PTCIX vs. TLT
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 1.89%/yr vs -2.38%/yr for TLT. Their correlation of 0.90 means they have usually moved in the same direction. PTCIX charges 0.55%/yr vs 0.15%/yr for TLT.
Performance
PTCIX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PTCIX achieves a -2.15% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, PTCIX has outperformed TLT with an annualized return of 1.89%, while TLT has yielded a comparatively lower -2.38% annualized return.
PTCIX
- 1D
- 0.24%
- 1M
- -3.31%
- 6M
- -2.51%
- YTD
- -2.15%
- 1Y
- 1.12%
- 3Y*
- 3.48%
- 5Y*
- -3.50%
- 10Y*
- 1.89%
- ALL TIME*
- 5.34%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.33B | $2.02B | $2.19B |
PTCIX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTCIX PIMCO Long-Term Credit Bond Fund | -2.15% | 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 | -3.49% | 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 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.90 |
The correlation between PTCIX and TLT has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PTCIX vs. TLT — Risk / Return Rank
PTCIX
TLT
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.
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.
| PTCIX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.99 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.14 | +0.59 |
| Martin ratioReturn relative to average drawdown | 1.16 | -0.30 | +1.46 |
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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.
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Drawdown Indicators
| PTCIX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.64% | -48.35% | +12.71% |
Max Drawdown (1Y)Largest decline over 1 year | -5.95% | -7.74% | +1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -10.71% | -14.79% | +4.08% |
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 DrawdownCurrent decline from peak | -17.25% | -42.36% | +25.11% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -13.99% | +5.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 3.57% | -1.26% |
Volatility
PTCIX vs. TLT - Volatility Comparison
The current volatility for PIMCO Long-Term Credit Bond Fund (PTCIX) is 2.05%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that PTCIX 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
| PTCIX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 2.46% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 6.85% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 9.32% | -1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 15.74% | -4.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.47% | 14.83% | -4.36% |
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 5.54%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PTCIX PIMCO Long-Term Credit Bond Fund | 5.54% | 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 | 4.34% | 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 0.91, 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.
TLT has higher volatility (2.46%) compared to PTCIX (2.05%). In terms of maximum drawdown, PTCIX dropped -35.64% vs TLT's -48.35%.
PTCIX currently has the higher Sharpe Ratio (0.34 vs -0.11), 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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