TLH vs. LGOV
TLH (iShares 10-20 Year Treasury Bond ETF) and LGOV (First Trust Long Duration Opportunities ETF) are both exchange-traded funds - TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index, while LGOV is a Mortgage Backed Securities fund actively managed by First Trust. TLH is passively managed, while LGOV is actively managed. Over the past 5 years, TLH returned -3.80%/yr vs -1.74%/yr for LGOV. A 0.79 correlation means they provide meaningful diversification when combined. TLH charges 0.15%/yr vs 0.70%/yr for LGOV.
Performance
TLH vs. LGOV - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a -0.51% return, which is significantly higher than LGOV's -0.60% return.
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%
LGOV
- 1D
- -0.58%
- 1M
- 0.01%
- YTD
- -0.60%
- 6M
- -1.29%
- 1Y
- 5.85%
- 3Y*
- 2.47%
- 5Y*
- -1.74%
- 10Y*
- —
TLH vs. LGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.91% |
LGOV First Trust Long Duration Opportunities ETF | -0.60% | 9.13% | -2.05% | 4.91% | -19.73% | -1.93% | 11.31% | 11.53% |
Correlation
The correlation between TLH and LGOV is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2019 | 0.79 |
The correlation between TLH and LGOV shifts across timeframes, from 0.79 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLH vs. LGOV — Risk / Return Rank
TLH
LGOV
TLH vs. LGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and First Trust Long Duration Opportunities ETF (LGOV). 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.
| TLH | LGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.14 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 1.05 | -0.22 |
| Martin ratioReturn relative to average drawdown | 2.28 | 3.08 | -0.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLH | LGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.84 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | -0.19 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.13 | +0.15 |
Drawdowns
TLH vs. LGOV - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than LGOV's maximum drawdown of -30.86%. Use the drawdown chart below to compare losses from any high point for TLH and LGOV.
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Drawdown Indicators
| TLH | LGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -30.86% | -10.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -5.62% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -12.54% | -2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -28.14% | -7.27% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | — | — |
Current DrawdownCurrent decline from peak | -29.82% | -15.30% | -14.52% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -13.08% | +2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.90% | +0.45% |
Volatility
TLH vs. LGOV - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.46%, while First Trust Long Duration Opportunities ETF (LGOV) has a volatility of 2.71%. This indicates that TLH experiences smaller price fluctuations and is considered to be less risky than LGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | LGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 2.71% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 5.15% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 7.01% | +1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 9.07% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 9.24% | +1.95% |
TLH vs. LGOV - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is lower than LGOV's 0.70% expense ratio.
Dividends
TLH vs. LGOV - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.48%, more than LGOV's 4.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | 4.27% | 4.02% | 4.03% | 3.59% | 1.97% | 2.58% | 3.75% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.92, TLH and LGOV 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.
LGOV has higher volatility (2.71%) compared to TLH (2.46%). In terms of maximum drawdown, TLH dropped -41.14% vs LGOV's -30.86%.
On 5-year performance, LGOV leads with -1.74% vs -3.80% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, TLH has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LGOV has performed better with a -1.74% return vs -3.80%. 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 0.70% for LGOV.
TLH has the higher dividend yield at 4.48%, compared with 4.27% for LGOV.
TLH is categorized as Government Bonds, while LGOV is Mortgage Backed Securities. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for TLH and 0.70% for LGOV.
LGOV currently has the higher Sharpe Ratio (0.84 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.
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