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TLT vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. SPAXX

Last updated Jun 16, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SPAXX is a Money Market fund actively managed by Fidelity. TLT is passively managed, while SPAXX is actively managed. Over the past 5 years, TLT returned -6.36%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.00, they often move in opposite directions. TLT charges 0.15%/yr vs 0.42%/yr for SPAXX.

Performance

TLT vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Fidelity Government Money Market Fund (SPAXX). 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 0.21% return, which is significantly lower than SPAXX's 1.37% return.

TLT

1D
-0.06%
1M
2.87%
YTD
0.21%
6M
0.32%
1Y
3.82%
3Y*
-1.84%
5Y*
-6.36%
10Y*
-1.78%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
TLT
iShares 20+ Year Treasury Bond ETF		0.21%4.25%-8.05%2.77%-31.23%8.33%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between TLT and SPAXX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.07

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

-0.01

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

-0.00

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.00

Compare stocks, funds, or ETFs

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iShares 20+ Year Treasury Bond ETF

Fidelity Government Money Market Fund

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

TLT vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1515
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1414
Omega Ratio Rank
TLT Calmar Ratio Rank: 1616
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Fidelity Government Money Market Fund (SPAXX). 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.

TLTSPAXXDifference
Sharpe ratioReturn per unit of total volatility
0.40
3.65

-3.25

Sortino ratioReturn per unit of downside risk
0.65

—

—

Omega ratioGain probability vs. loss probability

1.07

—

—

Calmar ratioReturn relative to maximum drawdown

0.51

—

—

Martin ratioReturn relative to average drawdown

1.22

—

—

TLT vs. SPAXX - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.40, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of TLT and SPAXX, 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. SPAXX - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TLT and SPAXX.

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Drawdown Indicators

TLTSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

0.00%

-48.35%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

0.00%

-7.58%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

0.00%

-19.18%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

0.00%

-43.70%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

—

—

Current Drawdown

Current decline from peak

-40.15%

0.00%

-40.15%

Average Drawdown

Average peak-to-trough decline

-13.85%

0.00%

-13.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

0.00%

+3.14%

Volatility

TLT vs. SPAXX - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.84% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

0.28%

+2.56%

Volatility (6M)

Calculated over the trailing 6-month period

6.64%

0.66%

+5.98%

Volatility (1Y)

Calculated over the trailing 1-year period

9.57%

1.03%

+8.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.86%

0.69%

+15.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

0.69%

+14.22%

TLT vs. SPAXX - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

TLT vs. SPAXX - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.57%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
TLT
iShares 20+ Year Treasury Bond ETF		4.57%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 SPAXX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.84%) compared to SPAXX (0.28%). In terms of maximum drawdown, TLT dropped -48.35% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 0.40), 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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