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TLH vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLH vs. VOO

Last updated Jun 6, 2026

TLH (iShares 10-20 Year Treasury Bond ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TLH returned -0.87%/yr vs 15.23%/yr for VOO. At a correlation of -0.21, they often move in opposite directions. TLH charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

TLH vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 10-20 Year Treasury Bond ETF (TLH) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLH achieves a -0.95% return, which is significantly lower than VOO's 8.45% return. Over the past 10 years, TLH has underperformed VOO with an annualized return of -0.87%, while VOO has yielded a comparatively higher 15.23% annualized return.

TLH

1D
-0.62%
1M
-1.02%
YTD
-0.95%
6M
-1.04%
1Y
3.54%
3Y*
0.36%
5Y*
-3.89%
10Y*
-0.87%

VOO

1D
-2.59%
1M
0.50%
YTD
8.45%
6M
8.18%
1Y
25.87%
3Y*
21.52%
5Y*
13.39%
10Y*
15.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLH vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLH
iShares 10-20 Year Treasury Bond ETF		-0.95%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%
VOO
Vanguard S&P 500 ETF		8.45%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between TLH and VOO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.08

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

-0.21

The correlation between TLH and VOO shifts across timeframes, from -0.21 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares 10-20 Year Treasury Bond ETF

Vanguard S&P 500 ETF

Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. IEITLH vs. SPTLTLH vs. SCHQTLH vs. PLWTLH vs. XTLH.TO
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

TLH vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLH
TLH Risk / Return Rank: 1616
Overall Rank
TLH Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLH Omega Ratio Rank: 1515
Omega Ratio Rank
TLH Calmar Ratio Rank: 1616
Calmar Ratio Rank
TLH Martin Ratio Rank: 1616
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6666
Overall Rank
VOO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6363
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6060
Calmar Ratio Rank
VOO Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLH vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and Vanguard S&P 500 ETF (VOO). 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.

TLHVOODifference
Sharpe ratioReturn per unit of total volatility
0.45
2.15

-1.70

Sortino ratioReturn per unit of downside risk
0.69
2.89

-2.20

Omega ratioGain probability vs. loss probability

1.08

1.39

-0.31

Calmar ratioReturn relative to maximum drawdown

0.55

2.92

-2.37

Martin ratioReturn relative to average drawdown

1.50

13.53

-12.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLH vs. VOO - Sharpe Ratio Comparison

The current TLH Sharpe Ratio is 0.45, which is lower than the VOO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of TLH and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TLHVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.45

2.15

-1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.31

0.80

-1.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.08

0.85

-0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.88

-0.60

Drawdowns

TLH vs. VOO - Drawdown Comparison

The maximum TLH drawdown since its inception was -41.14%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TLH and VOO.

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Drawdown Indicators

TLHVOODifference

Max Drawdown

Largest peak-to-trough decline

-41.14%

-33.99%

-7.15%

Max Drawdown (1Y)

Largest decline over 1 year

-6.50%

-8.90%

+2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-15.35%

-18.69%

+3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-35.41%

-24.52%

-10.89%

Max Drawdown (10Y)

Largest decline over 10 years

-41.14%

-33.99%

-7.15%

Current Drawdown

Current decline from peak

-30.13%

-2.90%

-27.23%

Average Drawdown

Average peak-to-trough decline

-10.76%

-3.69%

-7.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

1.92%

+0.45%

Volatility

TLH vs. VOO - Volatility Comparison

The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.37%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.74%. This indicates that TLH experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLHVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

3.74%

-1.37%

Volatility (6M)

Calculated over the trailing 6-month period

5.52%

9.30%

-3.78%

Volatility (1Y)

Calculated over the trailing 1-year period

7.92%

12.10%

-4.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.69%

16.84%

-4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.19%

18.02%

-6.83%

TLH vs. VOO - Expense Ratio Comparison

TLH has a 0.15% expense ratio, which is higher than VOO'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. VOO - Dividend Comparison

TLH's dividend yield for the trailing twelve months is around 4.50%, more than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
TLH
iShares 10-20 Year Treasury Bond ETF		4.50%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

TLH and VOO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOO has higher volatility (3.74%) compared to TLH (2.37%). In terms of maximum drawdown, TLH dropped -41.14% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.23% vs -0.87% for TLH. On fees, VOO is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.23% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for TLH.

TLH has the higher dividend yield at 4.50%, compared with 1.05% for VOO.

TLH is categorized as Government Bonds, while VOO is S&P 500. TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLH and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.15 vs 0.45), 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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