TLT vs. QQQM

Last updated Jun 13, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, TLT returned -6.53%/yr vs 16.94%/yr for QQQM. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

TLT vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than QQQM's 17.59% 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%

QQQM

• 1D: 0.67%
• 1M: 0.97%
• YTD: 17.59%
• 6M: 17.91%
• 1Y: 35.90%
• 3Y*: 26.52%
• 5Y*: 16.94%
• 10Y*: —

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

TLT vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TLT iShares 20+ Year Treasury Bond ETF	0.27%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	-1.48%
QQQM Invesco NASDAQ 100 ETF	17.59%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between TLT and QQQM is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.09

Return for Risk

TLT vs. QQQM — Risk / Return Rank

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

TLT

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

QQQM

QQQM Risk / Return Rank: 72
QQQM Sharpe Ratio Rank: 76
QQQM Sortino Ratio Rank: 71
QQQM Omega Ratio Rank: 73
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 70

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	0.30	2.11	-1.81
Sortino ratio: Return per unit of downside risk	0.50	2.74	-2.24
Omega ratio: Gain probability vs. loss probability	1.06	1.37	-0.31
Calmar ratio: Return relative to maximum drawdown	0.38	3.02	-2.63
Martin ratio: Return relative to average drawdown	0.92	11.23	-10.31

TLT vs. QQQM - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is lower than the QQQM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of TLT and QQQM, 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. QQQM - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for TLT and QQQM.

Drawdown Indicators

	TLT	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-35.04%	-13.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-11.96%	+4.38%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-22.70%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-35.04%	-8.66%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	—	—
Current Drawdown Current decline from peak	-40.12%	-3.33%	-36.79%
Average Drawdown Average peak-to-trough decline	-13.84%	-8.23%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.21%	-0.07%

Volatility

TLT vs. QQQM - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 7.45%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	7.45%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	13.71%	-7.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	17.11%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	22.40%	-6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	22.22%	-7.31%

TLT vs. QQQM - Expense Ratio Comparison

Both TLT and QQQM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TLT vs. QQQM - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.56%, more than QQQM's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.43%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both TLT and QQQM in my portfolio?

TLT and QQQM have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLT or QQQM?

QQQM has higher volatility (7.45%) compared to TLT (2.83%). In terms of maximum drawdown, TLT dropped -48.35% vs QQQM's -35.04%.

Which ETF is better, TLT or QQQM?

On 5-year performance, QQQM leads with 16.94% vs -6.53% for TLT. Both ETFs have the same 0.15% expense ratio. 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.

Which ETF has performed better, TLT or QQQM?

Over the 5-year period, QQQM has performed better with a 16.94% return vs -6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLT or QQQM?

TLT and QQQM have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, TLT or QQQM?

TLT has the higher dividend yield at 4.56%, compared with 0.43% for QQQM.

What is the main difference between TLT and QQQM?

TLT is categorized as Government Bonds, while QQQM is Nasdaq-100. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while QQQM tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.11 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.