UTEN vs. TLT
UTEN (US Treasury 10 Year Note ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - UTEN tracks the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, UTEN returned 1.86%/yr vs -1.80%/yr for TLT. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
UTEN vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, UTEN achieves a -0.69% return, which is significantly lower than TLT's -0.27% return.
UTEN
- 1D
- -0.26%
- 1M
- 0.01%
- YTD
- -0.69%
- 6M
- -1.30%
- 1Y
- 4.26%
- 3Y*
- 1.86%
- 5Y*
- —
- 10Y*
- —
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%
UTEN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.69% | 7.82% | -1.67% | 3.18% | -7.79% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -14.55% |
Correlation
The correlation between UTEN and TLT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.94 |
The correlation between UTEN and TLT has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
UTEN vs. TLT — Risk / Return Rank
UTEN
TLT
UTEN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) 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.
| UTEN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.09 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 0.65 | +0.28 |
| Martin ratioReturn relative to average drawdown | 2.82 | 1.63 | +1.20 |
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
| UTEN | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.51 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.26 | -0.25 |
Drawdowns
UTEN vs. TLT - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for UTEN and TLT.
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Drawdown Indicators
| UTEN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -48.35% | +34.99% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -7.58% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -19.18% | +10.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -3.05% | -40.44% | +37.39% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -13.82% | +9.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 3.04% | -1.53% |
Volatility
UTEN vs. TLT - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.71%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that UTEN 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
| UTEN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 2.76% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 6.50% | -2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 9.77% | -4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 15.87% | -7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.05% | 14.91% | -6.86% |
UTEN vs. TLT - Expense Ratio Comparison
Both UTEN 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
UTEN vs. TLT - Dividend Comparison
UTEN's dividend yield for the trailing twelve months is around 4.05%, 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% |
UTEN US Treasury 10 Year Note ETF | 4.05% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, UTEN and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLT has higher volatility (2.76%) compared to UTEN (1.71%). In terms of maximum drawdown, UTEN dropped -13.36% vs TLT's -48.35%.
On 3-year performance, UTEN leads with 1.86% vs -1.80% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, UTEN has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTEN has performed better with a 1.86% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTEN and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.59%, compared with 4.05% for UTEN.
UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: US Benchmark Series and iShares.
UTEN currently has the higher Sharpe Ratio (0.82 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.
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