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 -5.49%/yr vs -7.19%/yr for SCHQ. Their 0.99 correlation means they have historically moved very closely together. 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 -2.55% return, which is significantly higher than SCHQ's -2.90% return.
TLH
- 1D
- 0.37%
- 1M
- -2.68%
- 6M
- -2.20%
- YTD
- -2.55%
- 1Y
- -0.65%
- 3Y*
- 1.21%
- 5Y*
- -5.49%
- 10Y*
- -1.23%
- ALL TIME*
- 2.77%
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.53M | $14.79M | $18.63M | |
| $117.64M | $94.20M | $123.44M |
TLH vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -2.55% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | -4.17% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between TLH and SCHQ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.98 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | -0.19 | +0.09 |
| Martin ratioReturn relative to average drawdown | -0.23 | -0.41 | +0.19 |
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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% | -7.05% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -13.38% | +1.51% |
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 | -31.26% | -38.39% | +7.13% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -26.61% | +15.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 3.23% | -0.35% |
Volatility
TLH vs. SCHQ - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.08%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.30%. 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 | 2.08% | 2.30% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.87% | 6.30% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 8.41% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.61% | 14.41% | -1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 15.20% | -4.01% |
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 4.61%, less than SCHQ's 4.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 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 | 4.61% | 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 (2.30%) compared to TLH (2.08%). In terms of maximum drawdown, TLH dropped -41.14% vs SCHQ's -46.13%.
On 5-year performance, TLH leads with -5.49% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.08%. 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 -5.49% return vs -7.19%. 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 4.92%, compared with 4.61% 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 (-0.09 vs -0.16), 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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