TEXN vs. TLT

Last updated Jun 25, 2026

TEXN (iShares Texas Equity ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TEXN is a Large Cap Blend Equities fund tracking the Russell Texas Equity 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 year, TEXN returned 28.67% vs 4.54% for TLT. At a 0.02 correlation, their price movements are largely independent. TEXN charges 0.20%/yr vs 0.15%/yr for TLT.

Performance

TEXN vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Texas Equity ETF (TEXN) 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, TEXN achieves a 18.96% return, which is significantly higher than TLT's 2.15% return.

TEXN

• 1D: -0.90%
• 1M: -3.17%
• YTD: 18.96%
• 6M: 17.41%
• 1Y: 28.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLT

• 1D: 1.37%
• 1M: 3.59%
• YTD: 2.15%
• 6M: 1.14%
• 1Y: 4.54%
• 3Y*: -1.45%
• 5Y*: -6.14%
• 10Y*: -1.61%

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

TEXN vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025
TEXN iShares Texas Equity ETF	18.96%	8.33%
TLT iShares 20+ Year Treasury Bond ETF	2.15%	3.08%

Correlation

The correlation between TEXN and TLT is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.02

Return for Risk

TEXN vs. TLT — Risk / Return Rank

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

TEXN

TEXN Risk / Return Rank: 77
TEXN Sharpe Ratio Rank: 70
TEXN Sortino Ratio Rank: 71
TEXN Omega Ratio Rank: 67
TEXN Calmar Ratio Rank: 88
TEXN Martin Ratio Rank: 86

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 16
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.

TEXN vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Texas Equity ETF (TEXN) 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.

	TEXN	TLT	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.48	+1.51
Sortino ratio: Return per unit of downside risk	2.79	0.76	+2.03
Omega ratio: Gain probability vs. loss probability	1.35	1.08	+0.27
Calmar ratio: Return relative to maximum drawdown	4.55	0.60	+3.94
Martin ratio: Return relative to average drawdown	15.80	1.43	+14.37

TEXN vs. TLT - Sharpe Ratio Comparison

The current TEXN Sharpe Ratio is 1.98, which is higher than the TLT Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of TEXN 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.

Drawdowns

TEXN vs. TLT - Drawdown Comparison

The maximum TEXN drawdown since its inception was -6.34%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TEXN and TLT.

Drawdown Indicators

	TEXN	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-48.35%	+42.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.34%	-7.58%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-5.76%	-38.99%	+33.23%
Average Drawdown Average peak-to-trough decline	-1.26%	-13.87%	+12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	3.19%	-1.37%

Volatility

TEXN vs. TLT - Volatility Comparison

iShares Texas Equity ETF (TEXN) has a higher volatility of 4.95% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.49%. This indicates that TEXN'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.

Volatility by Period

	TEXN	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	2.49%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	6.74%	+3.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	9.57%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	15.83%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	14.89%	-0.38%

TEXN vs. TLT - Expense Ratio Comparison

TEXN 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

TEXN vs. TLT - Dividend Comparison

TEXN's dividend yield for the trailing twelve months is around 1.42%, less than TLT's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEXN iShares Texas Equity ETF	1.42%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.48%	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 TEXN and TLT in my portfolio?

TEXN and TLT have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEXN or TLT?

TEXN has higher volatility (4.95%) compared to TLT (2.49%). In terms of maximum drawdown, TEXN dropped -6.34% vs TLT's -48.35%.

Which ETF is better, TEXN or TLT?

On 1-year performance, TEXN leads with 28.67% vs 4.54% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TEXN or TLT?

Over the 1-year period, TEXN has performed better with a 28.67% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEXN or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for TEXN.

Which ETF pays a higher dividend yield, TEXN or TLT?

TLT has the higher dividend yield at 4.48%, compared with 1.42% for TEXN.

What is the main difference between TEXN and TLT?

TEXN is categorized as Large Cap Blend Equities, while TLT is Government Bonds. TEXN tracks Russell Texas Equity Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for TEXN and 0.15% for TLT.

Which has better risk-adjusted returns?

TEXN currently has the higher Sharpe Ratio (1.98 vs 0.48), 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.