TLH vs. IEF
TLH (iShares 10-20 Year Treasury Bond ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both Government Bonds funds from iShares - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, TLH returned -0.92%/yr vs 0.53%/yr for IEF. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
TLH vs. IEF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLH achieves a 0.22% return, which is significantly higher than IEF's -0.53% return. Over the past 10 years, TLH has underperformed IEF with an annualized return of -0.92%, while IEF has yielded a comparatively higher 0.53% 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%
IEF
- 1D
- 0.13%
- 1M
- 0.59%
- YTD
- -0.53%
- 6M
- -0.47%
- 1Y
- 3.01%
- 3Y*
- 2.59%
- 5Y*
- -1.17%
- 10Y*
- 0.53%
TLH vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.53% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between TLH and IEF is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.95 |
The correlation between TLH and IEF has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLH vs. IEF — Risk / Return Rank
TLH
IEF
TLH vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.11 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.74 | -0.10 |
| Martin ratioReturn relative to average drawdown | 1.66 | 2.01 | -0.34 |
Loading charts...
Drawdowns
TLH vs. IEF - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for TLH and IEF.
Loading charts...
Drawdown Indicators
| TLH | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -23.93% | -17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -4.07% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -7.74% | -7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -21.40% | -14.01% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -23.93% | -17.21% |
Current DrawdownCurrent decline from peak | -29.30% | -11.23% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -5.36% | -5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 1.50% | +0.99% |
Volatility
TLH vs. IEF - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 1.96% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.41%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLH | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.41% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 5.62% | 3.48% | +2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.79% | 4.72% | +3.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 7.71% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 6.62% | +4.57% |
TLH vs. IEF - Expense Ratio Comparison
Both TLH and IEF have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TLH vs. IEF - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.45%, more than IEF's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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 0.95, TLH and IEF 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.
TLH has higher volatility (1.96%) compared to IEF (1.41%). In terms of maximum drawdown, TLH dropped -41.14% vs IEF's -23.93%.
On 10-year performance, IEF leads with 0.53% vs -0.92% for TLH. Both ETFs have the same 0.15% expense ratio. On volatility, IEF has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEF has performed better with a 0.53% return vs -0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH and IEF have the same expense ratio: 0.15% per year.
TLH has the higher dividend yield at 4.45%, compared with 3.90% for IEF.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index.
IEF currently has the higher Sharpe Ratio (0.64 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.
Find the right allocation for TLH and IEF
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