PLW vs. TLH
PLW (Invesco 1-30 Laddered Treasury ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds - PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, PLW returned -0.47%/yr vs -1.16%/yr for TLH. Their 0.97 correlation means they have historically moved very closely together. PLW charges 0.25%/yr vs 0.15%/yr for TLH.
Performance
PLW vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, PLW achieves a -2.05% return, which is significantly lower than TLH's -1.82% return. Over the past 10 years, PLW has outperformed TLH with an annualized return of -0.47%, while TLH has yielded a comparatively lower -1.16% annualized return.
PLW
- 1D
- 0.24%
- 1M
- -2.16%
- 6M
- -1.76%
- YTD
- -2.05%
- 1Y
- -0.31%
- 3Y*
- 1.33%
- 5Y*
- -3.98%
- 10Y*
- -0.47%
- ALL TIME*
- 2.88%
TLH
- 1D
- 0.75%
- 1M
- -1.95%
- 6M
- -1.64%
- YTD
- -1.82%
- 1Y
- -0.08%
- 3Y*
- 1.46%
- 5Y*
- -5.25%
- 10Y*
- -1.16%
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.62M | $4.83M | $7.09M | |
| $124.12M | $95.25M | $124.06M |
PLW vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -2.05% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
TLH iShares 10-20 Year Treasury Bond ETF | -1.82% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
Correlation
The correlation between PLW and TLH is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.97 |
The correlation between PLW and TLH has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
PLW vs. TLH — Risk / Return Rank
PLW
TLH
PLW vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.
| PLW | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.00 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | -0.01 | -0.04 |
| Martin ratioReturn relative to average drawdown | -0.13 | -0.03 | -0.10 |
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Drawdowns
PLW vs. TLH - Drawdown Comparison
The maximum PLW drawdown since its inception was -32.70%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for PLW and TLH.
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Drawdown Indicators
| PLW | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -41.14% | +8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -6.50% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -9.49% | -11.87% | +2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -35.41% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -41.14% | +8.44% |
Current DrawdownCurrent decline from peak | -23.55% | -30.75% | +7.20% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -10.92% | +1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 2.90% | -0.51% |
Volatility
PLW vs. TLH - Volatility Comparison
The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 1.65%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.26%. This indicates that PLW experiences smaller price fluctuations and is considered to be less risky than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PLW | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.26% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 5.91% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.22% | 7.61% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.81% | 12.62% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 11.19% | -2.12% |
PLW vs. TLH - Expense Ratio Comparison
PLW has a 0.25% expense ratio, which is higher than TLH'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
PLW vs. TLH - Dividend Comparison
PLW's dividend yield for the trailing twelve months is around 3.94%, less than TLH's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.94% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.58% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.99, PLW and TLH 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.
TLH has higher volatility (2.26%) compared to PLW (1.65%). In terms of maximum drawdown, PLW dropped -32.70% vs TLH's -41.14%.
On 10-year performance, PLW leads with -0.47% vs -1.16% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, PLW has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PLW has performed better with a -0.47% return vs -1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH is cheaper with a 0.15% expense ratio, compared with 0.25% for PLW.
TLH has the higher dividend yield at 4.58%, compared with 3.94% for PLW.
PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PLW and 0.15% for TLH.
TLH currently has the higher Sharpe Ratio (-0.01 vs -0.05), 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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