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PLW vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PLW vs. TLT

Last updated Jun 4, 2026

PLW (Invesco 1-30 Laddered Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, PLW returned -0.10%/yr vs -1.66%/yr for TLT. With a 0.96 correlation, they move nearly in lockstep. PLW charges 0.25%/yr vs 0.15%/yr for TLT.

Performance

PLW vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco 1-30 Laddered Treasury ETF (PLW) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PLW achieves a -0.55% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, PLW has outperformed TLT with an annualized return of -0.10%, while TLT has yielded a comparatively lower -1.66% 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%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PLW vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TLT
iShares 20+ Year Treasury Bond ETF		-0.27%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between PLW and TLT is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2007

0.96

The correlation between PLW and TLT has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco 1-30 Laddered Treasury ETF

iShares 20+ Year Treasury Bond ETF

Often compared with PLW:
PLW vs. TLHPLW vs. IEFPLW vs. EDVPLW vs. RFLPLW vs. VGLTPLW vs. TMFPLW vs. BNDD
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

PLW vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PLW
PLW Risk / Return Rank: 1919
Overall Rank
PLW Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PLW Sortino Ratio Rank: 1919
Sortino Ratio Rank
PLW Omega Ratio Rank: 1818
Omega Ratio Rank
PLW Calmar Ratio Rank: 1919
Calmar Ratio Rank
PLW Martin Ratio Rank: 2020
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
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.

PLW vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) 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.

PLWTLTDifference
Sharpe ratioReturn per unit of total volatility
0.66
0.51

+0.16

Sortino ratioReturn per unit of downside risk
1.00
0.80

+0.20

Omega ratioGain probability vs. loss probability

1.11

1.09

+0.02

Calmar ratioReturn relative to maximum drawdown

0.80

0.65

+0.15

Martin ratioReturn relative to average drawdown

2.24

1.63

+0.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PLW vs. TLT - Sharpe Ratio Comparison

The current PLW Sharpe Ratio is 0.66, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of PLW and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PLWTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.66

0.51

+0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.28

-0.40

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.01

-0.11

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.26

+0.06

Drawdowns

PLW vs. TLT - Drawdown Comparison

The maximum PLW drawdown since its inception was -32.70%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PLW and TLT.

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Drawdown Indicators

PLWTLTDifference

Max Drawdown

Largest peak-to-trough decline

-32.70%

-48.35%

+15.65%

Max Drawdown (1Y)

Largest decline over 1 year

-5.45%

-7.58%

+2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-11.58%

-19.18%

+7.60%

Max Drawdown (5Y)

Largest decline over 5 years

-28.30%

-43.70%

+15.40%

Max Drawdown (10Y)

Largest decline over 10 years

-32.70%

-48.35%

+15.65%

Current Drawdown

Current decline from peak

-22.38%

-40.44%

+18.06%

Average Drawdown

Average peak-to-trough decline

-9.65%

-13.82%

+4.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

3.04%

-1.10%

Volatility

PLW vs. TLT - Volatility Comparison

The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 2.04%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that PLW 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

PLWTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.04%

2.76%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

4.53%

6.50%

-1.97%

Volatility (1Y)

Calculated over the trailing 1-year period

6.58%

9.77%

-3.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.86%

15.87%

-6.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.10%

14.91%

-5.81%

PLW vs. TLT - Expense Ratio Comparison

PLW has a 0.25% 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

PLW vs. TLT - Dividend Comparison

PLW's dividend yield for the trailing twelve months is around 3.83%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TLT
iShares 20+ Year Treasury Bond ETF		4.59%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

With a correlation of 0.98, PLW and TLT 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.

TLT has higher volatility (2.76%) compared to PLW (2.04%). In terms of maximum drawdown, PLW dropped -32.70% vs TLT's -48.35%.

On 10-year performance, PLW leads with -0.10% vs -1.66% for TLT. On fees, TLT 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 -1.66%. 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 0.25% for PLW.

TLT has the higher dividend yield at 4.59%, compared with 3.83% for PLW.

PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, while TLT tracks ICE U.S. Treasury 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 TLT.

PLW currently has the higher Sharpe Ratio (0.66 vs 0.51), 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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