TLT vs. DGRO
TLT (iShares 20+ Year Treasury Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, TLT returned -1.73%/yr vs 13.55%/yr for DGRO. At a correlation of -0.15, they often move in opposite directions. TLT charges 0.15%/yr vs 0.08%/yr for DGRO.
Performance
TLT vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.76% return, which is significantly lower than DGRO's 10.18% return. Over the past 10 years, TLT has underperformed DGRO with an annualized return of -1.73%, while DGRO has yielded a comparatively higher 13.55% annualized return.
TLT
- 1D
- 0.55%
- 1M
- 3.43%
- YTD
- 0.76%
- 6M
- 0.32%
- 1Y
- 5.45%
- 3Y*
- -1.66%
- 5Y*
- -6.54%
- 10Y*
- -1.73%
DGRO
- 1D
- 0.22%
- 1M
- 3.78%
- YTD
- 10.18%
- 6M
- 10.34%
- 1Y
- 23.33%
- 3Y*
- 16.47%
- 5Y*
- 11.25%
- 10Y*
- 13.55%
TLT vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.76% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
DGRO iShares Core Dividend Growth ETF | 10.18% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between TLT and DGRO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | -0.15 |
The correlation between TLT and DGRO shifts across timeframes, from -0.15 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. DGRO — Risk / Return Rank
TLT
DGRO
TLT vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.45 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 3.62 | -2.90 |
| Martin ratioReturn relative to average drawdown | 1.73 | 14.03 | -12.29 |
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Drawdowns
TLT vs. DGRO - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for TLT and DGRO.
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Drawdown Indicators
| TLT | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -35.10% | -13.25% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -6.47% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -14.03% | -5.15% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -19.31% | -24.39% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -35.10% | -13.25% |
Current DrawdownCurrent decline from peak | -39.82% | 0.00% | -39.82% |
Average DrawdownAverage peak-to-trough decline | -13.85% | -3.43% | -10.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 1.67% | +1.48% |
Volatility
TLT vs. DGRO - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core Dividend Growth ETF (DGRO) have volatilities of 2.35% and 2.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 2.42% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 6.91% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 9.51% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 13.83% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 16.63% | -1.72% |
TLT vs. DGRO - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than DGRO's 0.08% 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. DGRO - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.54%, more than DGRO's 1.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.95% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 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 DGRO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGRO has higher volatility (2.42%) compared to TLT (2.35%). In terms of maximum drawdown, TLT dropped -48.35% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.55% vs -1.73% for TLT. On fees, DGRO is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGRO has performed better with a 13.55% return vs -1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.54%, compared with 1.95% for DGRO.
TLT is categorized as Government Bonds, while DGRO is Large Cap Growth Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.15% for TLT and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.47 vs 0.58), 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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