TLH vs. XTEN
TLH (iShares 10-20 Year Treasury Bond ETF) and XTEN (BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF) are both Government Bonds funds - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while XTEN tracks the Bloomberg US Treasury 10 Year Target Duration Index. Both are passively managed. Over the past 3 years, TLH returned 0.59%/yr vs 1.73%/yr for XTEN. With a 0.99 correlation, they move nearly in lockstep. TLH charges 0.15%/yr vs 0.07%/yr for XTEN.
Performance
TLH vs. XTEN - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a -0.51% return, which is significantly higher than XTEN's -0.54% return.
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
XTEN
- 1D
- -0.35%
- 1M
- 0.25%
- YTD
- -0.54%
- 6M
- -1.22%
- 1Y
- 4.81%
- 3Y*
- 1.73%
- 5Y*
- —
- 10Y*
- —
TLH vs. XTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -4.21% | 4.03% | -3.75% |
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | -0.54% | 7.37% | -2.15% | 4.00% | -2.94% |
Correlation
The correlation between TLH and XTEN is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.99 |
The correlation between TLH and XTEN 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. XTEN — Risk / Return Rank
TLH
XTEN
TLH vs. XTEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN). 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.
| TLH | XTEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 0.89 | -0.07 |
| Martin ratioReturn relative to average drawdown | 2.28 | 2.59 | -0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLH | XTEN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.75 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.15 | +0.12 |
Drawdowns
TLH vs. XTEN - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than XTEN's maximum drawdown of -13.86%. Use the drawdown chart below to compare losses from any high point for TLH and XTEN.
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Drawdown Indicators
| TLH | XTEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -13.86% | -27.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -5.42% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | -11.15% | -4.20% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | — | — |
Current DrawdownCurrent decline from peak | -29.82% | -3.51% | -26.31% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -4.03% | -6.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.86% | +0.49% |
Volatility
TLH vs. XTEN - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 2.46% compared to BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) at 2.05%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than XTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | XTEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 2.05% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 4.41% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 6.41% | +1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 9.56% | +3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 9.56% | +1.63% |
TLH vs. XTEN - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is higher than XTEN's 0.08% 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. XTEN - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.48%, more than XTEN's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.48% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 4.40% | 4.05% | 4.21% | 3.71% | 1.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, TLH and XTEN 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.
TLH has higher volatility (2.46%) compared to XTEN (2.05%). In terms of maximum drawdown, TLH dropped -41.14% vs XTEN's -13.86%.
On 3-year performance, XTEN leads with 1.73% vs 0.59% for TLH. On fees, XTEN is cheaper at 0.07% per year. On volatility, XTEN has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTEN has performed better with a 1.73% return vs 0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTEN is cheaper with a 0.07% expense ratio, compared with 0.15% for TLH.
TLH has the higher dividend yield at 4.48%, compared with 4.40% for XTEN.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while XTEN tracks Bloomberg US Treasury 10 Year Target Duration Index. They also come from different issuers: iShares and BondBloxx. Their fees differ too: 0.15% for TLH and 0.07% for XTEN.
XTEN currently has the higher Sharpe Ratio (0.75 vs 0.67), 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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