TBLL vs. TLT
TBLL (Invesco Short Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond 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, TBLL returned 3.38%/yr vs -6.53%/yr for TLT. At a 0.10 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.15%/yr for TLT.
Performance
TBLL vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TBLL achieves a 1.55% return, which is significantly higher than TLT's 0.27% return.
TBLL
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.55%
- 6M
- 1.73%
- 1Y
- 3.92%
- 3Y*
- 4.64%
- 5Y*
- 3.38%
- 10Y*
- —
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
TBLL vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 1.55% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
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% | 6.47% |
Correlation
The correlation between TBLL and TLT is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.10 |
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Return for Risk
TBLL vs. TLT — Risk / Return Rank
TBLL
TLT
TBLL vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.
| TBLL | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +20.59 | ||
| Sortino ratioReturn per unit of downside risk | +217.27 | ||
| Omega ratioGain probability vs. loss probability | 102.67 | 1.06 | +101.61 |
| Calmar ratioReturn relative to maximum drawdown | 415.79 | 0.38 | +415.41 |
| Martin ratioReturn relative to average drawdown | 3,524.23 | 0.92 | +3,523.30 |
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Drawdowns
TBLL vs. TLT - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TBLL and TLT.
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Drawdown Indicators
| TBLL | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -48.35% | +47.72% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.58% | +7.57% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -19.18% | +18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -43.70% | +43.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -40.12% | +40.12% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -13.84% | +13.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.14% | -3.14% |
Volatility
TBLL vs. TLT - Volatility Comparison
The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.04%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.83%. This indicates that TBLL 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
| TBLL | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 2.83% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 6.64% | -6.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 9.68% | -9.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 15.85% | -15.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 14.91% | -14.35% |
TBLL vs. TLT - Expense Ratio Comparison
TBLL has a 0.08% 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
TBLL vs. TLT - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.81%, less than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 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
TBLL and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to TBLL (0.04%). In terms of maximum drawdown, TBLL dropped -0.63% vs TLT's -48.35%.
On 5-year performance, TBLL leads with 3.38% vs -6.53% for TLT. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBLL has performed better with a 3.38% return vs -6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.56%, compared with 3.81% for TBLL.
TBLL is categorized as Ultrashort Bond, while TLT is Government Bonds. TBLL tracks ICE U.S. Treasury Short Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.08% for TBLL and 0.15% for TLT.
TBLL currently has the higher Sharpe Ratio (20.89 vs 0.30), 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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