USHY vs. TLT
USHY (iShares Broad USD High Yield Corporate Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, USHY returned 4.29%/yr vs -6.27%/yr for TLT. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
USHY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.64% return, which is significantly higher than TLT's -0.05% return.
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
USHY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 4.27% |
Correlation
The correlation between USHY and TLT is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.18 |
Over the past year, USHY and TLT have become more correlated (0.45) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
USHY vs. TLT — Risk / Return Rank
USHY
TLT
USHY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.07 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 0.46 | +2.43 |
| Martin ratioReturn relative to average drawdown | 12.99 | 1.14 | +11.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USHY | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 0.36 | +1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | -0.40 | +0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.26 | +0.33 |
Drawdowns
USHY vs. TLT - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for USHY and TLT.
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Drawdown Indicators
| USHY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -48.35% | +25.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -7.58% | +5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -19.18% | +14.52% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -43.70% | +28.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.06% | -40.31% | +40.25% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -13.82% | +11.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 3.05% | -2.51% |
Volatility
USHY vs. TLT - Volatility Comparison
The current volatility for iShares Broad USD High Yield Corporate Bond ETF (USHY) is 1.14%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that USHY 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
| USHY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 2.71% | -1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 6.50% | -3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 9.77% | -6.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 15.86% | -8.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 14.90% | -6.65% |
USHY vs. TLT - Expense Ratio Comparison
Both USHY and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
USHY vs. TLT - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.91%, more than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
USHY and TLT have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to USHY (1.14%). In terms of maximum drawdown, USHY dropped -22.44% vs TLT's -48.35%.
On 5-year performance, USHY leads with 4.29% vs -6.27% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, USHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.29% return vs -6.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY and TLT have the same expense ratio: 0.15% per year.
USHY has the higher dividend yield at 6.91%, compared with 4.58% for TLT.
USHY is categorized as High Yield Bonds, while TLT is Government Bonds. USHY tracks ICE BofA US High Yield Constrained, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
USHY currently has the higher Sharpe Ratio (1.93 vs 0.36), 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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