GOVZ vs. TLT
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.32%/yr vs -8.18%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
GOVZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.93% return, which is significantly lower than TLT's -3.49% return.
GOVZ
- 1D
- -1.06%
- 1M
- -6.91%
- 6M
- -6.43%
- YTD
- -6.93%
- 1Y
- -7.36%
- 3Y*
- -8.06%
- 5Y*
- -14.32%
- 10Y*
- —
- ALL TIME*
- -14.18%
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) |
|---|---|---|---|
| $6.61M | $6.41M | $8.12M | |
| $2.33B | $2.02B | $2.19B |
GOVZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.93% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -3.71% |
Correlation
The correlation between GOVZ and TLT is 0.98 - 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. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.98 |
The correlation between GOVZ and TLT has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
GOVZ vs. TLT — Risk / Return Rank
GOVZ
TLT
GOVZ vs. TLT - 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 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.
| GOVZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.99 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | -0.14 | -0.26 |
| Martin ratioReturn relative to average drawdown | -0.81 | -0.30 | -0.51 |
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Drawdowns
GOVZ vs. TLT - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for GOVZ and TLT.
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Drawdown Indicators
| GOVZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -48.35% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -7.74% | -7.13% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -14.79% | -11.63% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -43.70% | -13.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -59.10% | -42.36% | -16.74% |
Average DrawdownAverage peak-to-trough decline | -40.34% | -13.99% | -26.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.27% | 3.57% | +3.70% |
Volatility
GOVZ vs. TLT - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.48% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that GOVZ'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
| GOVZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 2.46% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.11% | 6.85% | +4.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.58% | 9.32% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 15.74% | +8.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.18% | 14.83% | +8.35% |
GOVZ vs. TLT - Expense Ratio Comparison
Both GOVZ and TLT 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. TLT - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.06% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 0.98, GOVZ 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.
GOVZ has higher volatility (4.48%) compared to TLT (2.46%). In terms of maximum drawdown, GOVZ dropped -59.65% vs TLT's -48.35%.
On 5-year performance, TLT leads with -8.18% vs -14.32% for GOVZ. Both ETFs have the same 0.15% expense ratio. 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 5-year period, TLT has performed better with a -8.18% return vs -14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ and TLT have the same expense ratio: 0.15% per year.
GOVZ has the higher dividend yield at 5.06%, compared with 4.34% for TLT.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
TLT currently has the higher Sharpe Ratio (-0.11 vs -0.38), 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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