TEXN vs. TLT
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 28.23% vs -2.12% for TLT. Their 0.03 correlation means their historical movements had little consistent relationship. TEXN charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
TEXN vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TEXN achieves a 19.32% return, which is significantly higher than TLT's -3.18% return.
TEXN
- 1D
- 1.07%
- 1M
- 1.08%
- 6M
- 12.08%
- YTD
- 19.32%
- 1Y
- 28.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 26.05%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $55.30K | $58.46K | $79.49K | |
| $2.39B | $2.06B | $2.20B |
TEXN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TEXN iShares Texas Equity ETF | 19.32% | 8.33% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 3.08% |
Correlation
The correlation between TEXN and TLT is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025 | 0.03 |
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Return for Risk
TEXN vs. TLT — Risk / Return Rank
TEXN
TLT
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 ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.97 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | -0.28 | +3.49 |
| Martin ratioReturn relative to average drawdown | 10.99 | -0.59 | +11.58 |
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Drawdowns
TEXN vs. TLT - Drawdown Comparison
The maximum TEXN drawdown since its inception was -8.81%, 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.
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Drawdown Indicators
| TEXN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.81% | -48.35% | +39.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -7.74% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -5.48% | -42.17% | +36.69% |
Average DrawdownAverage peak-to-trough decline | -1.68% | -14.00% | +12.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 3.60% | -1.03% |
Volatility
TEXN vs. TLT - Volatility Comparison
iShares Texas Equity ETF (TEXN) has a higher volatility of 4.24% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. 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.
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Volatility by Period
| TEXN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 2.51% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.49% | 6.84% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.78% | 9.24% | +5.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.58% | 15.74% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.58% | 14.83% | -0.25% |
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 1.41%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TEXN iShares Texas Equity ETF | 1.41% | 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 | 4.75% | 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
TEXN and TLT have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TEXN has higher volatility (4.24%) compared to TLT (2.51%). In terms of maximum drawdown, TEXN dropped -8.81% vs TLT's -48.35%.
On 1-year performance, TEXN leads with 28.23% vs -2.12% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TEXN has performed better with a 28.23% return vs -2.12%. 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 TEXN.
TLT has the higher dividend yield at 4.75%, compared with 1.41% for TEXN.
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.
TEXN currently has the higher Sharpe Ratio (1.92 vs -0.23), 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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