TLH vs. BLV
TLH (iShares 10-20 Year Treasury Bond ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, TLH returned -0.92%/yr vs 0.93%/yr for BLV. Their correlation of 0.92 suggests significant overlap in exposure. TLH charges 0.15%/yr vs 0.03%/yr for BLV.
Performance
TLH vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a 0.22% return, which is significantly lower than BLV's 1.00% return. Over the past 10 years, TLH has underperformed BLV with an annualized return of -0.92%, while BLV has yielded a comparatively higher 0.93% annualized return.
TLH
- 1D
- 0.18%
- 1M
- 1.73%
- YTD
- 0.22%
- 6M
- 0.27%
- 1Y
- 4.14%
- 3Y*
- 0.64%
- 5Y*
- -4.04%
- 10Y*
- -0.92%
BLV
- 1D
- 0.19%
- 1M
- 1.80%
- YTD
- 1.00%
- 6M
- 0.87%
- 1Y
- 5.39%
- 3Y*
- 1.92%
- 5Y*
- -3.65%
- 10Y*
- 0.93%
TLH vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 0.22% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
BLV Vanguard Long-Term Bond ETF | 1.00% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between TLH and BLV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.92 |
The correlation between TLH and BLV has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.
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Return for Risk
TLH vs. BLV — Risk / Return Rank
TLH
BLV
TLH vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and Vanguard Long-Term Bond ETF (BLV). 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.
| TLH | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.95 | -0.31 |
| Martin ratioReturn relative to average drawdown | 1.66 | 2.31 | -0.64 |
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Drawdowns
TLH vs. BLV - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than BLV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for TLH and BLV.
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Drawdown Indicators
| TLH | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -38.29% | -2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -5.73% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -15.16% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -36.27% | +0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -38.29% | -2.85% |
Current DrawdownCurrent decline from peak | -29.30% | -23.60% | -5.70% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -9.55% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.34% | +0.15% |
Volatility
TLH vs. BLV - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) and Vanguard Long-Term Bond ETF (BLV) have volatilities of 1.96% and 1.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.96% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 5.62% | 5.75% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.79% | 7.97% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 12.93% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 11.99% | -0.80% |
TLH vs. BLV - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is higher than BLV's 0.03% 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
TLH vs. BLV - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.45%, less than BLV's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.77% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.45% | 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
With a correlation of 0.98, TLH and BLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BLV has higher volatility (1.96%) compared to TLH (1.96%). In terms of maximum drawdown, TLH dropped -41.14% vs BLV's -38.29%.
On 10-year performance, BLV leads with 0.93% vs -0.92% for TLH. On fees, BLV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BLV has performed better with a 0.93% return vs -0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.15% for TLH.
BLV has the higher dividend yield at 4.77%, compared with 4.45% for TLH.
TLH is categorized as Government Bonds, while BLV is Long-Term Bond. TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLH and 0.03% for BLV.
BLV currently has the higher Sharpe Ratio (0.68 vs 0.53), 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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