TLT vs. IUVF.L

Last updated Jun 12, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and IUVF.L (iShares Edge MSCI USA Value Factor UCITS) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while IUVF.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD. Both are passively managed. Over the past 5 years, TLT returned -6.49%/yr vs 15.04%/yr for IUVF.L. At a correlation of -0.10, they often move in opposite directions. TLT charges 0.15%/yr vs 0.20%/yr for IUVF.L.

Performance

TLT vs. IUVF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and iShares Edge MSCI USA Value Factor UCITS (IUVF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TLT is traded in USD, while IUVF.L is traded in GBp. To make them comparable, the IUVF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TLT achieves a 0.51% return, which is significantly lower than IUVF.L's 40.87% return.

TLT

• 1D: 1.30%
• 1M: 1.56%
• YTD: 0.51%
• 6M: -0.28%
• 1Y: 4.37%
• 3Y*: -1.62%
• 5Y*: -6.49%
• 10Y*: -1.74%

IUVF.L

• 1D: 0.54%
• 1M: 7.62%
• YTD: 40.87%
• 6M: 41.96%
• 1Y: 77.88%
• 3Y*: 30.51%
• 5Y*: 15.04%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. IUVF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLT iShares 20+ Year Treasury Bond ETF	0.51%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%
IUVF.L iShares Edge MSCI USA Value Factor UCITS	40.87%	33.27%	6.43%	13.99%	-14.83%	30.10%	-1.83%	27.01%	-12.42%	21.44%

Correlation

The correlation between TLT and IUVF.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 17, 2016	-0.10

The correlation between TLT and IUVF.L shifts across timeframes, from -0.10 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TLT vs. IUVF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLT

TLT Risk / Return Rank: 18
TLT Sharpe Ratio Rank: 19
TLT Sortino Ratio Rank: 17
TLT Omega Ratio Rank: 16
TLT Calmar Ratio Rank: 18
TLT Martin Ratio Rank: 18

IUVF.L

IUVF.L Risk / Return Rank: 98
IUVF.L Sharpe Ratio Rank: 98
IUVF.L Sortino Ratio Rank: 98
IUVF.L Omega Ratio Rank: 97
IUVF.L Calmar Ratio Rank: 98
IUVF.L Martin Ratio Rank: 98

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. IUVF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares Edge MSCI USA Value Factor UCITS (IUVF.L). 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	IUVF.L	Difference
Sharpe ratio: Return per unit of total volatility	0.45	4.70	-4.25
Sortino ratio: Return per unit of downside risk	0.73	6.41	-5.68
Omega ratio: Gain probability vs. loss probability	1.08	1.79	-0.71
Calmar ratio: Return relative to maximum drawdown	0.58	10.03	-9.45
Martin ratio: Return relative to average drawdown	1.40	39.11	-37.71

TLT vs. IUVF.L - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.45, which is lower than the IUVF.L Sharpe Ratio of 4.70. The chart below compares the historical Sharpe Ratios of TLT and IUVF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLT vs. IUVF.L - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than IUVF.L's maximum drawdown of -39.29%. Use the drawdown chart below to compare losses from any high point for TLT and IUVF.L.

Drawdown Indicators

	TLT	IUVF.L	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-39.29%	-9.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-7.73%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-18.56%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-27.00%	-16.70%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	—	—
Current Drawdown Current decline from peak	-39.97%	-4.70%	-35.27%
Average Drawdown Average peak-to-trough decline	-13.84%	-7.38%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.98%	+1.14%

Volatility

TLT vs. IUVF.L - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while iShares Edge MSCI USA Value Factor UCITS (IUVF.L) has a volatility of 7.37%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than IUVF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	IUVF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	7.37%	-4.54%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	13.29%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	16.48%	-6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	17.52%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	18.97%	-4.06%

TLT vs. IUVF.L - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than IUVF.L's 0.20% expense ratio. Despite the difference, 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. IUVF.L - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.55%, while IUVF.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUVF.L iShares Edge MSCI USA Value Factor UCITS	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	4.55%	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

Can I hold both TLT and IUVF.L in my portfolio?

TLT and IUVF.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLT or IUVF.L?

On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLT or IUVF.L?

TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for IUVF.L.

What is the main difference between TLT and IUVF.L?

TLT is categorized as Government Bonds, while IUVF.L is Large Cap Value Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while IUVF.L tracks Russell 1000 Value TR USD. Their fees differ too: 0.15% for TLT and 0.20% for IUVF.L.