PTTRX vs. TLT
PTTRX (PIMCO Total Return Fund Institutional Class) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - PTTRX is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. PTTRX is actively managed, while TLT is passively managed. Over the past 10 years, PTTRX returned 2.02%/yr vs -2.38%/yr for TLT. Their 0.77 correlation means they have sometimes moved together and sometimes differently. PTTRX charges 0.53%/yr vs 0.15%/yr for TLT.
Performance
PTTRX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PTTRX achieves a -0.45% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, PTTRX has outperformed TLT with an annualized return of 2.02%, while TLT has yielded a comparatively lower -2.38% annualized return.
PTTRX
- 1D
- 0.00%
- 1M
- -1.37%
- 6M
- -0.80%
- YTD
- -0.45%
- 1Y
- 3.18%
- 3Y*
- 5.00%
- 5Y*
- 0.14%
- 10Y*
- 2.02%
- ALL TIME*
- 5.53%
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 |
PTTRX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTTRX PIMCO Total Return Fund Institutional Class | -0.45% | 9.35% | 2.62% | 6.33% | -14.72% | -0.59% | 8.88% | 8.36% | -0.24% | 5.13% |
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 PTTRX and TLT is 0.81, 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. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.77 |
The correlation between PTTRX and TLT has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.
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Return for Risk
PTTRX vs. TLT — Risk / Return Rank
PTTRX
TLT
PTTRX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Total Return Fund Institutional Class (PTTRX) 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.
| PTTRX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.99 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.14 | +1.38 |
| Martin ratioReturn relative to average drawdown | 3.31 | -0.30 | +3.61 |
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Drawdowns
PTTRX vs. TLT - Drawdown Comparison
The maximum PTTRX drawdown since its inception was -19.28%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PTTRX and TLT.
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Drawdown Indicators
| PTTRX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.28% | -48.35% | +29.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -7.74% | +4.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -14.79% | +9.43% |
Max Drawdown (5Y)Largest decline over 5 years | -19.28% | -43.70% | +24.42% |
Max Drawdown (10Y)Largest decline over 10 years | -19.28% | -48.35% | +29.07% |
Current DrawdownCurrent decline from peak | -2.56% | -42.36% | +39.80% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -13.99% | +11.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 3.57% | -2.19% |
Volatility
PTTRX vs. TLT - Volatility Comparison
The current volatility for PIMCO Total Return Fund Institutional Class (PTTRX) is 1.22%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that PTTRX 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
| PTTRX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 2.46% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 6.85% | -3.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.59% | 9.32% | -4.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.29% | 15.74% | -9.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.24% | 14.83% | -9.59% |
PTTRX vs. TLT - Expense Ratio Comparison
PTTRX has a 0.53% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PTTRX vs. TLT - Dividend Comparison
PTTRX's dividend yield for the trailing twelve months is around 4.26%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PTTRX PIMCO Total Return Fund Institutional Class | 4.26% | 4.47% | 4.61% | 3.81% | 3.63% | 2.59% | 6.11% | 3.96% | 3.13% | 2.63% | 3.02% | 6.64% |
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
PTTRX and TLT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to PTTRX (1.22%). In terms of maximum drawdown, PTTRX dropped -19.28% vs TLT's -48.35%.
PTTRX currently has the higher Sharpe Ratio (1.00 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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