TLT vs. UTHY
TLT (iShares 20+ Year Treasury Bond ETF) and UTHY (US Treasury 30 Year Bond ETF) are both Government Bonds funds - TLT tracks the ICE U.S. Treasury 20+ Year Bond Index while UTHY tracks the ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TLT returned -1.38%/yr vs -1.74%/yr for UTHY. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
TLT vs. UTHY - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than UTHY's 0.07% 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%
UTHY
- 1D
- -0.30%
- 1M
- 1.48%
- YTD
- 0.07%
- 6M
- 0.39%
- 1Y
- 2.42%
- 3Y*
- -1.74%
- 5Y*
- —
- 10Y*
- —
TLT vs. UTHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | -2.43% |
UTHY US Treasury 30 Year Bond ETF | 0.07% | 3.47% | -8.07% | -2.77% |
Correlation
The correlation between TLT and UTHY 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 (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.99 |
The correlation between TLT and UTHY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TLT vs. UTHY — Risk / Return Rank
TLT
UTHY
TLT vs. UTHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and US Treasury 30 Year Bond ETF (UTHY). 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 | UTHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.05 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.33 | +0.05 |
| Martin ratioReturn relative to average drawdown | 0.92 | 0.81 | +0.11 |
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Drawdowns
TLT vs. UTHY - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than UTHY's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for TLT and UTHY.
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Drawdown Indicators
| TLT | UTHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -21.86% | -26.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -7.34% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -18.58% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.12% | -11.07% | -29.05% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -10.71% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.00% | +0.14% |
Volatility
TLT vs. UTHY - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) and US Treasury 30 Year Bond ETF (UTHY) have volatilities of 2.83% and 2.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | UTHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.79% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 6.36% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 9.33% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 13.62% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 13.62% | +1.29% |
TLT vs. UTHY - Expense Ratio Comparison
Both TLT and UTHY 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. UTHY - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, less than UTHY's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UTHY US Treasury 30 Year Bond ETF | 4.62% | 4.53% | 4.58% | 2.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, TLT and UTHY 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 (2.83%) compared to UTHY (2.79%). In terms of maximum drawdown, TLT dropped -48.35% vs UTHY's -21.86%.
On 3-year performance, TLT leads with -1.38% vs -1.74% for UTHY. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLT has performed better with a -1.38% return vs -1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT and UTHY have the same expense ratio: 0.15% per year.
UTHY has the higher dividend yield at 4.62%, compared with 4.56% for TLT.
TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while UTHY tracks ICE BofA Current 30-Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: iShares and US Benchmark Series.
TLT currently has the higher Sharpe Ratio (0.30 vs 0.26), 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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