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TLT vs. BKLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. BKLN

Last updated Jun 9, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, TLT returned -1.85%/yr vs 4.25%/yr for BKLN. At a correlation of -0.11, they often move in opposite directions. TLT charges 0.15%/yr vs 0.65%/yr for BKLN.

Performance

TLT vs. BKLN - Performance Comparison

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

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Returns By Period

In the year-to-date period, TLT achieves a -1.08% return, which is significantly lower than BKLN's -0.04% return. Over the past 10 years, TLT has underperformed BKLN with an annualized return of -1.85%, while BKLN has yielded a comparatively higher 4.25% annualized return.

TLT

1D
-0.52%
1M
-1.31%
YTD
-1.08%
6M
-1.51%
1Y
3.67%
3Y*
-2.05%
5Y*
-6.70%
10Y*
-1.85%

BKLN

1D
0.00%
1M
-0.43%
YTD
-0.04%
6M
0.55%
1Y
4.39%
3Y*
7.44%
5Y*
5.09%
10Y*
4.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. BKLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		-1.08%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%
BKLN
Invesco Senior Loan ETF		-0.04%6.88%8.21%12.53%-2.51%2.32%1.32%10.03%-1.32%2.13%

Correlation

The correlation between TLT and BKLN is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.09

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

0.14

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

0.07

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

-0.04

Correlation (All Time)
Calculated using the full available price history since Mar 3, 2011

-0.11

The correlation between TLT and BKLN shifts across timeframes, from -0.11 (all time) to 0.14 (3 years), 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 20+ Year Treasury Bond ETF

Invesco Senior Loan ETF

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with BKLN:
BKLN vs. SRLNBKLN vs. HYGBKLN vs. FLBLBKLN vs. FTSLBKLN vs. USHYBKLN vs. SPYBKLN vs. EFT

Return for Risk

TLT vs. BKLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1515
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1414
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
BKLN
BKLN Risk / Return Rank: 5050
Overall Rank
BKLN Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
BKLN Sortino Ratio Rank: 5454
Sortino Ratio Rank
BKLN Omega Ratio Rank: 7070
Omega Ratio Rank
BKLN Calmar Ratio Rank: 3232
Calmar Ratio Rank
BKLN Martin Ratio Rank: 3939
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.

TLT vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Invesco Senior Loan ETF (BKLN). 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.

TLTBKLNDifference
Sharpe ratioReturn per unit of total volatility
0.38
1.61

-1.22

Sortino ratioReturn per unit of downside risk
0.62
2.37

-1.75

Omega ratioGain probability vs. loss probability

1.07

1.37

-0.30

Calmar ratioReturn relative to maximum drawdown

0.49

1.44

-0.95

Martin ratioReturn relative to average drawdown

1.19

5.65

-4.46

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. BKLN - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.38, which is lower than the BKLN Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TLT and BKLN, 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

TLTBKLNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.38

1.61

-1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.42

1.14

-1.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.12

0.66

-0.79

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.64

-0.39

Drawdowns

TLT vs. BKLN - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for TLT and BKLN.

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Drawdown Indicators

TLTBKLNDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-24.17%

-24.18%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-3.07%

-4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-3.55%

-15.63%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-7.31%

-36.39%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-24.17%

-24.18%

Current Drawdown

Current decline from peak

-40.92%

-0.48%

-40.44%

Average Drawdown

Average peak-to-trough decline

-13.83%

-1.09%

-12.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

0.78%

+2.30%

Volatility

TLT vs. BKLN - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to Invesco Senior Loan ETF (BKLN) at 0.44%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTBKLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

0.44%

+2.21%

Volatility (6M)

Calculated over the trailing 6-month period

6.51%

2.52%

+3.99%

Volatility (1Y)

Calculated over the trailing 1-year period

9.60%

2.75%

+6.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

4.48%

+11.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

6.43%

+8.48%

TLT vs. BKLN - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than BKLN's 0.65% expense ratio.

Dividends

TLT vs. BKLN - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.63%, less than BKLN's 6.63% yield.

PositionTTM20252024202320222021202020192018201720162015
BKLN
Invesco Senior Loan ETF		6.63%6.95%8.41%8.59%4.93%3.11%3.56%4.86%4.52%3.50%4.54%4.12%
TLT
iShares 20+ Year Treasury Bond ETF		4.63%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

TLT and BKLN have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.65%) compared to BKLN (0.44%). In terms of maximum drawdown, TLT dropped -48.35% vs BKLN's -24.17%.

On 10-year performance, BKLN leads with 4.25% vs -1.85% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BKLN has performed better with a 4.25% return vs -1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for BKLN.

BKLN has the higher dividend yield at 6.63%, compared with 4.63% for TLT.

TLT is categorized as Government Bonds, while BKLN is Bank Loan. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TLT and 0.65% for BKLN.

BKLN currently has the higher Sharpe Ratio (1.61 vs 0.38), 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.

Portfolio Optimizer

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