TOPC vs. TLT

Last updated Jun 30, 2026

TOPC (iShares S&P 500 3% Capped ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TOPC is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, TOPC returned 22.63% vs 4.63% for TLT. At a 0.23 correlation, their price movements are largely independent. TOPC charges 0.09%/yr vs 0.15%/yr for TLT.

Performance

TOPC vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPC achieves a 11.31% return, which is significantly higher than TLT's 2.23% return.

TOPC

• 1D: 1.05%
• 1M: 0.07%
• YTD: 11.31%
• 6M: 10.23%
• 1Y: 22.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLT

• 1D: 0.10%
• 1M: 2.37%
• YTD: 2.23%
• 6M: 1.17%
• 1Y: 4.63%
• 3Y*: -1.30%
• 5Y*: -6.43%
• 10Y*: -1.96%

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

TOPC vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	11.31%	25.80%
TLT iShares 20+ Year Treasury Bond ETF	2.23%	2.60%

Correlation

The correlation between TOPC and TLT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.23

Return for Risk

TOPC vs. TLT — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 70
TOPC Sharpe Ratio Rank: 69
TOPC Sortino Ratio Rank: 67
TOPC Omega Ratio Rank: 68
TOPC Calmar Ratio Rank: 67
TOPC Martin Ratio Rank: 78

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 16
TLT Martin Ratio Rank: 16

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.

TOPC vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) 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.

	TOPC	TLT	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.49	+1.42
Sortino ratio: Return per unit of downside risk	2.61	0.78	+1.83
Omega ratio: Gain probability vs. loss probability	1.34	1.09	+0.26
Calmar ratio: Return relative to maximum drawdown	2.83	0.61	+2.21
Martin ratio: Return relative to average drawdown	12.77	1.45	+11.32

TOPC vs. TLT - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.91, which is higher than the TLT Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of TOPC and TLT, 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

TOPC vs. TLT - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TOPC and TLT.

Drawdown Indicators

	TOPC	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-48.35%	+40.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-7.58%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-0.63%	-38.94%	+38.31%
Average Drawdown Average peak-to-trough decline	-0.96%	-13.89%	+12.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	3.20%	-1.42%

Volatility

TOPC vs. TLT - Volatility Comparison

iShares S&P 500 3% Capped ETF (TOPC) has a higher volatility of 4.78% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.44%. This indicates that TOPC's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPC	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	2.44%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	6.71%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	9.53%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	15.81%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	14.87%	-2.33%

TOPC vs. TLT - Expense Ratio Comparison

TOPC has a 0.09% expense ratio, which is lower than TLT's 0.15% 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

TOPC vs. TLT - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.04%, less than TLT's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLT iShares 20+ Year Treasury Bond ETF	4.48%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%
TOPC iShares S&P 500 3% Capped ETF	1.04%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPC and TLT in my portfolio?

TOPC and TLT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPC or TLT?

TOPC has higher volatility (4.78%) compared to TLT (2.44%). In terms of maximum drawdown, TOPC dropped -8.04% vs TLT's -48.35%.

Which ETF is better, TOPC or TLT?

On 1-year performance, TOPC leads with 22.63% vs 4.63% for TLT. On fees, TOPC is cheaper at 0.09% per year. On volatility, TLT has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or TLT?

Over the 1-year period, TOPC has performed better with a 22.63% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or TLT?

TOPC is cheaper with a 0.09% expense ratio, compared with 0.15% for TLT.

Which ETF pays a higher dividend yield, TOPC or TLT?

TLT has the higher dividend yield at 4.48%, compared with 1.04% for TOPC.

What is the main difference between TOPC and TLT?

TOPC is categorized as Large Cap Blend Equities, while TLT is Government Bonds. TOPC tracks S&P 500 3% Capped Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.09% for TOPC and 0.15% for TLT.

Which has better risk-adjusted returns?

TOPC currently has the higher Sharpe Ratio (1.91 vs 0.49), 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.