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TLT vs. BLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. BLV

Last updated Jun 7, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, TLT returned -1.63%/yr vs 0.94%/yr for BLV. Their correlation of 0.93 suggests significant overlap in exposure. TLT charges 0.15%/yr vs 0.03%/yr for BLV.

Performance

TLT vs. BLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Long-Term Bond ETF (BLV). 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 -0.56% return, which is significantly lower than BLV's -0.16% return. Over the past 10 years, TLT has underperformed BLV with an annualized return of -1.63%, while BLV has yielded a comparatively higher 0.94% annualized return.

TLT

1D
-0.51%
1M
-0.30%
YTD
-0.56%
6M
-1.32%
1Y
4.21%
3Y*
-2.03%
5Y*
-6.37%
10Y*
-1.63%

BLV

1D
-0.63%
1M
-0.10%
YTD
-0.16%
6M
-0.60%
1Y
5.93%
3Y*
1.80%
5Y*
-3.42%
10Y*
0.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. BLV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		-0.56%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%
BLV
Vanguard Long-Term Bond ETF		-0.16%6.44%-3.65%7.35%-26.95%-2.89%16.13%18.99%-4.17%10.74%

Correlation

The correlation between TLT and BLV is 0.98 - 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

0.98

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

0.98

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

0.97

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

0.95

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

0.93

The correlation between TLT and BLV has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

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

Vanguard Long-Term Bond ETF

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with BLV:
BLV vs. BNDBLV vs. VGLTBLV vs. BIVBLV vs. BSVBLV vs. EDVBLV vs. VBLAXBLV vs. LVHD

Return for Risk

TLT vs. BLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1313
Overall Rank
TLT Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1313
Sortino Ratio Rank
TLT Omega Ratio Rank: 1212
Omega Ratio Rank
TLT Calmar Ratio Rank: 1414
Calmar Ratio Rank
TLT Martin Ratio Rank: 1414
Martin Ratio Rank
BLV
BLV Risk / Return Rank: 1919
Overall Rank
BLV Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BLV Sortino Ratio Rank: 1919
Sortino Ratio Rank
BLV Omega Ratio Rank: 1818
Omega Ratio Rank
BLV Calmar Ratio Rank: 2020
Calmar Ratio Rank
BLV Martin Ratio Rank: 2020
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. BLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Long-Term Bond ETF (BLV). 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.

TLTBLVDifference
Sharpe ratioReturn per unit of total volatility
0.30
0.61

-0.31

Sortino ratioReturn per unit of downside risk
0.50
0.91

-0.41

Omega ratioGain probability vs. loss probability

1.06

1.11

-0.05

Calmar ratioReturn relative to maximum drawdown

0.38

0.85

-0.47

Martin ratioReturn relative to average drawdown

0.94

2.14

-1.20

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. BLV - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is lower than the BLV Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of TLT and BLV, 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

TLTBLVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.30

0.61

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.40

-0.26

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.11

0.08

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.37

-0.11

Drawdowns

TLT vs. BLV - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than BLV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for TLT and BLV.

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Drawdown Indicators

TLTBLVDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-38.29%

-10.06%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-5.73%

-1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-15.16%

-4.02%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-36.27%

-7.43%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-38.29%

-10.06%

Current Drawdown

Current decline from peak

-40.61%

-24.47%

-16.14%

Average Drawdown

Average peak-to-trough decline

-13.82%

-9.52%

-4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.07%

2.28%

+0.79%

Volatility

TLT vs. BLV - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to Vanguard Long-Term Bond ETF (BLV) at 2.42%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTBLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

2.42%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

6.51%

5.65%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

9.66%

8.08%

+1.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

12.95%

+2.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.90%

11.98%

+2.92%

TLT vs. BLV - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is higher than BLV'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

TLT vs. BLV - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.60%, less than BLV's 4.82% yield.

PositionTTM20252024202320222021202020192018201720162015
BLV
Vanguard Long-Term Bond ETF		4.82%4.67%5.09%4.06%4.17%3.37%6.12%3.57%4.07%3.63%4.16%4.37%
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

With a correlation of 0.98, TLT and BLV 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.

TLT has higher volatility (2.65%) compared to BLV (2.42%). In terms of maximum drawdown, TLT dropped -48.35% vs BLV's -38.29%.

On 10-year performance, BLV leads with 0.94% vs -1.63% for TLT. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BLV has performed better with a 0.94% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BLV is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.

BLV has the higher dividend yield at 4.82%, compared with 4.60% for TLT.

TLT is categorized as Government Bonds, while BLV is Long-Term Bond. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLT and 0.03% for BLV.

BLV currently has the higher Sharpe Ratio (0.61 vs 0.30), 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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