TLT vs. ISHG
TLT (iShares 20+ Year Treasury Bond ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs -0.14%/yr for ISHG. At a 0.13 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.35%/yr for ISHG.
Performance
TLT vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than ISHG's -0.18% return. Over the past 10 years, TLT has underperformed ISHG with an annualized return of -1.75%, while ISHG has yielded a comparatively higher -0.14% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
ISHG
- 1D
- 0.06%
- 1M
- -0.91%
- YTD
- -0.18%
- 6M
- 0.19%
- 1Y
- 0.99%
- 3Y*
- 4.08%
- 5Y*
- -1.07%
- 10Y*
- -0.14%
TLT vs. ISHG - 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.18% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between TLT and ISHG is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.13 |
Over the past year, TLT and ISHG have become more correlated (0.44) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
TLT vs. ISHG — Risk / Return Rank
TLT
ISHG
TLT vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.03 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.20 | +0.18 |
| Martin ratioReturn relative to average drawdown | 0.92 | 0.49 | +0.44 |
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Drawdowns
TLT vs. ISHG - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than ISHG's maximum drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for TLT and ISHG.
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Drawdown Indicators
| TLT | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -37.24% | -11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -5.02% | -2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -8.21% | -10.97% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -23.55% | -20.15% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -25.56% | -22.79% |
Current DrawdownCurrent decline from peak | -40.12% | -22.37% | -17.75% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -18.44% | +4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 2.05% | +1.09% |
Volatility
TLT vs. ISHG - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.67%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.67% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 4.76% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 6.51% | +3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 7.58% | +8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 6.94% | +7.97% |
TLT vs. ISHG - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than ISHG's 0.35% expense ratio.
Dividends
TLT vs. ISHG - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, more than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
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 ISHG have a correlation of 0.44, 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 ISHG (1.67%). In terms of maximum drawdown, TLT dropped -48.35% vs ISHG's -37.24%.
On 10-year performance, ISHG leads with -0.14% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, ISHG has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.14% return vs -1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.35% for ISHG.
TLT has the higher dividend yield at 4.56%, compared with 1.45% for ISHG.
TLT is categorized as Government Bonds, while ISHG is International Government Bonds. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Their fees differ too: 0.15% for TLT and 0.35% for ISHG.
TLT currently has the higher Sharpe Ratio (0.30 vs 0.15), 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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