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TLH vs. PLW
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TLH vs. PLW

Last updated Apr 1, 2026

Compare and contrast key facts about iShares 10-20 Year Treasury Bond ETF (TLH) and Invesco 1-30 Laddered Treasury ETF (PLW).

TLH and PLW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLH is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 10-20 Year Bond Index. It was launched on Jan 11, 2007. PLW is a passively managed fund by Invesco that tracks the performance of the Ryan/NASDAQ 1-30 Year Treasury Laddered Index. It was launched on Oct 11, 2007. Both TLH and PLW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TLH vs. PLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 10-20 Year Treasury Bond ETF (TLH) and Invesco 1-30 Laddered Treasury ETF (PLW). The values are adjusted to include any dividend payments, if applicable.

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TLH vs. PLW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLH
iShares 10-20 Year Treasury Bond ETF		-0.24%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%
PLW
Invesco 1-30 Laddered Treasury ETF		-0.06%5.84%-2.95%3.31%-19.98%-3.76%12.55%10.00%-0.28%4.96%

Returns By Period

In the year-to-date period, TLH achieves a -0.24% return, which is significantly lower than PLW's -0.06% return. Over the past 10 years, TLH has underperformed PLW with an annualized return of -0.67%, while PLW has yielded a comparatively higher 0.10% annualized return.

TLH

1D
0.09%
1M
-3.77%
YTD
-0.24%
6M
-0.12%
1Y
1.31%
3Y*
-0.20%
5Y*
-3.45%
10Y*
-0.67%

PLW

1D
0.15%
1M
-3.00%
YTD
-0.06%
6M
0.13%
1Y
1.84%
3Y*
0.38%
5Y*
-2.40%
10Y*
0.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

iShares 10-20 Year Treasury Bond ETF

Invesco 1-30 Laddered Treasury ETF

Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. SPTLTLH vs. IEITLH vs. SCHQTLH vs. BLVTLH vs. XTLH.TO
Often compared with PLW:
PLW vs. IEFPLW vs. TLTPLW vs. RFLPLW vs. TMFPLW vs. EDVPLW vs. VGLTPLW vs. BNDD

TLH vs. PLW - Expense Ratio Comparison

TLH has a 0.15% expense ratio, which is lower than PLW's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

PLW
Invesco 1-30 Laddered Treasury ETF
TLH
iShares 10-20 Year Treasury Bond ETF

Return for Risk

TLH vs. PLW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLH
TLH Risk / Return Rank: 1616
Overall Rank
TLH Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1414
Sortino Ratio Rank
TLH Omega Ratio Rank: 1414
Omega Ratio Rank
TLH Calmar Ratio Rank: 1818
Calmar Ratio Rank
TLH Martin Ratio Rank: 1717
Martin Ratio Rank
PLW
PLW Risk / Return Rank: 1818
Overall Rank
PLW Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
PLW Sortino Ratio Rank: 1717
Sortino Ratio Rank
PLW Omega Ratio Rank: 1616
Omega Ratio Rank
PLW Calmar Ratio Rank: 2121
Calmar Ratio Rank
PLW Martin Ratio Rank: 1818
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.

TLH vs. PLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and Invesco 1-30 Laddered Treasury ETF (PLW). 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.

TLHPLWDifference

Sharpe ratio

Return per unit of total volatility

0.14

0.25

-0.10

Sortino ratio

Return per unit of downside risk

0.25

0.39

-0.13

Omega ratio

Gain probability vs. loss probability

1.03

1.05

-0.02

Calmar ratio

Return relative to maximum drawdown

0.25

0.42

-0.16

Martin ratio

Return relative to average drawdown

0.58

0.97

-0.39

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

TLH vs. PLW - Sharpe Ratio Comparison

The current TLH Sharpe Ratio is 0.14, which is lower than the PLW Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of TLH and PLW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

TLHPLWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.14

0.25

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

-0.24

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.06

0.01

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.32

-0.04

Correlation

The correlation between TLH and PLW is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TLH vs. PLW - Dividend Comparison

TLH's dividend yield for the trailing twelve months is around 4.33%, more than PLW's 3.81% yield.

TTM20252024202320222021202020192018201720162015
TLH
iShares 10-20 Year Treasury Bond ETF		4.33%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%
PLW
Invesco 1-30 Laddered Treasury ETF		3.81%3.75%3.56%2.87%1.97%1.15%1.00%1.96%2.14%2.02%2.00%2.14%

Drawdowns

TLH vs. PLW - Drawdown Comparison

The maximum TLH drawdown since its inception was -41.14%, which is greater than PLW's maximum drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for TLH and PLW.

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Drawdown Indicators

TLHPLWDifference

Max Drawdown

Largest peak-to-trough decline

-41.14%

-32.70%

-8.44%

Max Drawdown (1Y)

Largest decline over 1 year

-7.57%

-5.83%

-1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-35.41%

-28.30%

-7.11%

Max Drawdown (10Y)

Largest decline over 10 years

-41.14%

-32.70%

-8.44%

Current Drawdown

Current decline from peak

-29.63%

-22.00%

-7.63%

Average Drawdown

Average peak-to-trough decline

-10.58%

-9.53%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

2.51%

+0.79%

Volatility

TLH vs. PLW - Volatility Comparison

iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 3.25% compared to Invesco 1-30 Laddered Treasury ETF (PLW) at 2.69%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than PLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLHPLWDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

2.69%

+0.56%

Volatility (6M)

Calculated over the trailing 6-month period

5.40%

4.43%

+0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

9.29%

7.53%

+1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.70%

9.85%

+2.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.19%

9.11%

+2.08%