TLH vs. SCHQ
TLH (iShares 10-20 Year Treasury Bond ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, TLH returned -4.04%/yr vs -5.55%/yr for SCHQ. With a 0.99 correlation, they move nearly in lockstep. TLH charges 0.15%/yr vs 0.03%/yr for SCHQ.
Performance
TLH vs. SCHQ - 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 SCHQ's 0.57% 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%
SCHQ
- 1D
- 0.19%
- 1M
- 2.15%
- YTD
- 0.57%
- 6M
- 0.44%
- 1Y
- 4.14%
- 3Y*
- -0.70%
- 5Y*
- -5.55%
- 10Y*
- —
TLH vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 0.22% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | -4.17% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 0.57% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between TLH and SCHQ 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 (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.99 |
The correlation between TLH and SCHQ has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TLH vs. SCHQ — Risk / Return Rank
TLH
SCHQ
TLH vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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 | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.59 | +0.05 |
| Martin ratioReturn relative to average drawdown | 1.66 | 1.46 | +0.20 |
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Drawdowns
TLH vs. SCHQ - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for TLH and SCHQ.
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Drawdown Indicators
| TLH | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -46.13% | +4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -7.01% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -17.65% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -40.93% | +5.52% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | — | — |
Current DrawdownCurrent decline from peak | -29.30% | -36.18% | +6.88% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -26.43% | +15.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.84% | -0.35% |
Volatility
TLH vs. SCHQ - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 1.96%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.07%. This indicates that TLH experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 2.07% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.62% | 6.07% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.79% | 8.65% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 14.49% | -1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 15.29% | -4.10% |
TLH vs. SCHQ - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is higher than SCHQ'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. SCHQ - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.45%, less than SCHQ's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.74% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
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 0.99, TLH and SCHQ 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.
SCHQ has higher volatility (2.07%) compared to TLH (1.96%). In terms of maximum drawdown, TLH dropped -41.14% vs SCHQ's -46.13%.
On 5-year performance, TLH leads with -4.04% vs -5.55% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TLH has performed better with a -4.04% return vs -5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.15% for TLH.
SCHQ has the higher dividend yield at 4.74%, compared with 4.45% for TLH.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for TLH and 0.03% for SCHQ.
TLH currently has the higher Sharpe Ratio (0.53 vs 0.48), 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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