TLT vs. VV
TLT (iShares 20+ Year Treasury Bond ETF) and VV (Vanguard Large-Cap ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while VV is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index. Both are passively managed. Over the past 10 years, TLT returned -2.33%/yr vs 15.17%/yr for VV. Their -0.23 correlation means they have often moved in opposite directions in the past. TLT charges 0.15%/yr vs 0.04%/yr for VV.
Performance
TLT vs. VV - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -3.18% return, which is significantly lower than VV's 11.47% return. Over the past 10 years, TLT has underperformed VV with an annualized return of -2.33%, while VV has yielded a comparatively higher 15.17% annualized return.
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
VV
- 1D
- 1.54%
- 1M
- 1.73%
- 6M
- 9.64%
- YTD
- 11.47%
- 1Y
- 22.84%
- 3Y*
- 21.03%
- 5Y*
- 12.67%
- 10Y*
- 15.17%
- ALL TIME*
- 11.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.39B | $2.06B | $2.20B | |
| $82.71M | $75.65M | $91.95M |
TLT vs. VV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
VV Vanguard Large-Cap ETF | 11.47% | 18.11% | 25.25% | 27.18% | -19.91% | 27.41% | 21.04% | 31.25% | -4.46% | 22.00% |
Correlation
The correlation between TLT and VV is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004 | -0.23 |
The correlation between TLT and VV shifts across timeframes, from -0.23 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. VV — Risk / Return Rank
TLT
VV
TLT vs. VV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Large-Cap ETF (VV). 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 | VV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.32 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 2.49 | -2.77 |
| Martin ratioReturn relative to average drawdown | -0.59 | 10.49 | -11.08 |
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Drawdowns
TLT vs. VV - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum VV drawdown of -54.81%. Use the drawdown chart below to compare losses from any high point for TLT and VV.
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Drawdown Indicators
| TLT | VV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -54.81% | +6.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -9.21% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -14.79% | -18.97% | +4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -25.66% | -18.04% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -34.28% | -14.07% |
Current DrawdownCurrent decline from peak | -42.17% | -0.02% | -42.15% |
Average DrawdownAverage peak-to-trough decline | -14.00% | -6.80% | -7.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 2.18% | +1.42% |
Volatility
TLT vs. VV - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.51%, while Vanguard Large-Cap ETF (VV) has a volatility of 3.94%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than VV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | VV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 3.94% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 6.84% | 10.27% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.24% | 13.00% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.74% | 17.37% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 18.22% | -3.39% |
TLT vs. VV - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than VV's 0.04% 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. VV - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.75%, more than VV's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
VV Vanguard Large-Cap ETF | 1.01% | 1.08% | 1.24% | 1.41% | 1.66% | 1.19% | 1.46% | 1.81% | 2.09% | 1.75% | 1.98% | 1.96% |
Frequently Asked Questions
TLT and VV have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VV has higher volatility (3.94%) compared to TLT (2.51%). In terms of maximum drawdown, TLT dropped -48.35% vs VV's -54.81%.
On 10-year performance, VV leads with 15.17% vs -2.33% for TLT. On fees, VV is cheaper at 0.04% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VV has performed better with a 15.17% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VV is cheaper with a 0.04% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.75%, compared with 1.01% for VV.
TLT is categorized as Government Bonds, while VV is Large Cap Blend Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while VV tracks CRSP US Large Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for TLT and 0.04% for VV.
VV currently has the higher Sharpe Ratio (1.77 vs -0.23), 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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