TLT vs. IVV

Last updated Apr 1, 2026

Compare and contrast key facts about iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core S&P 500 ETF (IVV).

TLT and IVV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. IVV is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on May 15, 2000. Both TLT and IVV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TLT vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

TLT vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLT iShares 20+ Year Treasury Bond ETF	0.17%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%
IVV iShares Core S&P 500 ETF	-4.38%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Returns By Period

In the year-to-date period, TLT achieves a 0.17% return, which is significantly higher than IVV's -4.38% return. Over the past 10 years, TLT has underperformed IVV with an annualized return of -1.38%, while IVV has yielded a comparatively higher 14.02% annualized return.

TLT

• 1D: -0.10%
• 1M: -4.23%
• YTD: 0.17%
• 6M: -0.87%
• 1Y: -0.49%
• 3Y*: -2.78%
• 5Y*: -5.85%
• 10Y*: -1.38%

IVV

• 1D: 2.88%
• 1M: -4.99%
• YTD: -4.38%
• 6M: -1.80%
• 1Y: 17.69%
• 3Y*: 18.29%
• 5Y*: 11.76%
• 10Y*: 14.02%

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

TLT vs. IVV - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is higher than IVV'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%.

TLT

iShares 20+ Year Treasury Bond ETF

IVV

iShares Core S&P 500 ETF

Return for Risk

TLT vs. IVV — Risk / Return Rank

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

TLT

TLT Risk / Return Rank: 12
TLT Sharpe Ratio Rank: 11
TLT Sortino Ratio Rank: 10
TLT Omega Ratio Rank: 10
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 13

IVV

IVV Risk / Return Rank: 65
IVV Sharpe Ratio Rank: 58
IVV Sortino Ratio Rank: 62
IVV Omega Ratio Rank: 66
IVV Calmar Ratio Rank: 65
IVV Martin Ratio Rank: 75

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. IVV - 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 500 ETF (IVV). 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.

	TLT	IVV	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.97	-1.01
Sortino ratio Return per unit of downside risk	0.02	1.49	-1.47
Omega ratio Gain probability vs. loss probability	1.00	1.23	-0.23
Calmar ratio Return relative to maximum drawdown	0.05	1.53	-1.48
Martin ratio Return relative to average drawdown	0.11	7.32	-7.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. IVV - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is -0.04, which is lower than the IVV Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TLT and IVV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TLT	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.97	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.70	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.78	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.42	-0.17

Correlation

The correlation between TLT and IVV is -0.25. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TLT vs. IVV - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.49%, more than IVV's 1.23% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLT iShares 20+ Year Treasury Bond ETF	4.49%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%
IVV iShares Core S&P 500 ETF	1.23%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Drawdowns

TLT vs. IVV - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for TLT and IVV.

Drawdown Indicators

	TLT	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-55.25%	+6.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.23%	-12.06%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-24.53%	-19.17%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	-33.90%	-14.45%
Current Drawdown Current decline from peak	-40.17%	-6.26%	-33.91%
Average Drawdown Average peak-to-trough decline	-13.62%	-10.85%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.53%	+1.85%

Volatility

TLT vs. IVV - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 3.71%, while iShares Core S&P 500 ETF (IVV) has a volatility of 5.30%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	5.30%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	9.45%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	18.31%	-6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	16.89%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	18.04%	-3.11%