TWOX vs. TLT

Last updated Aug 4, 2026

TWOX (iShares Large Cap Accelerated Outcome ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TWOX is a Defined Outcome fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. TWOX is actively managed, while TLT is passively managed. Over the past year, TWOX returned 16.35% vs -2.12% for TLT. Their 0.14 correlation means their historical movements had little consistent relationship. TWOX charges 0.50%/yr vs 0.15%/yr for TLT.

Performance

TWOX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Accelerated Outcome ETF (TWOX) 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, TWOX achieves a 4.93% return, which is significantly higher than TLT's -3.18% return.

TWOX

• 1D: 1.28%
• 1M: 2.10%
• 6M: 2.99%
• YTD: 4.93%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.66%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TLT iShares 20+ Year Treasury Bond ETF	$2.39B	$2.06B	$2.20B
TWOX iShares Large Cap Accelerated Outcome ETF	$59.15K	$37.53K	$188.50K

TWOX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025
TWOX iShares Large Cap Accelerated Outcome ETF	4.93%	12.99%
TLT iShares 20+ Year Treasury Bond ETF	-3.18%	4.93%

Correlation

The correlation between TWOX and TLT is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.14

Return for Risk

TWOX vs. TLT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TWOX

TWOX Risk / Return Rank: 57
TWOX Sharpe Ratio Rank: 57
TWOX Sortino Ratio Rank: 55
TWOX Omega Ratio Rank: 67
TWOX Calmar Ratio Rank: 45
TWOX Martin Ratio Rank: 61

TLT

TLT Risk / Return Rank: 7
TLT Sharpe Ratio Rank: 8
TLT Sortino Ratio Rank: 7
TLT Omega Ratio Rank: 7
TLT Calmar Ratio Rank: 8
TLT Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TWOX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Accelerated Outcome ETF (TWOX) 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.

	TWOX	TLT	Difference
Sharpe ratio: Return per unit of total volatility	1.51	-0.23	+1.74
Sortino ratio: Return per unit of downside risk	2.10	-0.26	+2.36
Omega ratio: Gain probability vs. loss probability	1.31	0.97	+0.34
Calmar ratio: Return relative to maximum drawdown	1.73	-0.28	+2.00
Martin ratio: Return relative to average drawdown	8.06	-0.59	+8.65

TWOX vs. TLT - Sharpe Ratio Comparison

The current TWOX Sharpe Ratio is 1.51, which is higher than the TLT Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of TWOX 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

TWOX vs. TLT - Drawdown Comparison

The maximum TWOX drawdown since its inception was -19.35%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TWOX and TLT.

Drawdown Indicators

	TWOX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-48.35%	+29.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-7.74%	-1.77%
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 Drawdown Current decline from peak	0.00%	-42.17%	+42.17%
Average Drawdown Average peak-to-trough decline	-2.41%	-14.00%	+11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.60%	-1.57%

Volatility

TWOX vs. TLT - Volatility Comparison

iShares Large Cap Accelerated Outcome ETF (TWOX) has a higher volatility of 3.79% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that TWOX'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

	TWOX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	2.51%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	6.84%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	9.24%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	15.74%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	14.83%	+1.31%

TWOX vs. TLT - Expense Ratio Comparison

TWOX has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

TWOX vs. TLT - Dividend Comparison

TWOX's dividend yield for the trailing twelve months is around 0.54%, 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	4.75%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%
TWOX iShares Large Cap Accelerated Outcome ETF	0.54%	0.57%	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 TWOX and TLT in my portfolio?

TWOX and TLT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWOX or TLT?

TWOX has higher volatility (3.79%) compared to TLT (2.51%). In terms of maximum drawdown, TWOX dropped -19.35% vs TLT's -48.35%.

Which ETF is better, TWOX or TLT?

On 1-year performance, TWOX leads with 16.35% vs -2.12% for TLT. On fees, TLT is cheaper at 0.15% 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.

Which ETF has performed better, TWOX or TLT?

Over the 1-year period, TWOX has performed better with a 16.35% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TWOX or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for TWOX.

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

TLT has the higher dividend yield at 4.75%, compared with 0.54% for TWOX.

What is the main difference between TWOX and TLT?

TWOX is categorized as Defined Outcome, while TLT is Government Bonds. Their fees differ too: 0.50% for TWOX and 0.15% for TLT.

Which has better risk-adjusted returns?

TWOX currently has the higher Sharpe Ratio (1.51 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.