TLTP vs. TLT
TLTP (Amplify Bloomberg U.S. Treasury Target High Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - TLTP tracks the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, TLTP returned 0.14% vs -2.45% for TLT. Their 0.95 correlation means they have historically moved very closely together. TLTP charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
TLTP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TLTP achieves a -2.34% return, which is significantly higher than TLT's -3.49% return.
TLTP
- 1D
- -0.55%
- 1M
- -2.93%
- 6M
- -2.84%
- YTD
- -2.34%
- 1Y
- 0.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.28%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $993.51K | $622.84K | $626.10K |
TLTP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | -2.34% | 5.39% | -3.31% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -3.94% |
Correlation
The correlation between TLTP and TLT is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.95 |
The correlation between TLTP and TLT has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
TLTP vs. TLT — Risk / Return Rank
TLTP
TLT
TLTP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| TLTP | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.99 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | -0.14 | +0.31 |
| Martin ratioReturn relative to average drawdown | 0.40 | -0.30 | +0.69 |
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Drawdowns
TLTP vs. TLT - Drawdown Comparison
The maximum TLTP drawdown since its inception was -8.54%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TLTP and TLT.
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Drawdown Indicators
| TLTP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.54% | -48.35% | +39.81% |
Max Drawdown (1Y)Largest decline over 1 year | -5.76% | -7.74% | +1.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
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 | -5.66% | -42.36% | +36.70% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -13.99% | +10.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 3.57% | -1.08% |
Volatility
TLTP vs. TLT - Volatility Comparison
The current volatility for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) is 1.90%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that TLTP experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 2.46% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 5.37% | 6.85% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.20% | 9.32% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.64% | 15.74% | -6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.64% | 14.83% | -5.19% |
TLTP vs. TLT - Expense Ratio Comparison
TLTP has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TLTP vs. TLT - Dividend Comparison
TLTP's dividend yield for the trailing twelve months is around 13.81%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF | 13.81% | 12.53% | 2.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, TLTP and TLT 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 (2.46%) compared to TLTP (1.90%). In terms of maximum drawdown, TLTP dropped -8.54% vs TLT's -48.35%.
On 1-year performance, TLTP leads with 0.14% vs -2.45% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLTP has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLTP has performed better with a 0.14% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.38% for TLTP.
TLTP has the higher dividend yield at 13.81%, compared with 4.34% for TLT.
TLTP tracks Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.38% for TLTP and 0.15% for TLT.
TLTP currently has the higher Sharpe Ratio (0.14 vs -0.11), 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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