TLT vs. TBLL
TLT (iShares 20+ Year Treasury Bond ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, TLT returned -6.70%/yr vs 3.36%/yr for TBLL. At a 0.10 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.08%/yr for TBLL.
Performance
TLT vs. TBLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLT achieves a -1.08% return, which is significantly lower than TBLL's 1.48% return.
TLT
- 1D
- -0.52%
- 1M
- -1.31%
- YTD
- -1.08%
- 6M
- -1.51%
- 1Y
- 3.67%
- 3Y*
- -2.05%
- 5Y*
- -6.70%
- 10Y*
- -1.85%
TBLL
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.48%
- 6M
- 1.74%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.36%
- 10Y*
- —
TLT vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 6.47% |
TBLL Invesco Short Term Treasury ETF | 1.48% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between TLT and TBLL is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.10 |
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. TBLL — Risk / Return Rank
TLT
TBLL
TLT vs. TBLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Invesco Short Term Treasury ETF (TBLL). 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.
| TLT | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.55 | ||
| Sortino ratioReturn per unit of downside risk | -216.62 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 102.42 | -101.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 414.75 | -414.27 |
| Martin ratioReturn relative to average drawdown | 1.19 | 3,515.41 | -3,514.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TLT | TBLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.38 | 20.94 | -20.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 7.56 | -7.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 4.26 | -4.01 |
Drawdowns
TLT vs. TBLL - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for TLT and TBLL.
Loading charts...
Drawdown Indicators
| TLT | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -0.63% | -47.72% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -0.01% | -7.57% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -0.36% | -18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -0.36% | -43.34% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.92% | 0.00% | -40.92% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -0.14% | -13.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 0.00% | +3.08% |
Volatility
TLT vs. TBLL - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLT | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 0.04% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 6.51% | 0.12% | +6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.60% | 0.19% | +9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 0.45% | +15.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 0.56% | +14.35% |
TLT vs. TBLL - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.63%, more than TBLL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.63% | 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 TBLL have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.65%) compared to TBLL (0.04%). In terms of maximum drawdown, TLT dropped -48.35% vs TBLL's -0.63%.
On 5-year performance, TBLL leads with 3.36% vs -6.70% for TLT. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBLL has performed better with a 3.36% return vs -6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.63%, compared with 3.81% for TBLL.
TLT is categorized as Government Bonds, while TBLL is Ultrashort Bond. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TLT and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.94 vs 0.38), 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 TBLL
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