SHYM vs. TLT
SHYM (iShares Short Duration High Yield Muni Active ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SHYM is a High Yield Muni fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. SHYM is actively managed, while TLT is passively managed. Over the past 5 years, SHYM returned 0.39%/yr vs -8.33%/yr for TLT. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SHYM charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
SHYM vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SHYM achieves a 1.68% return, which is significantly higher than TLT's -3.18% return.
SHYM
- 1D
- 0.01%
- 1M
- -1.13%
- 6M
- 0.65%
- YTD
- 1.68%
- 1Y
- 4.27%
- 3Y*
- 5.72%
- 5Y*
- 0.39%
- 10Y*
- —
- ALL TIME*
- 1.75%
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) |
|---|---|---|---|
| $4.26M | $4.13M | $7.94M | |
| $2.39B | $2.06B | $2.20B |
SHYM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 1.68% | 2.58% | 6.99% | 9.67% | -15.96% | 6.71% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | 10.96% |
Correlation
The correlation between SHYM and TLT is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2021 | 0.57 |
The correlation between SHYM and TLT shifts across timeframes, from 0.41 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SHYM vs. TLT — Risk / Return Rank
SHYM
TLT
SHYM vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) 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.
| SHYM | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.97 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | -0.28 | +2.19 |
| Martin ratioReturn relative to average drawdown | 7.18 | -0.59 | +7.77 |
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Drawdowns
SHYM vs. TLT - Drawdown Comparison
The maximum SHYM drawdown since its inception was -22.55%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SHYM and TLT.
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Drawdown Indicators
| SHYM | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.55% | -48.35% | +25.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -7.74% | +5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -14.79% | +6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -22.28% | -43.70% | +21.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.22% | -42.17% | +40.95% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -14.00% | +7.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 3.60% | -3.00% |
Volatility
SHYM vs. TLT - Volatility Comparison
The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.89%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that SHYM 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
| SHYM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 2.51% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 6.84% | -4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 9.24% | -6.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 15.74% | -8.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 14.83% | -7.98% |
SHYM vs. TLT - Expense Ratio Comparison
SHYM has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
SHYM vs. TLT - Dividend Comparison
SHYM's dividend yield for the trailing twelve months is around 4.35%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 4.35% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SHYM and TLT have a correlation of 0.41, 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 SHYM (0.89%). In terms of maximum drawdown, SHYM dropped -22.55% vs TLT's -48.35%.
On 5-year performance, SHYM leads with 0.39% vs -8.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, SHYM has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYM has performed better with a 0.39% return vs -8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.35% for SHYM.
TLT has the higher dividend yield at 4.75%, compared with 4.35% for SHYM.
SHYM is categorized as High Yield Muni, while TLT is Government Bonds. Their fees differ too: 0.35% for SHYM and 0.15% for TLT.
SHYM currently has the higher Sharpe Ratio (1.55 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.
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