SWRSX vs. TLT

Last updated Jun 4, 2026

SWRSX (Schwab Treasury Inflation Protected Securities Index Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - SWRSX is a Inflation-Protected Bonds fund managed by Charles Schwab, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, SWRSX returned 2.66%/yr vs -1.66%/yr for TLT. A 0.72 correlation means they provide meaningful diversification when combined. SWRSX charges 0.05%/yr vs 0.15%/yr for TLT.

Performance

SWRSX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWRSX achieves a 1.72% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, SWRSX has outperformed TLT with an annualized return of 2.66%, while TLT has yielded a comparatively lower -1.66% annualized return.

SWRSX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.72%
• 6M: 1.28%
• 1Y: 5.28%
• 3Y*: 4.09%
• 5Y*: 1.23%
• 10Y*: 2.66%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SWRSX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	1.72%	6.84%	1.95%	3.80%	-12.01%	5.83%	10.88%	8.38%	-1.32%	2.69%
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 SWRSX and TLT is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 4, 2006	0.72

The correlation between SWRSX and TLT shifts across timeframes, from 0.72 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SWRSX vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SWRSX

SWRSX Risk / Return Rank: 37
SWRSX Sharpe Ratio Rank: 32
SWRSX Sortino Ratio Rank: 35
SWRSX Omega Ratio Rank: 31
SWRSX Calmar Ratio Rank: 51
SWRSX Martin Ratio Rank: 38

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SWRSX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) 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.

	SWRSX	TLT	Difference
Sharpe ratio Return per unit of total volatility	1.61	0.51	+1.10
Sortino ratio Return per unit of downside risk	2.47	0.80	+1.67
Omega ratio Gain probability vs. loss probability	1.30	1.09	+0.21
Calmar ratio Return relative to maximum drawdown	2.73	0.65	+2.08
Martin ratio Return relative to average drawdown	8.25	1.63	+6.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWRSX vs. TLT - Sharpe Ratio Comparison

The current SWRSX Sharpe Ratio is 1.61, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of SWRSX and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SWRSX	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.51	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	-0.40	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	-0.11	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.26	+0.32

Drawdowns

SWRSX vs. TLT - Drawdown Comparison

The maximum SWRSX drawdown since its inception was -14.29%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SWRSX and TLT.

Drawdown Indicators

	SWRSX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-14.29%	-48.35%	+34.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.90%	-7.58%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-19.18%	+14.72%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-43.70%	+29.41%
Max Drawdown (10Y) Largest decline over 10 years	-14.29%	-48.35%	+34.06%
Current Drawdown Current decline from peak	-0.10%	-40.44%	+40.34%
Average Drawdown Average peak-to-trough decline	-3.72%	-13.82%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	3.04%	-2.41%

Volatility

SWRSX vs. TLT - Volatility Comparison

The current volatility for Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) is 0.86%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that SWRSX 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.

Volatility by Period

	SWRSX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	2.76%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	6.50%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	9.77%	-6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	15.87%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	14.91%	-9.54%

SWRSX vs. TLT - Expense Ratio Comparison

SWRSX has a 0.05% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SWRSX vs. TLT - Dividend Comparison

SWRSX's dividend yield for the trailing twelve months is around 3.78%, less than TLT's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	3.78%	4.20%	3.68%	3.11%	7.95%	4.45%	1.33%	2.20%	2.87%	1.75%	1.81%	1.06%
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

Can I hold both SWRSX and TLT in my portfolio?

SWRSX and TLT have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWRSX or TLT?

TLT has higher volatility (2.76%) compared to SWRSX (0.86%). In terms of maximum drawdown, SWRSX dropped -14.29% vs TLT's -48.35%.

Which has better risk-adjusted returns?

SWRSX currently has the higher Sharpe Ratio (1.61 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.