TLT vs. ARTHX

Last updated Jun 10, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and ARTHX (Artisan Global Equity Fund) are both funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while ARTHX is a Global Equities fund managed by Artisan. Over the past 10 years, TLT returned -1.79%/yr vs 13.84%/yr for ARTHX. At a correlation of -0.19, they often move in opposite directions. TLT charges 0.15%/yr vs 1.28%/yr for ARTHX.

Performance

TLT vs. ARTHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Artisan Global Equity Fund (ARTHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLT achieves a -0.49% return, which is significantly lower than ARTHX's 9.07% return. Over the past 10 years, TLT has underperformed ARTHX with an annualized return of -1.79%, while ARTHX has yielded a comparatively higher 13.84% annualized return.

TLT

• 1D: 0.59%
• 1M: -0.73%
• YTD: -0.49%
• 6M: -1.03%
• 1Y: 4.17%
• 3Y*: -1.86%
• 5Y*: -6.70%
• 10Y*: -1.79%

ARTHX

• 1D: 0.21%
• 1M: -6.33%
• YTD: 9.07%
• 6M: 10.38%
• 1Y: 26.68%
• 3Y*: 26.93%
• 5Y*: 10.14%
• 10Y*: 13.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. ARTHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLT iShares 20+ Year Treasury Bond ETF	-0.49%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%
ARTHX Artisan Global Equity Fund	9.07%	45.58%	16.80%	11.89%	-20.62%	4.95%	29.46%	31.13%	-3.75%	31.35%

Correlation

The correlation between TLT and ARTHX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 29, 2010	-0.19

The correlation between TLT and ARTHX shifts across timeframes, from -0.19 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TLT vs. ARTHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 17
TLT Sortino Ratio Rank: 16
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

ARTHX

ARTHX Risk / Return Rank: 53
ARTHX Sharpe Ratio Rank: 49
ARTHX Sortino Ratio Rank: 49
ARTHX Omega Ratio Rank: 48
ARTHX Calmar Ratio Rank: 61
ARTHX Martin Ratio Rank: 59

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.

TLT vs. ARTHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Artisan Global Equity Fund (ARTHX). 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.

	TLT	ARTHX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.77	-1.33
Sortino ratio: Return per unit of downside risk	0.70	2.52	-1.82
Omega ratio: Gain probability vs. loss probability	1.08	1.32	-0.25
Calmar ratio: Return relative to maximum drawdown	0.55	2.63	-2.08
Martin ratio: Return relative to average drawdown	1.35	10.23	-8.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. ARTHX - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.44, which is lower than the ARTHX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of TLT and ARTHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLT	ARTHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.77	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.57	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	0.79	-0.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.74	-0.48

Drawdowns

TLT vs. ARTHX - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than ARTHX's maximum drawdown of -37.42%. Use the drawdown chart below to compare losses from any high point for TLT and ARTHX.

Drawdown Indicators

	TLT	ARTHX	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-37.42%	-10.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-10.16%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-14.06%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-37.42%	-6.28%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	-37.42%	-10.93%
Current Drawdown Current decline from peak	-40.57%	-7.95%	-32.62%
Average Drawdown Average peak-to-trough decline	-13.83%	-7.14%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.61%	+0.49%

Volatility

TLT vs. ARTHX - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.67%, while Artisan Global Equity Fund (ARTHX) has a volatility of 5.27%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than ARTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	ARTHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	5.27%	-2.60%
Volatility (6M) Calculated over the trailing 6-month period	6.52%	12.37%	-5.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.60%	15.18%	-5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	17.76%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	17.67%	-2.76%

TLT vs. ARTHX - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than ARTHX's 1.28% expense ratio.

Dividends

TLT vs. ARTHX - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.60%, less than ARTHX's 21.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARTHX Artisan Global Equity Fund	21.44%	23.39%	11.32%	0.89%	0.88%	18.02%	11.98%	8.76%	18.13%	0.66%	0.00%	2.17%
TLT iShares 20+ Year Treasury Bond ETF	4.60%	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

Can I hold both TLT and ARTHX in my portfolio?

TLT and ARTHX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLT or ARTHX?

ARTHX has higher volatility (5.27%) compared to TLT (2.67%). In terms of maximum drawdown, TLT dropped -48.35% vs ARTHX's -37.42%.

Which has better risk-adjusted returns?

ARTHX currently has the higher Sharpe Ratio (1.77 vs 0.44), 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.