SVAL vs. TLT
SVAL (iShares US Small Cap Value Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SVAL is a Small Cap Value Equities fund tracking the Russell 2000 Focused Value Select Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, SVAL returned 6.47%/yr vs -6.31%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. SVAL charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
SVAL vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SVAL achieves a 15.99% return, which is significantly higher than TLT's -0.27% return.
SVAL
- 1D
- -1.51%
- 1M
- 2.08%
- YTD
- 15.99%
- 6M
- 15.39%
- 1Y
- 34.88%
- 3Y*
- 17.30%
- 5Y*
- 6.47%
- 10Y*
- —
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%
SVAL vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SVAL iShares US Small Cap Value Factor ETF | 15.99% | 8.23% | 7.54% | 12.27% | -10.15% | 33.18% | 27.93% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -0.57% |
Correlation
The correlation between SVAL and TLT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2020 | -0.01 |
The correlation between SVAL and TLT shifts across timeframes, from -0.01 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SVAL vs. TLT — Risk / Return Rank
SVAL
TLT
SVAL vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Small Cap Value Factor ETF (SVAL) 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.
| SVAL | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.09 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 0.65 | +3.27 |
| Martin ratioReturn relative to average drawdown | 12.29 | 1.63 | +10.66 |
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
| SVAL | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 0.51 | +1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | -0.40 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.26 | +0.45 |
Drawdowns
SVAL vs. TLT - Drawdown Comparison
The maximum SVAL drawdown since its inception was -27.44%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SVAL and TLT.
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Drawdown Indicators
| SVAL | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.44% | -48.35% | +20.91% |
Max Drawdown (1Y)Largest decline over 1 year | -8.94% | -7.58% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -27.44% | -19.18% | -8.26% |
Max Drawdown (5Y)Largest decline over 5 years | -27.44% | -43.70% | +16.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.51% | -40.44% | +38.93% |
Average DrawdownAverage peak-to-trough decline | -8.51% | -13.82% | +5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 3.04% | -0.19% |
Volatility
SVAL vs. TLT - Volatility Comparison
iShares US Small Cap Value Factor ETF (SVAL) has a higher volatility of 4.31% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that SVAL's price experiences larger fluctuations and is considered to be riskier 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
| SVAL | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 2.76% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.62% | 6.50% | +5.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 9.77% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 15.87% | +6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.27% | 14.91% | +8.36% |
SVAL vs. TLT - Expense Ratio Comparison
SVAL has a 0.20% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SVAL vs. TLT - Dividend Comparison
SVAL's dividend yield for the trailing twelve months is around 2.27%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SVAL iShares US Small Cap Value Factor ETF | 2.27% | 2.33% | 1.82% | 2.25% | 2.09% | 2.33% | 0.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SVAL and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVAL has higher volatility (4.31%) compared to TLT (2.76%). In terms of maximum drawdown, SVAL dropped -27.44% vs TLT's -48.35%.
On 5-year performance, SVAL leads with 6.47% vs -6.31% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVAL has performed better with a 6.47% return vs -6.31%. 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 0.20% for SVAL.
TLT has the higher dividend yield at 4.59%, compared with 2.27% for SVAL.
SVAL is categorized as Small Cap Value Equities, while TLT is Government Bonds. SVAL tracks Russell 2000 Focused Value Select Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for SVAL and 0.15% for TLT.
SVAL currently has the higher Sharpe Ratio (1.97 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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