USMV vs. TLT
USMV (iShares MSCI USA Min Vol Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility 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 10 years, USMV returned 9.93%/yr vs -1.66%/yr for TLT. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
USMV vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USMV achieves a 2.65% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, USMV has outperformed TLT with an annualized return of 9.93%, while TLT has yielded a comparatively lower -1.66% annualized return.
USMV
- 1D
- -0.69%
- 1M
- 2.01%
- YTD
- 2.65%
- 6M
- 2.61%
- 1Y
- 4.37%
- 3Y*
- 11.79%
- 5Y*
- 7.45%
- 10Y*
- 9.93%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
USMV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 2.65% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between USMV and TLT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011 | -0.08 |
The correlation between USMV and TLT shifts across timeframes, from -0.08 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USMV vs. TLT — Risk / Return Rank
USMV
TLT
USMV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) 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.
| USMV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.65 | +0.03 |
| Martin ratioReturn relative to average drawdown | 2.27 | 1.63 | +0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| USMV | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.51 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | -0.40 | +1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | -0.11 | +0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.26 | +0.61 |
Drawdowns
USMV vs. TLT - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for USMV and TLT.
Loading charts...
Drawdown Indicators
| USMV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -48.35% | +15.25% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -7.58% | +1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -19.18% | +9.82% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -43.70% | +25.77% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -48.35% | +15.25% |
Current DrawdownCurrent decline from peak | -1.18% | -40.44% | +39.26% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -13.82% | +10.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 3.04% | -1.11% |
Volatility
USMV vs. TLT - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.38%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that USMV 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.
Loading charts...
Volatility by Period
| USMV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 2.76% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 6.50% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.50% | 9.77% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.35% | 15.87% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 14.91% | -0.40% |
USMV vs. TLT - Expense Ratio Comparison
Both USMV 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
USMV vs. TLT - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.53%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
Frequently Asked Questions
USMV and TLT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to USMV (2.38%). In terms of maximum drawdown, USMV dropped -33.10% vs TLT's -48.35%.
On 10-year performance, USMV leads with 9.93% vs -1.66% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USMV has performed better with a 9.93% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USMV and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.59%, compared with 1.53% for USMV.
USMV is categorized as Large Cap Blend Equities, while TLT is Government Bonds. USMV tracks MSCI USA Minimum Volatility Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
USMV currently has the higher Sharpe Ratio (0.52 vs 0.51), 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.
Find the right allocation for USMV and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer