MLN vs. TLT
MLN (VanEck Long Muni ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, 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, MLN returned 1.23%/yr vs -2.38%/yr for TLT. Their 0.44 correlation means their historical movements had little consistent relationship. MLN charges 0.24%/yr vs 0.15%/yr for TLT.
Performance
MLN vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MLN achieves a 1.01% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, MLN has outperformed TLT with an annualized return of 1.23%, while TLT has yielded a comparatively lower -2.38% annualized return.
MLN
- 1D
- -0.26%
- 1M
- -2.20%
- 6M
- 0.87%
- YTD
- 1.01%
- 1Y
- 7.33%
- 3Y*
- 2.80%
- 5Y*
- -1.42%
- 10Y*
- 1.23%
- ALL TIME*
- 2.84%
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) |
|---|---|---|---|
| $2.96M | $2.78M | $3.87M | |
| $2.33B | $2.02B | $2.19B |
MLN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.01% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between MLN and TLT is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2008 | 0.44 |
The correlation between MLN and TLT shifts across timeframes, from 0.44 (all time) to 0.70 (3 years), 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.
Return for Risk
MLN vs. TLT — Risk / Return Rank
MLN
TLT
MLN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.05 | ||
| Sortino ratioReturn per unit of downside risk | +2.95 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.99 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | -0.14 | +3.49 |
| Martin ratioReturn relative to average drawdown | 10.75 | -0.30 | +11.04 |
Loading charts...
Drawdowns
MLN vs. TLT - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MLN and TLT.
Loading charts...
Drawdown Indicators
| MLN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -48.35% | +19.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -7.74% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.73% | -14.79% | +6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.16% | -43.70% | +19.54% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -48.35% | +23.89% |
Current DrawdownCurrent decline from peak | -7.42% | -42.36% | +34.94% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -13.99% | +8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 3.57% | -2.77% |
Volatility
MLN vs. TLT - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.28%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that MLN 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.
Loading charts...
Volatility by Period
| MLN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 2.46% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 6.85% | -3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 9.32% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 15.74% | -8.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 14.83% | -5.95% |
MLN vs. TLT - Expense Ratio Comparison
MLN has a 0.24% 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
MLN vs. TLT - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.85%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.53% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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
MLN and TLT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to MLN (1.28%). In terms of maximum drawdown, MLN dropped -28.36% vs TLT's -48.35%.
On 10-year performance, MLN leads with 1.23% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, MLN has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MLN has performed better with a 1.23% return vs -2.38%. 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 0.24% for MLN.
TLT has the higher dividend yield at 4.34%, compared with 3.53% for MLN.
MLN is categorized as Municipal Bonds, while TLT is Government Bonds. MLN tracks Bloomberg AMT-Free Long Continuous, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.24% for MLN and 0.15% for TLT.
MLN currently has the higher Sharpe Ratio (1.94 vs -0.11), 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.
Find the right allocation for MLN and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer