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TLT vs. ISRG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. ISRG

Last updated Jun 14, 2026

TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while ISRG (Intuitive Surgical, Inc.) is a stock. Over the past 10 years, TLT returned -1.75%/yr vs 19.09%/yr for ISRG. At a correlation of -0.13, they often move in opposite directions.

Performance

TLT vs. ISRG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Intuitive Surgical, Inc. (ISRG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than ISRG's -27.42% return. Over the past 10 years, TLT has underperformed ISRG with an annualized return of -1.75%, while ISRG has yielded a comparatively higher 19.09% annualized return.

TLT

1D
-0.24%
1M
2.93%
YTD
0.27%
6M
0.45%
1Y
3.88%
3Y*
-1.38%
5Y*
-6.53%
10Y*
-1.75%

ISRG

1D
-0.45%
1M
-2.39%
YTD
-27.42%
6M
-24.20%
1Y
-19.74%
3Y*
9.23%
5Y*
7.37%
10Y*
19.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. ISRG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ISRG
Intuitive Surgical, Inc.		-27.42%8.51%54.72%27.14%-26.15%31.76%38.39%23.43%31.23%72.64%

Correlation

The correlation between TLT and ISRG is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2002

-0.13

The correlation between TLT and ISRG shifts across timeframes, from -0.13 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares 20+ Year Treasury Bond ETF

Intuitive Surgical, Inc.

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with ISRG:
ISRG vs. SYKISRG vs. LLYISRG vs. MSFTISRG vs. VTIISRG vs. BRK-BISRG vs. PANWISRG vs. ASML

Return for Risk

TLT vs. ISRG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1414
Overall Rank
TLT Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1313
Sortino Ratio Rank
TLT Omega Ratio Rank: 1313
Omega Ratio Rank
TLT Calmar Ratio Rank: 1414
Calmar Ratio Rank
TLT Martin Ratio Rank: 1414
Martin Ratio Rank
ISRG
ISRG Risk / Return Rank: 1616
Overall Rank
ISRG Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
ISRG Sortino Ratio Rank: 1414
Sortino Ratio Rank
ISRG Omega Ratio Rank: 1616
Omega Ratio Rank
ISRG Calmar Ratio Rank: 2020
Calmar Ratio Rank
ISRG Martin Ratio Rank: 1414
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLT vs. ISRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Intuitive Surgical, Inc. (ISRG). 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.

TLTISRGDifference
Sharpe ratioReturn per unit of total volatility
0.30
-0.65

+0.95

Sortino ratioReturn per unit of downside risk
0.50
-0.87

+1.37

Omega ratioGain probability vs. loss probability

1.06

0.90

+0.16

Calmar ratioReturn relative to maximum drawdown

0.38

-0.62

+1.00

Martin ratioReturn relative to average drawdown

0.92

-1.24

+2.17

TLT vs. ISRG - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is higher than the ISRG Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of TLT and ISRG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TLT vs. ISRG - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum ISRG drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for TLT and ISRG.

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Drawdown Indicators

TLTISRGDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-82.26%

+33.91%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-32.14%

+24.56%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-34.10%

+14.92%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-49.90%

+6.20%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-49.90%

+1.55%

Current Drawdown

Current decline from peak

-40.12%

-32.66%

-7.46%

Average Drawdown

Average peak-to-trough decline

-13.84%

-21.28%

+7.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

16.00%

-12.86%

Volatility

TLT vs. ISRG - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while Intuitive Surgical, Inc. (ISRG) has a volatility of 9.70%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than ISRG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTISRGDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

9.70%

-6.87%

Volatility (6M)

Calculated over the trailing 6-month period

6.64%

20.72%

-14.08%

Volatility (1Y)

Calculated over the trailing 1-year period

9.68%

30.69%

-21.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

33.19%

-17.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

32.40%

-17.49%

Dividends

TLT vs. ISRG - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.56%, while ISRG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ISRG
Intuitive Surgical, Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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 ISRG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISRG has higher volatility (9.70%) compared to TLT (2.83%). In terms of maximum drawdown, TLT dropped -48.35% vs ISRG's -82.26%.

TLT currently has the higher Sharpe Ratio (0.30 vs -0.65), 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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