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 -1.71%/yr vs -3.40%/yr for EDV. With a 0.96 correlation, they move nearly in lockstep. 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 0.92% return, which is significantly lower than EDV's 1.36% return. Over the past 10 years, TLT has outperformed EDV with an annualized return of -1.71%, while EDV has yielded a comparatively lower -3.40% annualized return.
TLT
- 1D
- 0.16%
- 1M
- 3.72%
- YTD
- 0.92%
- 6M
- 0.58%
- 1Y
- 4.36%
- 3Y*
- -1.61%
- 5Y*
- -6.85%
- 10Y*
- -1.71%
EDV
- 1D
- 0.56%
- 1M
- 6.18%
- YTD
- 1.36%
- 6M
- 0.70%
- 1Y
- 4.37%
- 3Y*
- -4.93%
- 5Y*
- -10.70%
- 10Y*
- -3.40%
TLT vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.92% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
EDV Vanguard Extended Duration Treasury ETF | 1.36% | 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 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | 1.08 | 1.06 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 0.35 | +0.23 |
| Martin ratioReturn relative to average drawdown | 1.38 | 0.78 | +0.60 |
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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 | -19.18% | -26.99% | +7.81% |
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 | -39.73% | -53.49% | +13.76% |
Average DrawdownAverage peak-to-trough decline | -13.86% | -23.50% | +9.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 5.60% | -2.44% |
Volatility
TLT vs. EDV - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.33%, while Vanguard Extended Duration Treasury ETF (EDV) has a volatility of 3.54%. 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 | 2.33% | 3.54% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 9.83% | -3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.51% | 14.31% | -4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 21.61% | -5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 19.82% | -4.91% |
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 4.53%, less than EDV's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.88% | 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 | 4.53% | 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 (3.54%) compared to TLT (2.33%). In terms of maximum drawdown, TLT dropped -48.35% vs EDV's -59.96%.
On 10-year performance, TLT leads with -1.71% vs -3.40% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TLT has been the lower-risk option at 2.33%. 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 -1.71% return vs -3.40%. 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 4.88%, compared with 4.53% 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 (0.46 vs 0.31), 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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