SHV vs. TLT
SHV (iShares 0-1 Year Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - SHV tracks the ICE Short US Treasury Securities Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SHV returned 2.23%/yr vs -1.66%/yr for TLT. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
SHV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SHV achieves a 1.42% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, SHV has outperformed TLT with an annualized return of 2.23%, while TLT has yielded a comparatively lower -1.66% annualized return.
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
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%
SHV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
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 SHV and TLT is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2007 | 0.14 |
The correlation between SHV and TLT shifts across timeframes, from 0.09 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHV vs. TLT — Risk / Return Rank
SHV
TLT
SHV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) 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.
| SHV | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 19.49 | 0.51 | +18.98 |
Sortino ratioReturn per unit of downside risk | 149.54 | 0.80 | +148.74 |
Omega ratioGain probability vs. loss probability | 53.77 | 1.09 | +52.68 |
Calmar ratioReturn relative to maximum drawdown | 431.38 | 0.65 | +430.73 |
Martin ratioReturn relative to average drawdown | 2,419.80 | 1.63 | +2,418.17 |
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
| SHV | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.49 | 0.51 | +18.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.56 | -0.40 | +11.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.09 | -0.11 | +8.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.50 | 0.26 | +4.24 |
Drawdowns
SHV vs. TLT - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SHV and TLT.
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Drawdown Indicators
| SHV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -48.35% | +47.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.58% | +7.57% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -19.18% | +19.15% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -43.70% | +43.30% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | -48.35% | +47.90% |
Current DrawdownCurrent decline from peak | 0.00% | -40.44% | +40.44% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -13.82% | +13.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.04% | -3.04% |
Volatility
SHV vs. TLT - Volatility Comparison
The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.05%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that SHV 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
| SHV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 2.76% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 6.50% | -6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 9.77% | -9.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 15.87% | -15.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 14.91% | -14.63% |
SHV vs. TLT - Expense Ratio Comparison
Both SHV and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SHV vs. TLT - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
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
SHV and TLT have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to SHV (0.05%). In terms of maximum drawdown, SHV dropped -0.45% vs TLT's -48.35%.
On 10-year performance, SHV leads with 2.23% vs -1.66% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, SHV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.59%, compared with 3.83% for SHV.
SHV tracks ICE Short US Treasury Securities Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
SHV currently has the higher Sharpe Ratio (19.49 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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