TLT vs. TOBAX

Last updated Jun 9, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and TOBAX (Touchstone Active Bond Fund) are both funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone. Over the past 10 years, TLT returned -1.85%/yr vs 2.01%/yr for TOBAX. A 0.79 correlation means they provide meaningful diversification when combined. TLT charges 0.15%/yr vs 0.83%/yr for TOBAX.

Performance

TLT vs. TOBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TLT achieves a -1.08% return, which is significantly lower than TOBAX's -0.19% return. Over the past 10 years, TLT has underperformed TOBAX with an annualized return of -1.85%, while TOBAX has yielded a comparatively higher 2.01% annualized 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%

TOBAX

• 1D: -0.32%
• 1M: -0.59%
• YTD: -0.19%
• 6M: 0.46%
• 1Y: 5.40%
• 3Y*: 4.49%
• 5Y*: 0.11%
• 10Y*: 2.01%

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

TLT vs. TOBAX - 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%	9.18%
TOBAX Touchstone Active Bond Fund	-0.19%	7.66%	2.22%	6.38%	-14.20%	-1.34%	9.93%	10.11%	-1.94%	3.51%

Correlation

The correlation between TLT and TOBAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002	0.79

The correlation between TLT and TOBAX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

TLT vs. TOBAX — Risk / Return Rank

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

TLT

TLT Risk / Return Rank: 15
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 15
TLT Martin Ratio Rank: 15

TOBAX

TOBAX Risk / Return Rank: 25
TOBAX Sharpe Ratio Rank: 25
TOBAX Sortino Ratio Rank: 26
TOBAX Omega Ratio Rank: 24
TOBAX Calmar Ratio Rank: 25
TOBAX Martin Ratio Rank: 22

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. TOBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Touchstone Active Bond Fund (TOBAX). 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	TOBAX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.26	-0.87
Sortino ratio: Return per unit of downside risk	0.62	1.87	-1.25
Omega ratio: Gain probability vs. loss probability	1.07	1.23	-0.16
Calmar ratio: Return relative to maximum drawdown	0.49	1.65	-1.16
Martin ratio: Return relative to average drawdown	1.19	4.91	-3.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. TOBAX - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.38, which is lower than the TOBAX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of TLT and TOBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLT	TOBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.26	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.02	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	0.42	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.89	-0.64

Drawdowns

TLT vs. TOBAX - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than TOBAX's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for TLT and TOBAX.

Drawdown Indicators

	TLT	TOBAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-19.73%	-28.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-2.88%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-6.12%	-13.06%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-19.73%	-23.97%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	-19.73%	-28.62%
Current Drawdown Current decline from peak	-40.92%	-1.88%	-39.04%
Average Drawdown Average peak-to-trough decline	-13.83%	-2.43%	-11.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	0.97%	+2.11%

Volatility

TLT vs. TOBAX - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to Touchstone Active Bond Fund (TOBAX) at 1.32%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than TOBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	TOBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.32%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	2.73%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.60%	3.78%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	5.79%	+10.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	4.81%	+10.10%

TLT vs. TOBAX - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than TOBAX's 0.83% expense ratio.

Dividends

TLT vs. TOBAX - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.63%, more than TOBAX's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TOBAX Touchstone Active Bond Fund	4.04%	3.52%	3.72%	3.63%	3.10%	2.24%	2.58%	2.59%	2.79%	2.29%	2.65%	2.99%

Frequently Asked Questions

Can I hold both TLT and TOBAX in my portfolio?

TLT and TOBAX have a correlation of 0.86, 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 TOBAX?

TLT has higher volatility (2.65%) compared to TOBAX (1.32%). In terms of maximum drawdown, TLT dropped -48.35% vs TOBAX's -19.73%.

Which has better risk-adjusted returns?

TOBAX currently has the higher Sharpe Ratio (1.26 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.