TLT vs. BNDX
TLT (iShares 20+ Year Treasury Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs 1.72%/yr for BNDX. A 0.69 correlation means they provide meaningful diversification when combined. TLT charges 0.15%/yr vs 0.07%/yr for BNDX.
Performance
TLT vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than BNDX's 1.02% return. Over the past 10 years, TLT has underperformed BNDX with an annualized return of -1.75%, while BNDX has yielded a comparatively higher 1.72% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
BNDX
- 1D
- 0.17%
- 1M
- 0.85%
- YTD
- 1.02%
- 6M
- 1.22%
- 1Y
- 2.27%
- 3Y*
- 4.32%
- 5Y*
- 0.32%
- 10Y*
- 1.72%
TLT vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
BNDX Vanguard Total International Bond ETF | 1.02% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between TLT and BNDX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.69 |
The correlation between TLT and BNDX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
TLT vs. BNDX — Risk / Return Rank
TLT
BNDX
TLT vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Total International Bond ETF (BNDX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TLT | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.10 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.66 | -0.28 |
| Martin ratioReturn relative to average drawdown | 0.92 | 1.84 | -0.92 |
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Drawdowns
TLT vs. BNDX - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for TLT and BNDX.
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Drawdown Indicators
| TLT | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -16.23% | -32.12% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -2.93% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -2.93% | -16.25% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -15.86% | -27.84% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -16.23% | -32.12% |
Current DrawdownCurrent decline from peak | -40.12% | -1.02% | -39.10% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -3.10% | -10.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 1.05% | +2.09% |
Volatility
TLT vs. BNDX - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to Vanguard Total International Bond ETF (BNDX) at 1.49%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.49% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 2.96% | +3.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 3.47% | +6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 4.89% | +10.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 4.10% | +10.81% |
TLT vs. BNDX - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than BNDX's 0.07% 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. BNDX - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, more than BNDX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.47% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 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 BNDX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to BNDX (1.49%). In terms of maximum drawdown, TLT dropped -48.35% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.72% vs -1.75% for TLT. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.72% return vs -1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.56%, compared with 4.47% for BNDX.
TLT is categorized as Government Bonds, while BNDX is Global Bonds. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLT and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.56 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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