MLN vs. TLT

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Long Muni ETF (MLN) and iShares 20+ Year Treasury Bond ETF (TLT).

MLN and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MLN is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Long Continuous. It was launched on Jan 2, 2008. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both MLN and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MLN vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Long Muni ETF (MLN) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

MLN vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLN VanEck Long Muni ETF	0.10%	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	0.17%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Returns By Period

In the year-to-date period, MLN achieves a 0.10% return, which is significantly lower than TLT's 0.17% return. Over the past 10 years, MLN has outperformed TLT with an annualized return of 1.55%, while TLT has yielded a comparatively lower -1.38% annualized return.

MLN

• 1D: 0.35%
• 1M: -1.74%
• YTD: 0.10%
• 6M: 1.65%
• 1Y: 4.19%
• 3Y*: 2.56%
• 5Y*: -0.92%
• 10Y*: 1.55%

TLT

• 1D: -0.10%
• 1M: -4.23%
• YTD: 0.17%
• 6M: -0.87%
• 1Y: -0.49%
• 3Y*: -2.78%
• 5Y*: -5.85%
• 10Y*: -1.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.

MLN

VanEck Long Muni ETF

TLT

iShares 20+ Year Treasury Bond ETF

Return for Risk

MLN vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLN

MLN Risk / Return Rank: 31
MLN Sharpe Ratio Rank: 34
MLN Sortino Ratio Rank: 28
MLN Omega Ratio Rank: 37
MLN Calmar Ratio Rank: 32
MLN Martin Ratio Rank: 26

TLT

TLT Risk / Return Rank: 12
TLT Sharpe Ratio Rank: 11
TLT Sortino Ratio Rank: 10
TLT Omega Ratio Rank: 10
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 13

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.

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.

	MLN	TLT	Difference
Sharpe ratio Return per unit of total volatility	0.62	-0.04	+0.66
Sortino ratio Return per unit of downside risk	0.82	0.02	+0.81
Omega ratio Gain probability vs. loss probability	1.15	1.00	+0.14
Calmar ratio Return relative to maximum drawdown	0.78	0.05	+0.73
Martin ratio Return relative to average drawdown	2.06	0.11	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLN vs. TLT - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 0.62, which is higher than the TLT Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of MLN and TLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MLN	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	-0.04	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.37	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	-0.09	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.26	+0.05

Correlation

The correlation between MLN and TLT is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MLN vs. TLT - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.78%, less than TLT's 4.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.78%	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	4.49%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

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.

Drawdown Indicators

	MLN	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-48.35%	+19.99%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-9.23%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-43.70%	+19.24%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	-48.35%	+23.89%
Current Drawdown Current decline from peak	-8.25%	-40.17%	+31.92%
Average Drawdown Average peak-to-trough decline	-5.71%	-13.62%	+7.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	4.38%	-2.14%

Volatility

MLN vs. TLT - Volatility Comparison

The current volatility for VanEck Long Muni ETF (MLN) is 1.95%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. 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.

Volatility by Period

	MLN	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	3.71%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	6.61%	-3.80%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	11.44%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	15.90%	-8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	14.93%	-6.05%