NYF vs. TLT
NYF (iShares New York Muni Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the ICE AMT-Free New York Plus Municipal 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, NYF returned 1.64%/yr vs -2.25%/yr for TLT. Their 0.38 correlation means their historical movements had little consistent relationship. NYF charges 0.09%/yr vs 0.15%/yr for TLT.
Performance
NYF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 0.64% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, NYF has outperformed TLT with an annualized return of 1.64%, while TLT has yielded a comparatively lower -2.25% annualized return.
NYF
- 1D
- 0.25%
- 1M
- -1.56%
- 6M
- -0.13%
- YTD
- 0.64%
- 1Y
- 4.71%
- 3Y*
- 3.02%
- 5Y*
- 0.53%
- 10Y*
- 1.64%
- ALL TIME*
- 3.06%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.91M | $8.04M | $7.81M | |
| $2.59B | $2.11B | $2.22B |
NYF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 0.64% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between NYF and TLT is 0.61, 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. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.38 |
Over the past year, NYF and TLT have become more correlated (0.61) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
NYF vs. TLT — Risk / Return Rank
NYF
TLT
NYF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.98 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.21 | +1.93 |
| Martin ratioReturn relative to average drawdown | 5.58 | -0.45 | +6.04 |
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Drawdowns
NYF vs. TLT - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for NYF and TLT.
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Drawdown Indicators
| NYF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -48.35% | +35.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -7.74% | +4.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | -14.79% | +10.17% |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | -43.70% | +31.29% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -48.35% | +35.23% |
Current DrawdownCurrent decline from peak | -1.56% | -41.73% | +40.17% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -14.00% | +11.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 3.63% | -2.79% |
Volatility
NYF vs. TLT - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.87%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.67%. This indicates that NYF 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
| NYF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.67% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 6.88% | -4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 9.25% | -6.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 15.75% | -11.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 14.83% | -10.35% |
NYF vs. TLT - Expense Ratio Comparison
NYF has a 0.09% 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
NYF vs. TLT - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.16%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.16% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 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
NYF and TLT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.67%) compared to NYF (0.87%). In terms of maximum drawdown, NYF dropped -13.12% vs TLT's -48.35%.
On 10-year performance, NYF leads with 1.64% vs -2.25% for TLT. On fees, NYF is cheaper at 0.09% per year. On volatility, NYF has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NYF has performed better with a 1.64% return vs -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.09% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.71%, compared with 3.16% for NYF.
NYF is categorized as Municipal Bonds, while TLT is Government Bonds. NYF tracks ICE AMT-Free New York Plus Municipal Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.09% for NYF and 0.15% for TLT.
NYF currently has the higher Sharpe Ratio (1.72 vs -0.18), 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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