TLT vs. VWINX

Last updated Jun 14, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and VWINX (Vanguard Wellesley Income Fund Investor Shares) are both funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while VWINX is a Diversified Portfolio fund actively managed by Vanguard. TLT is passively managed, while VWINX is actively managed. Over the past 10 years, TLT returned -1.75%/yr vs 5.79%/yr for VWINX. At a 0.21 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.22%/yr for VWINX.

Performance

TLT vs. VWINX - Performance Comparison

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

Returns By Period

In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than VWINX's 3.48% return. Over the past 10 years, TLT has underperformed VWINX with an annualized return of -1.75%, while VWINX has yielded a comparatively higher 5.79% annualized return.

TLT

• 1D: -0.24%
• 1M: 1.40%
• YTD: 0.27%
• 6M: 0.45%
• 1Y: 3.88%
• 3Y*: -1.38%
• 5Y*: -6.53%
• 10Y*: -1.75%

VWINX

• 1D: 0.77%
• 1M: 0.85%
• YTD: 3.48%
• 6M: 3.45%
• 1Y: 10.58%
• 3Y*: 8.70%
• 5Y*: 4.00%
• 10Y*: 5.79%

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

TLT vs. VWINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLT iShares 20+ Year Treasury Bond ETF	0.27%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%
VWINX Vanguard Wellesley Income Fund Investor Shares	3.48%	10.98%	5.86%	6.99%	-9.09%	8.48%	8.44%	16.39%	-2.54%	9.29%

Correlation

The correlation between TLT and VWINX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002	0.21

Over the past year, TLT and VWINX have become more correlated (0.61) than their long-term average of 0.21, meaning their price movements have been converging.

Return for Risk

TLT vs. VWINX — Risk / Return Rank

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

TLT

TLT Risk / Return Rank: 14
TLT Sharpe Ratio Rank: 14
TLT Sortino Ratio Rank: 13
TLT Omega Ratio Rank: 13
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 14

VWINX

VWINX Risk / Return Rank: 70
VWINX Sharpe Ratio Rank: 75
VWINX Sortino Ratio Rank: 76
VWINX Omega Ratio Rank: 72
VWINX Calmar Ratio Rank: 67
VWINX Martin Ratio Rank: 61

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. VWINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Vanguard Wellesley Income Fund Investor Shares (VWINX). 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	VWINX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	2.03	-1.73
Sortino ratio: Return per unit of downside risk	0.50	2.94	-2.43
Omega ratio: Gain probability vs. loss probability	1.06	1.37	-0.31
Calmar ratio: Return relative to maximum drawdown	0.38	2.54	-2.16
Martin ratio: Return relative to average drawdown	0.92	9.54	-8.62

TLT vs. VWINX - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is lower than the VWINX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TLT and VWINX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLT vs. VWINX - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than VWINX's maximum drawdown of -21.72%. Use the drawdown chart below to compare losses from any high point for TLT and VWINX.

Drawdown Indicators

	TLT	VWINX	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	-21.72%	-26.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-4.16%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-6.98%	-12.20%
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	-15.30%	-28.40%
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	-17.43%	-30.92%
Current Drawdown Current decline from peak	-40.12%	-0.08%	-40.04%
Average Drawdown Average peak-to-trough decline	-13.84%	-2.63%	-11.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.11%	+2.03%

Volatility

TLT vs. VWINX - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to Vanguard Wellesley Income Fund Investor Shares (VWINX) at 1.79%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than VWINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLT	VWINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	1.79%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	3.98%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	5.22%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	6.99%	+8.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	6.93%	+7.98%

TLT vs. VWINX - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than VWINX's 0.22% expense ratio. Despite the difference, 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. VWINX - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.56%, less than VWINX's 7.69% 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%
VWINX Vanguard Wellesley Income Fund Investor Shares	7.69%	7.86%	6.61%	4.73%	7.67%	6.03%	4.30%	3.94%	7.56%	3.20%	4.00%	5.60%

Frequently Asked Questions

Can I hold both TLT and VWINX in my portfolio?

TLT and VWINX have a correlation of 0.61, 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 VWINX?

TLT has higher volatility (2.83%) compared to VWINX (1.79%). In terms of maximum drawdown, TLT dropped -48.35% vs VWINX's -21.72%.

Which has better risk-adjusted returns?

VWINX currently has the higher Sharpe Ratio (2.03 vs 0.30), 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.