PTCIX vs. TLT

Last updated Jun 3, 2026

PTCIX (PIMCO Long-Term Credit Bond Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - PTCIX is a Long-Term Bond fund managed by PIMCO, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, PTCIX returned 2.76%/yr vs -1.62%/yr for TLT. Their correlation of 0.90 suggests significant overlap in exposure. PTCIX charges 0.55%/yr vs 0.15%/yr for TLT.

Performance

PTCIX vs. TLT - Performance Comparison

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

Returns By Period

In the year-to-date period, PTCIX achieves a 0.84% return, which is significantly higher than TLT's 0.13% return. Over the past 10 years, PTCIX has outperformed TLT with an annualized return of 2.76%, while TLT has yielded a comparatively lower -1.62% annualized return.

PTCIX

• 1D: -0.11%
• 1M: 0.96%
• YTD: 0.84%
• 6M: 0.32%
• 1Y: 8.91%
• 3Y*: 4.88%
• 5Y*: -1.86%
• 10Y*: 2.76%

TLT

• 1D: 0.21%
• 1M: 0.44%
• YTD: 0.13%
• 6M: -1.35%
• 1Y: 5.16%
• 3Y*: -1.67%
• 5Y*: -5.98%
• 10Y*: -1.62%

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

PTCIX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTCIX PIMCO Long-Term Credit Bond Fund	0.84%	8.56%	-0.06%	9.20%	-27.04%	-1.00%	13.28%	24.99%	-5.92%	13.56%
TLT iShares 20+ Year Treasury Bond ETF	0.13%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Correlation

The correlation between PTCIX and TLT is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.90

The correlation between PTCIX and TLT has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

PTCIX vs. TLT — Risk / Return Rank

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

PTCIX

PTCIX Risk / Return Rank: 15
PTCIX Sharpe Ratio Rank: 13
PTCIX Sortino Ratio Rank: 13
PTCIX Omega Ratio Rank: 12
PTCIX Calmar Ratio Rank: 19
PTCIX Martin Ratio Rank: 17

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 17
TLT Sortino Ratio Rank: 17
TLT Omega Ratio Rank: 16
TLT Calmar Ratio Rank: 15
TLT Martin Ratio Rank: 15

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.

PTCIX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term Credit Bond Fund (PTCIX) 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.

	PTCIX	TLT	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.53	+0.49
Sortino ratio Return per unit of downside risk	1.50	0.83	+0.67
Omega ratio Gain probability vs. loss probability	1.18	1.09	+0.08
Calmar ratio Return relative to maximum drawdown	1.66	0.55	+1.10
Martin ratio Return relative to average drawdown	4.78	1.38	+3.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTCIX vs. TLT - Sharpe Ratio Comparison

The current PTCIX Sharpe Ratio is 1.02, which is higher than the TLT Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PTCIX 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.

Sharpe Ratios by Period

	PTCIX	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.53	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.38	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	-0.11	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.26	+0.31

Drawdowns

PTCIX vs. TLT - Drawdown Comparison

The maximum PTCIX drawdown since its inception was -35.64%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PTCIX and TLT.

Drawdown Indicators

	PTCIX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-35.64%	-48.35%	+12.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.95%	-7.58%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.35%	-19.18%	+5.83%
Max Drawdown (5Y) Largest decline over 5 years	-35.64%	-43.70%	+8.06%
Max Drawdown (10Y) Largest decline over 10 years	-35.64%	-48.35%	+12.71%
Current Drawdown Current decline from peak	-14.72%	-40.20%	+25.48%
Average Drawdown Average peak-to-trough decline	-8.22%	-13.81%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.02%	-0.96%

Volatility

PTCIX vs. TLT - Volatility Comparison

PIMCO Long-Term Credit Bond Fund (PTCIX) and iShares 20+ Year Treasury Bond ETF (TLT) have volatilities of 2.79% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTCIX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.84%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	6.60%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	9.81%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	15.87%	-4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.47%	14.91%	-4.44%

PTCIX vs. TLT - Expense Ratio Comparison

PTCIX has a 0.55% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

PTCIX vs. TLT - Dividend Comparison

PTCIX's dividend yield for the trailing twelve months is around 5.82%, more than TLT's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTCIX PIMCO Long-Term Credit Bond Fund	5.82%	5.67%	5.23%	3.83%	4.86%	7.39%	7.72%	5.14%	6.51%	4.81%	5.75%	14.97%
TLT iShares 20+ Year Treasury Bond ETF	4.57%	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

Can I hold both PTCIX and TLT in my portfolio?

With a correlation of 0.92, PTCIX 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.

Which is riskier, PTCIX or TLT?

TLT has higher volatility (2.84%) compared to PTCIX (2.79%). In terms of maximum drawdown, PTCIX dropped -35.64% vs TLT's -48.35%.

Which has better risk-adjusted returns?

PTCIX currently has the higher Sharpe Ratio (1.02 vs 0.53), 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.