TLH vs. PLW
TLH (iShares 10-20 Year Treasury Bond ETF) and PLW (Invesco 1-30 Laddered Treasury ETF) are both Government Bonds funds - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index. Both are passively managed. Over the past 10 years, TLH returned -0.86%/yr vs -0.13%/yr for PLW. With a 0.97 correlation, they move nearly in lockstep. TLH charges 0.15%/yr vs 0.25%/yr for PLW.
Performance
TLH vs. PLW - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a 0.37% return, which is significantly higher than PLW's 0.30% return. Over the past 10 years, TLH has underperformed PLW with an annualized return of -0.86%, while PLW has yielded a comparatively higher -0.13% annualized return.
TLH
- 1D
- 0.47%
- 1M
- 2.83%
- YTD
- 0.37%
- 6M
- 0.37%
- 1Y
- 5.76%
- 3Y*
- 0.90%
- 5Y*
- -3.92%
- 10Y*
- -0.86%
PLW
- 1D
- 0.41%
- 1M
- 2.39%
- YTD
- 0.30%
- 6M
- 0.21%
- 1Y
- 4.88%
- 3Y*
- 1.14%
- 5Y*
- -2.81%
- 10Y*
- -0.13%
TLH vs. PLW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 0.37% | 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 | 0.30% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
Correlation
The correlation between TLH and PLW is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.97 |
The correlation between TLH and PLW has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
TLH vs. PLW — Risk / Return Rank
TLH
PLW
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.
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 | PLW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 0.90 | -0.01 |
| Martin ratioReturn relative to average drawdown | 2.35 | 2.40 | -0.05 |
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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
| TLH | PLW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -32.70% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -5.45% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -11.58% | -3.77% |
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 DrawdownCurrent decline from peak | -29.20% | -21.72% | -7.48% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -9.67% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 2.04% | +0.42% |
Volatility
TLH vs. PLW - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 2.09% compared to Invesco 1-30 Laddered Treasury ETF (PLW) at 1.74%. 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
| TLH | PLW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.74% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 5.59% | 4.63% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 6.45% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.69% | 9.87% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.20% | 9.11% | +2.09% |
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%.
Dividends
TLH vs. PLW - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.44%, more than PLW's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.80% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.44% | 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 0.99, TLH and PLW 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 (2.09%) compared to PLW (1.74%). In terms of maximum drawdown, TLH dropped -41.14% vs PLW's -32.70%.
On 10-year performance, PLW leads with -0.13% vs -0.86% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, PLW has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PLW has performed better with a -0.13% return vs -0.86%. 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 0.25% for PLW.
TLH has the higher dividend yield at 4.44%, compared with 3.80% for PLW.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TLH and 0.25% for PLW.
PLW currently has the higher Sharpe Ratio (0.76 vs 0.74), 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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