TCLB.TO vs. TLT
TCLB.TO (TD Canadian Long Term Federal Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TCLB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Long Term Federal 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, TCLB.TO returned -2.53%/yr vs -3.63%/yr for TLT. At a 0.49 correlation, their price movements are largely independent. TCLB.TO charges 0.23%/yr vs 0.15%/yr for TLT.
Performance
TCLB.TO vs. TLT - Performance Comparison
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Different Trading Currencies
TCLB.TO is traded in CAD, while TLT is traded in USD. To make them comparable, the TLT values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TCLB.TO achieves a 2.20% return, which is significantly higher than TLT's 1.00% return.
TCLB.TO
- 1D
- -0.09%
- 1M
- 3.04%
- YTD
- 2.20%
- 6M
- -0.22%
- 1Y
- 0.25%
- 3Y*
- 0.46%
- 5Y*
- -2.53%
- 10Y*
- —
TLT
- 1D
- 0.01%
- 1M
- 2.82%
- YTD
- 1.00%
- 6M
- -2.40%
- 1Y
- 6.28%
- 3Y*
- -0.66%
- 5Y*
- -3.63%
- 10Y*
- -0.94%
TCLB.TO vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TCLB.TO TD Canadian Long Term Federal Bond ETF | 2.20% | -3.46% | -1.09% | 6.70% | -18.75% | -7.23% | 10.77% | -1.73% |
TLT iShares 20+ Year Treasury Bond ETF | 1.00% | -0.53% | -0.15% | 0.50% | -26.33% | -5.46% | 16.16% | -4.34% |
Correlation
The correlation between TCLB.TO and TLT is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.49 |
The correlation between TCLB.TO and TLT shifts across timeframes, from 0.49 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TCLB.TO vs. TLT — Risk / Return Rank
TCLB.TO
TLT
TCLB.TO vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Canadian Long Term Federal Bond ETF (TCLB.TO) 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.
| TCLB.TO | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 0.68 | -0.63 |
| Martin ratioReturn relative to average drawdown | 0.09 | 1.50 | -1.42 |
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
| TCLB.TO | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 0.61 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.22 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.06 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.20 | -0.43 |
Drawdowns
TCLB.TO vs. TLT - Drawdown Comparison
The maximum TCLB.TO drawdown since its inception was -36.66%, smaller than the maximum TLT drawdown of -49.81%. Use the drawdown chart below to compare losses from any high point for TCLB.TO and TLT.
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Drawdown Indicators
| TCLB.TO | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -49.81% | +13.15% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -9.23% | +3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -12.18% | -16.36% | +4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.32% | -39.82% | +11.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.81% | — |
Current DrawdownCurrent decline from peak | -26.72% | -41.37% | +14.65% |
Average DrawdownAverage peak-to-trough decline | -24.85% | -18.24% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 4.19% | -0.76% |
Volatility
TCLB.TO vs. TLT - Volatility Comparison
TD Canadian Long Term Federal Bond ETF (TCLB.TO) has a higher volatility of 3.27% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.78%. This indicates that TCLB.TO'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
| TCLB.TO | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 2.78% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.91% | 7.46% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.48% | 10.41% | -0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.04% | 16.62% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.10% | 16.32% | -1.22% |
TCLB.TO vs. TLT - Expense Ratio Comparison
TCLB.TO has a 0.23% 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
TCLB.TO vs. TLT - Dividend Comparison
TCLB.TO's dividend yield for the trailing twelve months is around 3.26%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCLB.TO TD Canadian Long Term Federal Bond ETF | 3.26% | 3.25% | 2.94% | 2.33% | 1.48% | 0.16% | 0.20% | 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
TCLB.TO and TLT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLT is cheaper with a 0.15% expense ratio, compared with 0.23% for TCLB.TO.
TCLB.TO is categorized as Canadian Government Bonds, while TLT is Government Bonds. TCLB.TO tracks FTSE Canada Long Term Federal Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: TD and iShares. Their fees differ too: 0.23% for TCLB.TO and 0.15% for TLT.
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