TLH vs. ZTEN
TLH (iShares 10-20 Year Treasury Bond ETF) and ZTEN (F/M 10-Year Investment Grade Corporate 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 ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross. Both are passively managed. Over the past year, TLH returned 5.33% vs 6.84% for ZTEN. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
TLH vs. ZTEN - Performance Comparison
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Returns By Period
In the year-to-date period, TLH achieves a -0.51% return, which is significantly lower than ZTEN's 0.17% 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%
ZTEN
- 1D
- -0.28%
- 1M
- 0.40%
- YTD
- 0.17%
- 6M
- 0.05%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLH vs. ZTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -0.09% |
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.17% | 9.15% | 0.29% |
Correlation
The correlation between TLH and ZTEN is 0.91, 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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.90 |
The correlation between TLH and ZTEN has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
TLH vs. ZTEN — Risk / Return Rank
TLH
ZTEN
TLH vs. ZTEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN). 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 | ZTEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.24 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 2.07 | -1.24 |
| Martin ratioReturn relative to average drawdown | 2.28 | 6.72 | -4.44 |
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 | ZTEN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 1.38 | -0.71 |
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 | 1.15 | -0.87 |
Drawdowns
TLH vs. ZTEN - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, which is greater than ZTEN's maximum drawdown of -3.43%. Use the drawdown chart below to compare losses from any high point for TLH and ZTEN.
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Drawdown Indicators
| TLH | ZTEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -3.43% | -37.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -3.32% | -3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -15.35% | — | — |
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% | -1.46% | -28.36% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -0.78% | -9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.02% | +1.33% |
Volatility
TLH vs. ZTEN - Volatility Comparison
iShares 10-20 Year Treasury Bond ETF (TLH) has a higher volatility of 2.46% compared to F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) at 1.61%. This indicates that TLH's price experiences larger fluctuations and is considered to be riskier than ZTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLH | ZTEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 1.61% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 3.77% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 4.99% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 5.80% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 5.80% | +5.39% |
TLH vs. ZTEN - Expense Ratio Comparison
Both TLH and ZTEN 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. ZTEN - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.48%, less than ZTEN's 5.08% 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% |
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 5.08% | 5.16% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, TLH and ZTEN 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 ZTEN (1.61%). In terms of maximum drawdown, TLH dropped -41.14% vs ZTEN's -3.43%.
On 1-year performance, ZTEN leads with 6.84% vs 5.33% for TLH. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTEN has performed better with a 6.84% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH and ZTEN have the same expense ratio: 0.15% per year.
ZTEN has the higher dividend yield at 5.08%, compared with 4.48% for TLH.
TLH is categorized as Government Bonds, while ZTEN is Long-Term Bond. TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross. They also come from different issuers: iShares and F/m.
ZTEN currently has the higher Sharpe Ratio (1.38 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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