TLT vs. SCHQ
TLT (iShares 20+ Year Treasury Bond ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - TLT tracks the ICE U.S. Treasury 20+ Year Bond Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, TLT returned -6.54%/yr vs -5.48%/yr for SCHQ. With a 0.99 correlation, they move nearly in lockstep. TLT charges 0.15%/yr vs 0.03%/yr for SCHQ.
Performance
TLT vs. SCHQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLT achieves a 0.76% return, which is significantly higher than SCHQ's 0.60% return.
TLT
- 1D
- 0.55%
- 1M
- 3.43%
- YTD
- 0.76%
- 6M
- 0.32%
- 1Y
- 5.45%
- 3Y*
- -1.66%
- 5Y*
- -6.54%
- 10Y*
- -1.73%
SCHQ
- 1D
- 0.55%
- 1M
- 3.19%
- YTD
- 0.60%
- 6M
- 0.40%
- 1Y
- 5.72%
- 3Y*
- -0.50%
- 5Y*
- -5.48%
- 10Y*
- —
TLT vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.76% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | -5.67% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 0.60% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between TLT and SCHQ is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.99 |
The correlation between TLT and SCHQ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLT vs. SCHQ — Risk / Return Rank
TLT
SCHQ
TLT vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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 | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.82 | -0.10 |
| Martin ratioReturn relative to average drawdown | 1.73 | 2.04 | -0.31 |
Loading charts...
Drawdowns
TLT vs. SCHQ - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, roughly equal to the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for TLT and SCHQ.
Loading charts...
Drawdown Indicators
| TLT | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -46.13% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -7.01% | -0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -17.65% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -40.93% | -2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -39.82% | -36.16% | -3.66% |
Average DrawdownAverage peak-to-trough decline | -13.85% | -26.41% | +12.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 2.81% | +0.34% |
Volatility
TLT vs. SCHQ - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.35% compared to Schwab Long-Term U.S. Treasury ETF (SCHQ) at 2.21%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLT | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 2.21% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 6.05% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 8.72% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 14.53% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 15.30% | -0.39% |
TLT vs. SCHQ - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than SCHQ'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%.
Dividends
TLT vs. SCHQ - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.54%, less than SCHQ's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.74% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 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 0.99, TLT and SCHQ 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 (2.35%) compared to SCHQ (2.21%). In terms of maximum drawdown, TLT dropped -48.35% vs SCHQ's -46.13%.
On 5-year performance, SCHQ leads with -5.48% vs -6.54% for TLT. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHQ has performed better with a -5.48% return vs -6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.
SCHQ has the higher dividend yield at 4.74%, compared with 4.54% for TLT.
TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for TLT and 0.03% for SCHQ.
SCHQ currently has the higher Sharpe Ratio (0.66 vs 0.58), 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.
Find the right allocation for TLT and SCHQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer