TLH vs. TIP
TLH (iShares 10-20 Year Treasury Bond ETF) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, TLH returned -0.86%/yr vs 2.54%/yr for TIP. A 0.76 correlation means they provide meaningful diversification when combined. TLH charges 0.15%/yr vs 0.18%/yr for TIP.
Performance
TLH vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a 0.37% return, which is significantly lower than TIP's 1.53% return. Over the past 10 years, TLH has underperformed TIP with an annualized return of -0.86%, while TIP has yielded a comparatively higher 2.54% 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%
TIP
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.53%
- 6M
- 1.61%
- 1Y
- 5.05%
- 3Y*
- 3.83%
- 5Y*
- 1.03%
- 10Y*
- 2.54%
TLH vs. TIP - 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% |
TIP iShares TIPS Bond ETF | 1.53% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between TLH and TIP is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.76 |
The correlation between TLH and TIP shifts across timeframes, from 0.76 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TLH vs. TIP — Risk / Return Rank
TLH
TIP
TLH vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.27 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 2.57 | -1.68 |
| Martin ratioReturn relative to average drawdown | 2.35 | 7.67 | -5.32 |
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Drawdowns
TLH vs. TIP - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for TLH and TIP.
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Drawdown Indicators
| TLH | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -14.57% | -26.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -1.98% | -4.52% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -4.54% | -10.81% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -14.51% | -20.90% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -14.51% | -26.63% |
Current DrawdownCurrent decline from peak | -29.20% | -0.33% | -28.87% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -3.43% | -7.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 0.66% | +1.80% |
Volatility
TLH vs. TIP - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 2.09% compared to iShares TIPS Bond ETF (TIP) at 0.96%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 0.96% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.59% | 2.32% | +3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 3.38% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.69% | 6.19% | +6.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.20% | 5.74% | +5.46% |
TLH vs. TIP - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is lower than TIP's 0.18% 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. TIP - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.44%, more than TIP's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
TLH and TIP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLH has higher volatility (2.09%) compared to TIP (0.96%). In terms of maximum drawdown, TLH dropped -41.14% vs TIP's -14.57%.
On 10-year performance, TIP leads with 2.54% vs -0.86% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, TIP has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIP has performed better with a 2.54% 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 0.18% for TIP.
TLH has the higher dividend yield at 4.44%, compared with 3.76% for TIP.
TLH is categorized as Government Bonds, while TIP is Inflation-Protected Bonds. TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. Their fees differ too: 0.15% for TLH and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.50 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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