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ITOT vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITOT vs. TLT

Last updated Jun 4, 2026

ITOT (iShares Core S&P Total U.S. Stock Market ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ITOT is a Large Cap Blend Equities fund tracking the S&P Total Market Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, ITOT returned 15.01%/yr vs -1.66%/yr for TLT. At a correlation of -0.24, they often move in opposite directions. ITOT charges 0.03%/yr vs 0.15%/yr for TLT.

Performance

ITOT vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Total U.S. Stock Market ETF (ITOT) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ITOT achieves a 11.25% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ITOT has outperformed TLT with an annualized return of 15.01%, while TLT has yielded a comparatively lower -1.66% annualized return.

ITOT

1D
-0.73%
1M
5.01%
YTD
11.25%
6M
11.12%
1Y
28.12%
3Y*
22.09%
5Y*
12.69%
10Y*
15.01%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITOT vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITOT
iShares Core S&P Total U.S. Stock Market ETF		11.25%17.00%23.80%26.12%-19.47%25.68%20.71%30.67%-5.33%21.37%
TLT
iShares 20+ Year Treasury Bond ETF		-0.27%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between ITOT and TLT is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.08

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2004

-0.24

The correlation between ITOT and TLT shifts across timeframes, from -0.24 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P Total U.S. Stock Market ETF

iShares 20+ Year Treasury Bond ETF

Often compared with ITOT:
ITOT vs. VTIITOT vs. VOOITOT vs. SCHBITOT vs. SPYITOT vs. FSKAXITOT vs. IVVITOT vs. IXUS
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

ITOT vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITOT
ITOT Risk / Return Rank: 6868
Overall Rank
ITOT Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ITOT Sortino Ratio Rank: 6868
Sortino Ratio Rank
ITOT Omega Ratio Rank: 6767
Omega Ratio Rank
ITOT Calmar Ratio Rank: 6363
Calmar Ratio Rank
ITOT Martin Ratio Rank: 7575
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ITOT vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Total U.S. Stock Market ETF (ITOT) 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.

ITOTTLTDifference
Sharpe ratioReturn per unit of total volatility
2.32
0.51

+1.81

Sortino ratioReturn per unit of downside risk
3.17
0.80

+2.37

Omega ratioGain probability vs. loss probability

1.42

1.09

+0.33

Calmar ratioReturn relative to maximum drawdown

3.17

0.65

+2.52

Martin ratioReturn relative to average drawdown

14.57

1.63

+12.94

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITOT vs. TLT - Sharpe Ratio Comparison

The current ITOT Sharpe Ratio is 2.32, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ITOT and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ITOTTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

0.51

+1.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

-0.40

+1.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.82

-0.11

+0.94

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.26

+0.32

Drawdowns

ITOT vs. TLT - Drawdown Comparison

The maximum ITOT drawdown since its inception was -55.20%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ITOT and TLT.

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Drawdown Indicators

ITOTTLTDifference

Max Drawdown

Largest peak-to-trough decline

-55.20%

-48.35%

-6.85%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-7.58%

-1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-19.44%

-19.18%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-25.36%

-43.70%

+18.34%

Max Drawdown (10Y)

Largest decline over 10 years

-35.00%

-48.35%

+13.35%

Current Drawdown

Current decline from peak

-0.73%

-40.44%

+39.71%

Average Drawdown

Average peak-to-trough decline

-6.97%

-13.82%

+6.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

3.04%

-1.10%

Volatility

ITOT vs. TLT - Volatility Comparison

iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a higher volatility of 2.99% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that ITOT'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

ITOTTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.99%

2.76%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

9.13%

6.50%

+2.63%

Volatility (1Y)

Calculated over the trailing 1-year period

12.20%

9.77%

+2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.36%

15.87%

+1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.26%

14.91%

+3.35%

ITOT vs. TLT - Expense Ratio Comparison

ITOT has a 0.03% 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

ITOT vs. TLT - Dividend Comparison

ITOT's dividend yield for the trailing twelve months is around 0.98%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ITOT
iShares Core S&P Total U.S. Stock Market ETF		0.98%1.11%1.23%1.47%1.66%1.18%1.41%1.88%2.14%1.69%1.83%2.01%
TLT
iShares 20+ Year Treasury Bond ETF		4.59%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

ITOT and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ITOT has higher volatility (2.99%) compared to TLT (2.76%). In terms of maximum drawdown, ITOT dropped -55.20% vs TLT's -48.35%.

On 10-year performance, ITOT leads with 15.01% vs -1.66% for TLT. On fees, ITOT is cheaper at 0.03% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ITOT has performed better with a 15.01% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ITOT is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.

TLT has the higher dividend yield at 4.59%, compared with 0.98% for ITOT.

ITOT is categorized as Large Cap Blend Equities, while TLT is Government Bonds. ITOT tracks S&P Total Market Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.03% for ITOT and 0.15% for TLT.

ITOT currently has the higher Sharpe Ratio (2.32 vs 0.51), 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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