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 2.25%/yr vs -1.80%/yr for TLT. Their correlation of 0.94 means they have usually moved in the same direction. 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 -1.78% return, which is significantly higher than TLT's -3.49% return.
UTEN
- 1D
- -0.39%
- 1M
- -1.62%
- 6M
- -1.54%
- YTD
- -1.78%
- 1Y
- 0.41%
- 3Y*
- 2.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.24%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $2.53M | $2.37M | $1.86M |
UTEN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -1.78% | 7.82% | -1.67% | 3.18% | -7.81% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -14.88% |
Correlation
The correlation between UTEN and TLT is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.94 |
The correlation between UTEN and TLT has been stable across timeframes, ranging from 0.92 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.
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.
| UTEN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.99 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.14 | +0.49 |
| Martin ratioReturn relative to average drawdown | 0.84 | -0.30 | +1.14 |
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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% | -7.74% | +3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.72% | -14.79% | +7.07% |
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 | -4.11% | -42.36% | +38.25% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -13.99% | +9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 3.57% | -1.65% |
Volatility
UTEN vs. TLT - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.29%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. 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 | 1.29% | 2.46% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 6.85% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 9.32% | -4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.96% | 15.74% | -7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 14.83% | -6.87% |
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 4.46%, 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 | 4.34% | 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 | 4.13% | 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 0.92, 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 (2.46%) compared to UTEN (1.29%). In terms of maximum drawdown, UTEN dropped -13.36% vs TLT's -48.35%.
On 3-year performance, UTEN leads with 2.25% vs -1.80% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, UTEN has been the lower-risk option at 1.29%. 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 2.25% 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 4.34%, compared with 4.13% 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 (0.32 vs -0.11), 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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