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LQDH vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LQDH vs. TLT

Last updated Jun 4, 2026

LQDH (iShares Interest Rate Hedged Corporate Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - LQDH is a Corporate Bonds fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. LQDH is actively managed, while TLT is passively managed. Over the past 10 years, LQDH returned 4.64%/yr vs -1.66%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. LQDH charges 0.25%/yr vs 0.15%/yr for TLT.

Performance

LQDH vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged Corporate Bond ETF (LQDH) 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, LQDH achieves a 2.31% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, LQDH has outperformed TLT with an annualized return of 4.64%, while TLT has yielded a comparatively lower -1.66% annualized return.

LQDH

1D
-0.09%
1M
1.29%
YTD
2.31%
6M
3.11%
1Y
7.62%
3Y*
8.08%
5Y*
5.28%
10Y*
4.64%

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)

LQDH vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LQDH
iShares Interest Rate Hedged Corporate Bond ETF		2.31%7.00%7.43%11.14%-1.88%1.84%1.68%9.50%-2.20%6.00%
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 LQDH and TLT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.18

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

0.14

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

0.02

Correlation (All Time)
Calculated using the full available price history since Jun 18, 2014

-0.01

The correlation between LQDH and TLT shifts across timeframes, from -0.01 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Interest Rate Hedged Corporate Bond ETF

iShares 20+ Year Treasury Bond ETF

Often compared with LQDH:
LQDH vs. LQDLQDH vs. SGOVLQDH vs. IGBHLQDH vs. LQDWLQDH vs. IGHGLQDH vs. VRIGLQDH vs. HYGH
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

LQDH vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LQDH
LQDH Risk / Return Rank: 8080
Overall Rank
LQDH Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
LQDH Sortino Ratio Rank: 9090
Sortino Ratio Rank
LQDH Omega Ratio Rank: 8888
Omega Ratio Rank
LQDH Calmar Ratio Rank: 6565
Calmar Ratio Rank
LQDH Martin Ratio Rank: 7373
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.

LQDH vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) 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.

LQDHTLTDifference
Sharpe ratioReturn per unit of total volatility
2.83
0.51

+2.32

Sortino ratioReturn per unit of downside risk
4.30
0.80

+3.50

Omega ratioGain probability vs. loss probability

1.57

1.09

+0.48

Calmar ratioReturn relative to maximum drawdown

3.26

0.65

+2.61

Martin ratioReturn relative to average drawdown

13.85

1.63

+12.23

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

LQDH vs. TLT - Sharpe Ratio Comparison

The current LQDH Sharpe Ratio is 2.83, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of LQDH 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

LQDHTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.83

0.51

+2.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.20

-0.40

+1.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.72

-0.11

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.26

+0.33

Drawdowns

LQDH vs. TLT - Drawdown Comparison

The maximum LQDH drawdown since its inception was -24.63%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for LQDH and TLT.

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Drawdown Indicators

LQDHTLTDifference

Max Drawdown

Largest peak-to-trough decline

-24.63%

-48.35%

+23.72%

Max Drawdown (1Y)

Largest decline over 1 year

-2.34%

-7.58%

+5.24%

Max Drawdown (3Y)

Largest decline over 3 years

-4.86%

-19.18%

+14.32%

Max Drawdown (5Y)

Largest decline over 5 years

-7.08%

-43.70%

+36.62%

Max Drawdown (10Y)

Largest decline over 10 years

-24.63%

-48.35%

+23.72%

Current Drawdown

Current decline from peak

-0.09%

-40.44%

+40.35%

Average Drawdown

Average peak-to-trough decline

-1.68%

-13.82%

+12.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.55%

3.04%

-2.49%

Volatility

LQDH vs. TLT - Volatility Comparison

The current volatility for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is 0.50%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that LQDH 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

LQDHTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.50%

2.76%

-2.26%

Volatility (6M)

Calculated over the trailing 6-month period

2.03%

6.50%

-4.47%

Volatility (1Y)

Calculated over the trailing 1-year period

2.70%

9.77%

-7.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.41%

15.87%

-11.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.44%

14.91%

-8.47%

LQDH vs. TLT - Expense Ratio Comparison

LQDH has a 0.25% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LQDH vs. TLT - Dividend Comparison

LQDH's dividend yield for the trailing twelve months is around 5.95%, more than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
LQDH
iShares Interest Rate Hedged Corporate Bond ETF		5.95%6.06%7.57%7.69%3.73%1.65%2.22%3.09%5.08%2.37%2.33%2.98%
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

LQDH and TLT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.76%) compared to LQDH (0.50%). In terms of maximum drawdown, LQDH dropped -24.63% vs TLT's -48.35%.

On 10-year performance, LQDH leads with 4.64% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, LQDH has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, LQDH has performed better with a 4.64% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.25% for LQDH.

LQDH has the higher dividend yield at 5.95%, compared with 4.59% for TLT.

LQDH is categorized as Corporate Bonds, while TLT is Government Bonds. Their fees differ too: 0.25% for LQDH and 0.15% for TLT.

LQDH currently has the higher Sharpe Ratio (2.83 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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