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 -0.10%/yr vs -0.83%/yr for TLH. With a 0.97 correlation, they move nearly in lockstep. 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 -0.55% return, which is significantly lower than TLH's -0.51% return. Over the past 10 years, PLW has outperformed TLH with an annualized return of -0.10%, while TLH has yielded a comparatively lower -0.83% annualized return.
PLW
- 1D
- -0.33%
- 1M
- 0.34%
- YTD
- -0.55%
- 6M
- -1.32%
- 1Y
- 4.34%
- 3Y*
- 0.89%
- 5Y*
- -2.77%
- 10Y*
- -0.10%
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
PLW vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -0.55% | 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 | -0.51% | 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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 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.
| PLW | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 0.82 | -0.02 |
| Martin ratioReturn relative to average drawdown | 2.24 | 2.28 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PLW | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 0.67 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | -0.30 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | -0.07 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.28 | +0.04 |
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 | -11.58% | -15.35% | +3.77% |
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 | -22.38% | -29.82% | +7.44% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -10.76% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 2.35% | -0.41% |
Volatility
PLW vs. TLH - Volatility Comparison
The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 2.04%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.46%. 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 | 2.04% | 2.46% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 5.49% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 8.01% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 12.70% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 11.19% | -2.09% |
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 3.83%, less than TLH's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.83% | 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 | 4.48% | 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 (2.46%) compared to PLW (2.04%). In terms of maximum drawdown, PLW dropped -32.70% vs TLH's -41.14%.
On 10-year performance, PLW leads with -0.10% vs -0.83% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, PLW has been the lower-risk option at 2.04%. 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 -0.10% return vs -0.83%. 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 4.48%, compared with 3.83% 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 (0.67 vs 0.66), 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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