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 2.28%/yr vs -2.33%/yr for TLT. Their 0.14 correlation means their historical movements had little consistent relationship. Both charge a 0.15% expense ratio.
Performance
SHV vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SHV achieves a 2.03% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, SHV has outperformed TLT with an annualized return of 2.28%, while TLT has yielded a comparatively lower -2.33% annualized return.
SHV
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.74%
- YTD
- 2.03%
- 1Y
- 3.77%
- 3Y*
- 4.55%
- 5Y*
- 3.44%
- 10Y*
- 2.28%
- ALL TIME*
- 1.59%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $329.30M | $278.55M | $282.49M | |
| $2.39B | $2.06B | $2.20B |
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 | 2.03% | 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 | -3.18% | 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 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.14 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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.
| SHV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +19.18 | ||
| Sortino ratioReturn per unit of downside risk | +89.52 | ||
| Omega ratioGain probability vs. loss probability | 28.22 | 0.97 | +27.25 |
| Calmar ratioReturn relative to maximum drawdown | 139.15 | -0.28 | +139.43 |
| Martin ratioReturn relative to average drawdown | 1,443.44 | -0.59 | +1,444.03 |
Loading charts...
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.
Loading charts...
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 | -0.03% | -7.74% | +7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -14.79% | +14.76% |
Max Drawdown (5Y)Largest decline over 5 years | -0.38% | -43.70% | +43.32% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | -48.35% | +47.90% |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -14.00% | +13.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.60% | -3.60% |
Volatility
SHV vs. TLT - Volatility Comparison
The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.07%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. 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.
Loading charts...
Volatility by Period
| SHV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 2.51% | -2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 6.84% | -6.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 9.24% | -9.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 15.74% | -15.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 14.83% | -14.55% |
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 3.74%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.74% | 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 | 4.75% | 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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to SHV (0.07%). In terms of maximum drawdown, SHV dropped -0.45% vs TLT's -48.35%.
On 10-year performance, SHV leads with 2.28% vs -2.33% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, SHV has been the lower-risk option at 0.07%. 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 2.28% return vs -2.33%. 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 4.75%, compared with 3.74% 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 (18.95 vs -0.23), 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.
Find the right allocation for SHV and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer