TLT vs. ITOT
TLT (iShares 20+ Year Treasury Bond ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while ITOT is a Large Cap Blend Equities fund tracking the S&P Total Market Index. Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs 14.99%/yr for ITOT. At a correlation of -0.24, they often move in opposite directions. TLT charges 0.15%/yr vs 0.03%/yr for ITOT.
Performance
TLT vs. ITOT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than ITOT's 9.69% return. Over the past 10 years, TLT has underperformed ITOT with an annualized return of -1.75%, while ITOT has yielded a comparatively higher 14.99% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
ITOT
- 1D
- 0.59%
- 1M
- -0.29%
- YTD
- 9.69%
- 6M
- 9.77%
- 1Y
- 26.29%
- 3Y*
- 20.61%
- 5Y*
- 12.20%
- 10Y*
- 14.99%
TLT vs. ITOT - 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% |
ITOT iShares Core S&P Total U.S. Stock Market ETF | 9.69% | 17.00% | 23.80% | 26.12% | -19.47% | 25.68% | 20.71% | 30.67% | -5.33% | 21.37% |
Correlation
The correlation between TLT and ITOT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2004 | -0.24 |
The correlation between TLT and ITOT shifts across timeframes, from -0.24 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLT vs. ITOT — Risk / Return Rank
TLT
ITOT
TLT vs. ITOT - 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 S&P Total U.S. Stock Market ETF (ITOT). 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 | ITOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.35 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.80 | -2.42 |
| Martin ratioReturn relative to average drawdown | 0.92 | 12.50 | -11.57 |
Loading charts...
Drawdowns
TLT vs. ITOT - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for TLT and ITOT.
Loading charts...
Drawdown Indicators
| TLT | ITOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -55.20% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -8.90% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -19.44% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -25.36% | -18.34% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -35.00% | -13.35% |
Current DrawdownCurrent decline from peak | -40.12% | -2.12% | -38.00% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -6.96% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 1.99% | +1.15% |
Volatility
TLT vs. ITOT - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 4.57%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLT | ITOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 4.57% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 9.85% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 12.69% | -3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 17.43% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 18.29% | -3.38% |
TLT vs. ITOT - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than ITOT's 0.03% 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. ITOT - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, more than ITOT's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITOT iShares Core S&P Total U.S. Stock Market ETF | 0.99% | 1.11% | 1.23% | 1.47% | 1.66% | 1.18% | 1.41% | 1.88% | 2.14% | 1.69% | 1.83% | 2.01% |
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 ITOT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITOT has higher volatility (4.57%) compared to TLT (2.83%). In terms of maximum drawdown, TLT dropped -48.35% vs ITOT's -55.20%.
On 10-year performance, ITOT leads with 14.99% vs -1.75% for TLT. On fees, ITOT is cheaper at 0.03% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ITOT has performed better with a 14.99% return vs -1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITOT is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.56%, compared with 0.99% for ITOT.
TLT is categorized as Government Bonds, while ITOT is Large Cap Blend Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while ITOT tracks S&P Total Market Index. Their fees differ too: 0.15% for TLT and 0.03% for ITOT.
ITOT currently has the higher Sharpe Ratio (1.96 vs 0.30), 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.
Find the right allocation for TLT and ITOT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer