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USRT vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USRT vs. TLT

Last updated Jun 4, 2026

USRT (iShares Core U.S. REIT ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - USRT is a REIT fund tracking the FTSE NAREIT Equity REITs 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, USRT returned 6.21%/yr vs -1.66%/yr for TLT. At a correlation of -0.05, they often move in opposite directions. USRT charges 0.08%/yr vs 0.15%/yr for TLT.

Performance

USRT vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core U.S. REIT ETF (USRT) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USRT achieves a 12.59% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, USRT has outperformed TLT with an annualized return of 6.21%, while TLT has yielded a comparatively lower -1.66% annualized return.

USRT

1D
0.08%
1M
-0.19%
YTD
12.59%
6M
11.36%
1Y
15.26%
3Y*
11.53%
5Y*
4.73%
10Y*
6.21%

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

USRT vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USRT
iShares Core U.S. REIT ETF		12.59%2.44%8.58%13.64%-24.43%43.26%-8.06%25.98%-4.67%5.27%
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 USRT and TLT is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since May 7, 2007

-0.05

The correlation between USRT and TLT shifts across timeframes, from -0.05 (all time) to 0.33 (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.

iShares Core U.S. REIT ETF

iShares 20+ Year Treasury Bond ETF

Often compared with USRT:
USRT vs. VNQUSRT vs. XLREUSRT vs. REETUSRT vs. ICFUSRT vs. BBREUSRT vs. SCHDUSRT vs. VOO
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

USRT vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USRT
USRT Risk / Return Rank: 3333
Overall Rank
USRT Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
USRT Sortino Ratio Rank: 2929
Sortino Ratio Rank
USRT Omega Ratio Rank: 2929
Omega Ratio Rank
USRT Calmar Ratio Rank: 3838
Calmar Ratio Rank
USRT Martin Ratio Rank: 3838
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
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.

USRT vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. REIT ETF (USRT) 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.

USRTTLTDifference
Sharpe ratioReturn per unit of total volatility
1.15
0.51

+0.65

Sortino ratioReturn per unit of downside risk
1.63
0.80

+0.83

Omega ratioGain probability vs. loss probability

1.20

1.09

+0.11

Calmar ratioReturn relative to maximum drawdown

1.91

0.65

+1.25

Martin ratioReturn relative to average drawdown

6.15

1.63

+4.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USRT vs. TLT - Sharpe Ratio Comparison

The current USRT Sharpe Ratio is 1.15, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of USRT 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.

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Sharpe Ratios by Period

USRTTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.15

0.51

+0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

-0.40

+0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

-0.11

+0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.18

0.26

-0.07

Drawdowns

USRT vs. TLT - Drawdown Comparison

The maximum USRT drawdown since its inception was -69.91%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for USRT and TLT.

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Drawdown Indicators

USRTTLTDifference

Max Drawdown

Largest peak-to-trough decline

-69.91%

-48.35%

-21.56%

Max Drawdown (1Y)

Largest decline over 1 year

-8.04%

-7.58%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-18.70%

-19.18%

+0.48%

Max Drawdown (5Y)

Largest decline over 5 years

-31.03%

-43.70%

+12.67%

Max Drawdown (10Y)

Largest decline over 10 years

-44.38%

-48.35%

+3.97%

Current Drawdown

Current decline from peak

-3.01%

-40.44%

+37.43%

Average Drawdown

Average peak-to-trough decline

-12.97%

-13.82%

+0.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

3.04%

-0.55%

Volatility

USRT vs. TLT - Volatility Comparison

iShares Core U.S. REIT ETF (USRT) has a higher volatility of 3.92% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that USRT'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

USRTTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.92%

2.76%

+1.16%

Volatility (6M)

Calculated over the trailing 6-month period

9.25%

6.50%

+2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

13.28%

9.77%

+3.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.89%

15.87%

+3.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.28%

14.91%

+6.37%

USRT vs. TLT - Expense Ratio Comparison

USRT has a 0.08% 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

USRT vs. TLT - Dividend Comparison

USRT's dividend yield for the trailing twelve months is around 2.67%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USRT
iShares Core U.S. REIT ETF		2.67%3.07%2.85%3.18%3.46%2.27%3.12%3.34%5.66%3.44%3.98%3.59%

Frequently Asked Questions

USRT and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USRT has higher volatility (3.92%) compared to TLT (2.76%). In terms of maximum drawdown, USRT dropped -69.91% vs TLT's -48.35%.

On 10-year performance, USRT leads with 6.21% vs -1.66% for TLT. On fees, USRT is cheaper at 0.08% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USRT has performed better with a 6.21% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USRT is cheaper with a 0.08% expense ratio, compared with 0.15% for TLT.

TLT has the higher dividend yield at 4.59%, compared with 2.67% for USRT.

USRT is categorized as REIT, while TLT is Government Bonds. USRT tracks FTSE NAREIT Equity REITs Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.08% for USRT and 0.15% for TLT.

USRT currently has the higher Sharpe Ratio (1.15 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.

Portfolio Optimizer

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