PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TIP vs. TLH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TIP vs. TLH

Last updated Jun 4, 2026

TIP (iShares TIPS Bond ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, TIP returned 2.57%/yr vs -0.83%/yr for TLH. A 0.76 correlation means they provide meaningful diversification when combined. TIP charges 0.18%/yr vs 0.15%/yr for TLH.

Performance

TIP vs. TLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares TIPS Bond ETF (TIP) and iShares 10-20 Year Treasury Bond ETF (TLH). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TIP achieves a 1.54% return, which is significantly higher than TLH's -0.51% return. Over the past 10 years, TIP has outperformed TLH with an annualized return of 2.57%, while TLH has yielded a comparatively lower -0.83% annualized return.

TIP

1D
-0.18%
1M
-0.09%
YTD
1.54%
6M
1.06%
1Y
4.96%
3Y*
3.88%
5Y*
0.97%
10Y*
2.57%

TLH

1D
-0.38%
1M
0.62%
YTD
-0.51%
6M
-1.42%
1Y
5.33%
3Y*
0.59%
5Y*
-3.80%
10Y*
-0.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TIP vs. TLH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TIP
iShares TIPS Bond ETF		1.54%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%
TLH
iShares 10-20 Year Treasury Bond ETF		-0.51%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%

Correlation

The correlation between TIP and TLH is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2007

0.76

The correlation between TIP and TLH shifts across timeframes, from 0.76 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares TIPS Bond ETF

iShares 10-20 Year Treasury Bond ETF

Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF
Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. IEITLH vs. SPTLTLH vs. SCHQTLH vs. PLWTLH vs. XTLH.TO

Return for Risk

TIP vs. TLH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TIP
TIP Risk / Return Rank: 4444
Overall Rank
TIP Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 4444
Sortino Ratio Rank
TIP Omega Ratio Rank: 3939
Omega Ratio Rank
TIP Calmar Ratio Rank: 5050
Calmar Ratio Rank
TIP Martin Ratio Rank: 4545
Martin Ratio Rank
TLH
TLH Risk / Return Rank: 1919
Overall Rank
TLH Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1919
Sortino Ratio Rank
TLH Omega Ratio Rank: 1818
Omega Ratio Rank
TLH Calmar Ratio Rank: 1919
Calmar Ratio Rank
TLH Martin Ratio Rank: 2020
Martin Ratio Rank
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.

TIP vs. TLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.

TIPTLHDifference
Sharpe ratioReturn per unit of total volatility
1.46
0.67

+0.79

Sortino ratioReturn per unit of downside risk
2.24
1.01

+1.23

Omega ratioGain probability vs. loss probability

1.26

1.12

+0.14

Calmar ratioReturn relative to maximum drawdown

2.52

0.82

+1.70

Martin ratioReturn relative to average drawdown

7.57

2.28

+5.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIP vs. TLH - Sharpe Ratio Comparison

The current TIP Sharpe Ratio is 1.46, which is higher than the TLH Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of TIP and TLH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

TIPTLHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

0.67

+0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

-0.30

+0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

-0.07

+0.52

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.28

+0.30

Drawdowns

TIP vs. TLH - Drawdown Comparison

The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for TIP and TLH.

Loading charts...

Drawdown Indicators

TIPTLHDifference

Max Drawdown

Largest peak-to-trough decline

-14.57%

-41.14%

+26.57%

Max Drawdown (1Y)

Largest decline over 1 year

-1.98%

-6.50%

+4.52%

Max Drawdown (3Y)

Largest decline over 3 years

-4.54%

-15.35%

+10.81%

Max Drawdown (5Y)

Largest decline over 5 years

-14.51%

-35.41%

+20.90%

Max Drawdown (10Y)

Largest decline over 10 years

-14.51%

-41.14%

+26.63%

Current Drawdown

Current decline from peak

-0.32%

-29.82%

+29.50%

Average Drawdown

Average peak-to-trough decline

-3.43%

-10.76%

+7.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

2.35%

-1.69%

Volatility

TIP vs. TLH - Volatility Comparison

The current volatility for iShares TIPS Bond ETF (TIP) is 0.89%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.46%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TIPTLHDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.89%

2.46%

-1.57%

Volatility (6M)

Calculated over the trailing 6-month period

2.29%

5.49%

-3.20%

Volatility (1Y)

Calculated over the trailing 1-year period

3.41%

8.01%

-4.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.21%

12.70%

-6.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.74%

11.19%

-5.45%

TIP vs. TLH - Expense Ratio Comparison

TIP has a 0.18% expense ratio, which is higher than TLH'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

TIP vs. TLH - Dividend Comparison

TIP's dividend yield for the trailing twelve months is around 3.76%, less than TLH's 4.48% yield.

PositionTTM20252024202320222021202020192018201720162015
TIP
iShares TIPS Bond ETF		3.76%3.46%2.52%2.73%6.96%4.28%1.17%1.75%2.71%2.07%1.48%0.34%
TLH
iShares 10-20 Year Treasury Bond ETF		4.48%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%

Frequently Asked Questions

TIP and TLH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLH has higher volatility (2.46%) compared to TIP (0.89%). In terms of maximum drawdown, TIP dropped -14.57% vs TLH's -41.14%.

On 10-year performance, TIP leads with 2.57% vs -0.83% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, TIP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TIP has performed better with a 2.57% return vs -0.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLH is cheaper with a 0.15% expense ratio, compared with 0.18% for TIP.

TLH has the higher dividend yield at 4.48%, compared with 3.76% for TIP.

TIP is categorized as Inflation-Protected Bonds, while TLH is Government Bonds. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. Their fees differ too: 0.18% for TIP and 0.15% for TLH.

TIP currently has the higher Sharpe Ratio (1.46 vs 0.67), 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.

Portfolio Optimizer

Find the right allocation for TIP and TLH

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer