TLT vs. VNO
TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while VNO (Vornado Realty Trust) is a stock. Over the past 10 years, TLT returned -1.85%/yr vs -3.63%/yr for VNO. At a correlation of -0.09, they often move in opposite directions.
Performance
TLT vs. VNO - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -1.08% return, which is significantly lower than VNO's 8.77% return. Over the past 10 years, TLT has outperformed VNO with an annualized return of -1.85%, while VNO has yielded a comparatively lower -3.63% 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%
VNO
- 1D
- 2.81%
- 1M
- 12.56%
- YTD
- 8.77%
- 6M
- 8.57%
- 1Y
- -8.07%
- 3Y*
- 35.06%
- 5Y*
- -3.27%
- 10Y*
- -3.63%
TLT vs. VNO - 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% |
VNO Vornado Realty Trust | 8.77% | -19.09% | 51.32% | 39.50% | -46.66% | 17.78% | -40.43% | 14.93% | -17.75% | -4.53% |
Correlation
The correlation between TLT and VNO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | -0.09 |
The correlation between TLT and VNO shifts across timeframes, from -0.09 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. VNO — Risk / Return Rank
TLT
VNO
TLT vs. VNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vornado Realty Trust (VNO). 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 | VNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.99 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | -0.20 | +0.68 |
| Martin ratioReturn relative to average drawdown | 1.19 | -0.38 | +1.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLT | VNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.38 | -0.25 | +0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.08 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.12 | -0.09 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.29 | -0.04 |
Drawdowns
TLT vs. VNO - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum VNO drawdown of -80.89%. Use the drawdown chart below to compare losses from any high point for TLT and VNO.
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Drawdown Indicators
| TLT | VNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -80.89% | +32.54% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -41.22% | +33.64% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -43.88% | +24.70% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -72.46% | +28.76% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -80.89% | +32.54% |
Current DrawdownCurrent decline from peak | -40.92% | -41.31% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -20.59% | +6.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 21.24% | -18.16% |
Volatility
TLT vs. VNO - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.65%, while Vornado Realty Trust (VNO) has a volatility of 10.04%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than VNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | VNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 10.04% | -7.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.51% | 23.04% | -16.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.60% | 32.81% | -23.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 41.61% | -25.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 39.11% | -24.20% |
Dividends
TLT vs. VNO - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.63%, more than VNO's 2.04% 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% |
VNO Vornado Realty Trust | 2.04% | 2.22% | 1.76% | 2.39% | 10.19% | 5.06% | 6.37% | 6.90% | 4.06% | 3.00% | 2.41% | 14.41% |
Frequently Asked Questions
TLT and VNO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNO has higher volatility (10.04%) compared to TLT (2.65%). In terms of maximum drawdown, TLT dropped -48.35% vs VNO's -80.89%.
TLT currently has the higher Sharpe Ratio (0.38 vs -0.25), 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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