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 -0.77%/yr vs -1.56%/yr for TLT. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
TLH vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLH achieves a 0.67% return, which is significantly lower than TLT's 1.41% return. Over the past 10 years, TLH has outperformed TLT with an annualized return of -0.77%, while TLT has yielded a comparatively lower -1.56% annualized return.
TLH
- 1D
- 0.52%
- 1M
- 2.59%
- YTD
- 0.67%
- 6M
- 0.72%
- 1Y
- 5.04%
- 3Y*
- 1.00%
- 5Y*
- -4.15%
- 10Y*
- -0.77%
TLT
- 1D
- 0.49%
- 1M
- 3.41%
- YTD
- 1.41%
- 6M
- 0.96%
- 1Y
- 4.88%
- 3Y*
- -1.45%
- 5Y*
- -6.76%
- 10Y*
- -1.56%
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 | 0.67% | 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 | 1.41% | 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 - 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 | 0.98 |
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 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.09 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.62 | +0.15 |
| Martin ratioReturn relative to average drawdown | 2.01 | 1.48 | +0.53 |
Loading charts...
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.
Loading charts...
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% | -7.58% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -19.18% | +3.83% |
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 | -28.99% | -39.43% | +10.44% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -13.86% | +3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 3.16% | -0.68% |
Volatility
TLH vs. TLT - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.00%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.18%. 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.
Loading charts...
Volatility by Period
| TLH | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 2.18% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.60% | 6.59% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.76% | 9.45% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 15.82% | -3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.20% | 14.91% | -3.71% |
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 4.43%, less than TLT's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.43% | 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 | 4.51% | 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 (2.18%) compared to TLH (2.00%). In terms of maximum drawdown, TLH dropped -41.14% vs TLT's -48.35%.
On 10-year performance, TLH leads with -0.77% vs -1.56% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLH has been the lower-risk option at 2.00%. 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 -0.77% return vs -1.56%. 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 4.51%, compared with 4.43% 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 (0.64 vs 0.50), 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.
Find the right allocation for TLH and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer