TRP vs. TLT
TRP (TC Energy Corporation) is a stock, while TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, TRP returned 11.03%/yr vs -2.38%/yr for TLT. Their -0.11 correlation means they have often moved in opposite directions in the past.
Performance
TRP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TRP achieves a 24.94% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, TRP has outperformed TLT with an annualized return of 11.03%, while TLT has yielded a comparatively lower -2.38% annualized return.
TRP
- 1D
- -0.97%
- 1M
- 1.44%
- 6M
- 17.15%
- YTD
- 24.94%
- 1Y
- 45.34%
- 3Y*
- 35.42%
- 5Y*
- 15.80%
- 10Y*
- 11.03%
- ALL TIME*
- 10.64%
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 | |
| $138.92M | $166.49M | $163.03M |
TRP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRP TC Energy Corporation | 24.94% | 24.02% | 39.88% | 6.09% | -7.83% | 20.99% | -19.09% | 56.30% | -22.64% | 13.51% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TRP and TLT is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.11 |
The correlation between TRP and TLT shifts across timeframes, from -0.11 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRP vs. TLT — Risk / Return Rank
TRP
TLT
TRP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP) 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.
| TRP | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.73 | ||
| Sortino ratioReturn per unit of downside risk | +3.79 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.99 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.87 | -0.14 | +5.01 |
| Martin ratioReturn relative to average drawdown | 14.80 | -0.30 | +15.10 |
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Drawdowns
TRP vs. TLT - Drawdown Comparison
The maximum TRP drawdown since its inception was -62.52%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TRP and TLT.
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Drawdown Indicators
| TRP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.52% | -48.35% | -14.17% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -7.74% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -12.84% | -14.79% | +1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -37.05% | -43.70% | +6.65% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -48.35% | +6.71% |
Current DrawdownCurrent decline from peak | -4.48% | -42.36% | +37.88% |
Average DrawdownAverage peak-to-trough decline | -11.69% | -13.99% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.57% | -0.40% |
Volatility
TRP vs. TLT - Volatility Comparison
TC Energy Corporation (TRP) has a higher volatility of 6.26% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that TRP'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.
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Volatility by Period
| TRP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 2.46% | +3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.70% | 6.85% | +6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 9.32% | +8.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.95% | 15.74% | +6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.88% | 14.83% | +10.05% |
Dividends
TRP vs. TLT - Dividend Comparison
TRP's dividend yield for the trailing twelve months is around 3.68%, less 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% |
TRP TC Energy Corporation | 3.68% | 4.45% | 5.93% | 7.73% | 8.52% | 5.94% | 5.92% | 4.25% | 5.85% | 5.14% | 5.01% | 6.38% |
Frequently Asked Questions
TRP and TLT have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRP has higher volatility (6.26%) compared to TLT (2.46%). In terms of maximum drawdown, TRP dropped -62.52% vs TLT's -48.35%.
TRP currently has the higher Sharpe Ratio (2.61 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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