TLT vs. LTPZ
TLT (iShares 20+ Year Treasury Bond ETF) and LTPZ (PIMCO 15+ Year US TIPS Index ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y). Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs 0.75%/yr for LTPZ. Their correlation of 0.82 suggests significant overlap in exposure. TLT charges 0.15%/yr vs 0.20%/yr for LTPZ.
Performance
TLT vs. LTPZ - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than LTPZ's 0.53% return. Over the past 10 years, TLT has underperformed LTPZ with an annualized return of -1.75%, while LTPZ has yielded a comparatively higher 0.75% 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%
LTPZ
- 1D
- 0.11%
- 1M
- 1.30%
- YTD
- 0.53%
- 6M
- 0.57%
- 1Y
- 4.30%
- 3Y*
- -0.67%
- 5Y*
- -5.50%
- 10Y*
- 0.75%
TLT vs. LTPZ - 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% |
LTPZ PIMCO 15+ Year US TIPS Index ETF | 0.53% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
Correlation
The correlation between TLT and LTPZ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | 0.82 |
The correlation between TLT and LTPZ shifts across timeframes, from 0.82 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. LTPZ — Risk / Return Rank
TLT
LTPZ
TLT vs. LTPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and PIMCO 15+ Year US TIPS Index ETF (LTPZ). 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 | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.07 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.52 | -0.14 |
| Martin ratioReturn relative to average drawdown | 0.92 | 1.11 | -0.19 |
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Drawdowns
TLT vs. LTPZ - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than LTPZ's maximum drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for TLT and LTPZ.
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Drawdown Indicators
| TLT | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -40.99% | -7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -7.00% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -16.27% | -2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -40.99% | -2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -40.99% | -7.36% |
Current DrawdownCurrent decline from peak | -40.12% | -32.66% | -7.46% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -12.44% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.28% | -0.14% |
Volatility
TLT vs. LTPZ - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to PIMCO 15+ Year US TIPS Index ETF (LTPZ) at 2.55%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.55% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 6.54% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 9.19% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 15.87% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 15.07% | -0.16% |
TLT vs. LTPZ - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than LTPZ'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. LTPZ - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, less than LTPZ's 5.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year US TIPS Index ETF | 5.22% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
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
With a correlation of 0.93, TLT and LTPZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLT has higher volatility (2.83%) compared to LTPZ (2.55%). In terms of maximum drawdown, TLT dropped -48.35% vs LTPZ's -40.99%.
On 10-year performance, LTPZ leads with 0.75% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, LTPZ has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LTPZ has performed better with a 0.75% 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 0.20% for LTPZ.
LTPZ has the higher dividend yield at 5.22%, compared with 4.56% for TLT.
TLT is categorized as Government Bonds, while LTPZ is Inflation-Protected Bonds. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y). They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.15% for TLT and 0.20% for LTPZ.
LTPZ currently has the higher Sharpe Ratio (0.40 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.
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