TLT vs. EDV
TLT (iShares 20+ Year Treasury Bond ETF) and EDV (Vanguard Extended Duration Treasury ETF) are both Government Bonds funds - TLT tracks the ICE U.S. Treasury 20+ Year Bond Index while EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Both are passively managed. Over the past 10 years, TLT returned -2.41%/yr vs -4.44%/yr for EDV. Their 0.96 correlation means they have historically moved very closely together. TLT charges 0.15%/yr vs 0.05%/yr for EDV.
Performance
TLT vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -1.73% return, which is significantly higher than EDV's -3.06% return. Over the past 10 years, TLT has outperformed EDV with an annualized return of -2.41%, while EDV has yielded a comparatively lower -4.44% annualized return.
TLT
- 1D
- 0.60%
- 1M
- -3.78%
- 6M
- -3.06%
- YTD
- -1.73%
- 1Y
- 1.32%
- 3Y*
- -1.67%
- 5Y*
- -7.86%
- 10Y*
- -2.41%
- ALL TIME*
- 3.55%
EDV
- 1D
- 0.94%
- 1M
- -5.75%
- 6M
- -5.13%
- YTD
- -3.06%
- 1Y
- -0.18%
- 3Y*
- -5.16%
- 5Y*
- -12.07%
- 10Y*
- -4.44%
- ALL TIME*
- 2.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.36M | $63.76M | $65.19M | |
| $1.74B | $1.81B | $2.12B |
TLT vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -1.73% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
EDV Vanguard Extended Duration Treasury ETF | -3.06% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between TLT and EDV is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007 | 0.96 |
The correlation between TLT and EDV has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
TLT vs. EDV — Risk / Return Rank
TLT
EDV
TLT vs. EDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Extended Duration Treasury ETF (EDV). 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 | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | -0.01 | +0.19 |
| Martin ratioReturn relative to average drawdown | 0.38 | -0.03 | +0.41 |
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Drawdowns
TLT vs. EDV - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum EDV drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for TLT and EDV.
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Drawdown Indicators
| TLT | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -59.96% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -12.54% | +4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -16.53% | -23.42% | +6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -55.03% | +11.33% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -59.96% | +11.61% |
Current DrawdownCurrent decline from peak | -41.31% | -55.52% | +14.21% |
Average DrawdownAverage peak-to-trough decline | -13.97% | -23.67% | +9.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 6.16% | -2.70% |
Volatility
TLT vs. EDV - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.07%, while Vanguard Extended Duration Treasury ETF (EDV) has a volatility of 3.09%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than EDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 3.09% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 9.85% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.34% | 14.06% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.73% | 21.48% | -5.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 19.73% | -4.90% |
TLT vs. EDV - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than EDV's 0.05% 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. EDV - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.66%, less than EDV's 5.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.27% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TLT iShares 20+ Year Treasury Bond ETF | 4.66% | 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 0.99, TLT and EDV 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.
EDV has higher volatility (3.09%) compared to TLT (2.07%). In terms of maximum drawdown, TLT dropped -48.35% vs EDV's -59.96%.
On 10-year performance, TLT leads with -2.41% vs -4.44% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TLT has been the lower-risk option at 2.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -2.41% return vs -4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.15% for TLT.
EDV has the higher dividend yield at 5.27%, compared with 4.66% for TLT.
TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLT and 0.05% for EDV.
TLT currently has the higher Sharpe Ratio (0.14 vs -0.01), 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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