LTPZ vs. TLT
LTPZ (PIMCO 15+ Year US TIPS Index ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), 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, LTPZ returned 0.66%/yr vs -1.74%/yr for TLT. Their correlation of 0.82 suggests significant overlap in exposure. LTPZ charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
LTPZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a 0.42% return, which is significantly lower than TLT's 0.51% return. Over the past 10 years, LTPZ has outperformed TLT with an annualized return of 0.66%, while TLT has yielded a comparatively lower -1.74% annualized return.
LTPZ
- 1D
- 1.05%
- 1M
- 1.11%
- YTD
- 0.42%
- 6M
- -0.15%
- 1Y
- 4.41%
- 3Y*
- -1.03%
- 5Y*
- -5.52%
- 10Y*
- 0.66%
TLT
- 1D
- 1.30%
- 1M
- 1.56%
- YTD
- 0.51%
- 6M
- -0.28%
- 1Y
- 4.37%
- 3Y*
- -1.62%
- 5Y*
- -6.49%
- 10Y*
- -1.74%
LTPZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.42% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
TLT iShares 20+ Year Treasury Bond ETF | 0.51% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between LTPZ and TLT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | 0.82 |
The correlation between LTPZ and TLT shifts across timeframes, from 0.82 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LTPZ vs. TLT — Risk / Return Rank
LTPZ
TLT
LTPZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) 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.
| LTPZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.08 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.58 | +0.05 |
| Martin ratioReturn relative to average drawdown | 1.35 | 1.40 | -0.05 |
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Drawdowns
LTPZ vs. TLT - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for LTPZ and TLT.
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Drawdown Indicators
| LTPZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -48.35% | +7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -7.58% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -19.18% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -43.70% | +2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -48.35% | +7.36% |
Current DrawdownCurrent decline from peak | -32.73% | -39.97% | +7.24% |
Average DrawdownAverage peak-to-trough decline | -12.43% | -13.84% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 3.12% | +0.15% |
Volatility
LTPZ vs. TLT - Volatility Comparison
The current volatility for PIMCO 15+ Year US TIPS Index ETF (LTPZ) is 2.55%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.83%. This indicates that LTPZ 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
| LTPZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 2.83% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 6.65% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 9.68% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 15.86% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 14.91% | +0.16% |
LTPZ vs. TLT - Expense Ratio Comparison
LTPZ has a 0.20% 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
LTPZ vs. TLT - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.23% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 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 0.93, LTPZ 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 (2.83%) compared to LTPZ (2.55%). In terms of maximum drawdown, LTPZ dropped -40.99% vs TLT's -48.35%.
On 10-year performance, LTPZ leads with 0.66% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, LTPZ has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LTPZ has performed better with a 0.66% return vs -1.74%. 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 0.20% for LTPZ.
LTPZ has the higher dividend yield at 5.23%, compared with 4.55% for TLT.
LTPZ is categorized as Inflation-Protected Bonds, while TLT is Government Bonds. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.20% for LTPZ and 0.15% for TLT.
LTPZ currently has the higher Sharpe Ratio (0.48 vs 0.45), 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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