Y*
- -1.23%
- ALL TIME*
- 2.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.32M | $6.57M | $8.03M | |
| $117.64M | $94.20M | $123.44M |
GOVZ vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.61% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
TLH iShares 10-20 Year Treasury Bond ETF | -2.55% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | -3.19% |
Correlation
The correlation between GOVZ and TLH is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.96 |
The correlation between GOVZ and TLH has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
GOVZ vs. TLH — Risk / Return Rank
GOVZ
TLH
GOVZ vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
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.
| GOVZ | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.99 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.10 | -0.38 |
| Martin ratioReturn relative to average drawdown | -0.96 | -0.23 | -0.74 |
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Drawdowns
GOVZ vs. TLH - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than TLH's maximum drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for GOVZ and TLH.
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Drawdown Indicators
| GOVZ | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -41.14% | -18.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -6.50% | -8.37% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -11.87% | -14.55% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -35.41% | -22.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.14% | — |
Current DrawdownCurrent decline from peak | -58.96% | -31.26% | -27.70% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -10.91% | -29.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 2.88% | +4.45% |
Volatility
GOVZ vs. TLH - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.53% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.08%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier 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
| GOVZ | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.08% | +2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 5.87% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 7.59% | +7.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 12.61% | +11.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 11.19% | +11.98% |
GOVZ vs. TLH - Expense Ratio Comparison
Both GOVZ 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
GOVZ vs. TLH - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, more than TLH's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.53% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.61% | 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 0.94, GOVZ 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.
GOVZ has higher volatility (4.53%) compared to TLH (2.08%). In terms of maximum drawdown, GOVZ dropped -59.65% vs TLH's -41.14%.
On 5-year performance, TLH leads with -5.49% vs -14.55% for GOVZ. Both ETFs have the same 0.15% expense ratio. On volatility, TLH has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TLH has performed better with a -5.49% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ and TLH have the same expense ratio: 0.15% per year.
GOVZ has the higher dividend yield at 5.53%, compared with 4.61% for TLH.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index.
TLH currently has the higher Sharpe Ratio (-0.09 vs -0.46), 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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