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TLT vs. PG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. PG

Last updated Jun 13, 2026

TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while PG (The Procter & Gamble Company) is a stock. Over the past 10 years, TLT returned -1.75%/yr vs 8.96%/yr for PG. At a correlation of -0.08, they often move in opposite directions.

Performance

TLT vs. PG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and The Procter & Gamble Company (PG). 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 lower than PG's 5.93% return. Over the past 10 years, TLT has underperformed PG with an annualized return of -1.75%, while PG has yielded a comparatively higher 8.96% annualized return.

TLT

1D
-0.24%
1M
1.54%
YTD
0.27%
6M
0.45%
1Y
2.88%
3Y*
-1.38%
5Y*
-6.53%
10Y*
-1.75%

PG

1D
0.86%
1M
5.18%
YTD
5.93%
6M
6.28%
1Y
-5.68%
3Y*
3.69%
5Y*
4.73%
10Y*
8.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. PG - 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%
PG
The Procter & Gamble Company		5.93%-12.26%17.25%-0.86%-5.05%20.52%14.15%39.70%3.57%12.69%

Correlation

The correlation between TLT and PG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.25

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

0.20

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

0.16

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

0.09

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

-0.08

The correlation between TLT and PG shifts across timeframes, from -0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

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iShares 20+ Year Treasury Bond ETF

The Procter & Gamble Company

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with PG:
PG vs. KOPG vs. ULPG vs. CLPG vs. KMBPG vs. SPYPG vs. COSTPG vs. JNJ.DE

Return for Risk

TLT vs. PG — 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
PG
PG Risk / Return Rank: 2828
Overall Rank
PG Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
PG Sortino Ratio Rank: 2525
Sortino Ratio Rank
PG Omega Ratio Rank: 2626
Omega Ratio Rank
PG Calmar Ratio Rank: 3131
Calmar Ratio Rank
PG Martin Ratio Rank: 3131
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. PG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and The Procter & Gamble Company (PG). 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.

TLTPGDifference
Sharpe ratioReturn per unit of total volatility
0.30
-0.30

+0.61

Sortino ratioReturn per unit of downside risk
0.50
-0.31

+0.81

Omega ratioGain probability vs. loss probability

1.06

0.97

+0.09

Calmar ratioReturn relative to maximum drawdown

0.38

-0.37

+0.75

Martin ratioReturn relative to average drawdown

0.92

-0.68

+1.60

TLT vs. PG - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is higher than the PG Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of TLT and PG, 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. PG - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum PG drawdown of -54.25%. Use the drawdown chart below to compare losses from any high point for TLT and PG.

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Drawdown Indicators

TLTPGDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-54.25%

+5.90%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-15.52%

+7.94%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-21.15%

+1.97%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-23.77%

-19.93%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-23.77%

-24.58%

Current Drawdown

Current decline from peak

-40.12%

-13.29%

-26.83%

Average Drawdown

Average peak-to-trough decline

-13.84%

-12.16%

-1.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

8.80%

-5.66%

Volatility

TLT vs. PG - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while The Procter & Gamble Company (PG) has a volatility of 6.99%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than PG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTPGDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

6.99%

-4.16%

Volatility (6M)

Calculated over the trailing 6-month period

6.64%

15.01%

-8.37%

Volatility (1Y)

Calculated over the trailing 1-year period

9.68%

18.78%

-9.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

17.82%

-1.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

19.05%

-4.14%

Dividends

TLT vs. PG - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.56%, more than PG's 2.85% yield.

PositionTTM20252024202320222021202020192018201720162015
PG
The Procter & Gamble Company		2.85%2.91%2.36%2.55%2.38%2.08%2.24%2.37%3.09%2.98%3.18%3.31%
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 PG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PG has higher volatility (6.99%) compared to TLT (2.83%). In terms of maximum drawdown, TLT dropped -48.35% vs PG's -54.25%.

TLT currently has the higher Sharpe Ratio (0.30 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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