TLH vs. TLT
TLH (iShares 10-20 Year Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TLH returned -1.31%/yr vs -2.38%/yr for TLT. Their 0.97 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
TLH vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a -2.91% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, TLH has outperformed TLT with an annualized return of -1.31%, while TLT has yielded a comparatively lower -2.38% annualized return.
TLH
- 1D
- -0.57%
- 1M
- -3.04%
- 6M
- -2.85%
- YTD
- -2.91%
- 1Y
- -1.02%
- 3Y*
- 0.80%
- 5Y*
- -5.35%
- 10Y*
- -1.31%
- ALL TIME*
- 2.75%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $108.27M | $89.48M | $121.91M | |
| $2.33B | $2.02B | $2.19B |
TLH vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -2.91% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TLH and TLT is 0.98 - 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. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.97 |
The correlation between TLH and TLT 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. TLT — Risk / Return Rank
TLH
TLT
TLH vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | -0.14 | +0.20 |
| Martin ratioReturn relative to average drawdown | 0.13 | -0.30 | +0.43 |
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Drawdowns
TLH vs. TLT - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TLH and TLT.
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Drawdown Indicators
| TLH | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -48.35% | +7.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -7.74% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -14.79% | +2.92% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -43.70% | +8.29% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -48.35% | +7.21% |
Current DrawdownCurrent decline from peak | -31.52% | -42.36% | +10.84% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -13.99% | +3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.57% | -0.71% |
Volatility
TLH vs. TLT - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.03%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that TLH experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.46% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.86% | 6.85% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 9.32% | -1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.61% | 15.74% | -3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 14.83% | -3.64% |
TLH vs. TLT - Expense Ratio Comparison
Both TLH and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TLH vs. TLT - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.61%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.22% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
With a correlation of 0.98, TLH and TLT 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.
TLT has higher volatility (2.46%) compared to TLH (2.03%). In terms of maximum drawdown, TLH dropped -41.14% vs TLT's -48.35%.
On 10-year performance, TLH leads with -1.31% vs -2.38% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLH has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLH has performed better with a -1.31% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.34%, compared with 4.22% for TLH.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
TLH currently has the higher Sharpe Ratio (0.05 vs -0.11), 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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