UTHY vs. TLT
UTHY (US Treasury 30 Year Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - UTHY tracks the ICE BofA Current 30-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, UTHY returned -2.15%/yr vs -1.80%/yr for TLT. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.
Performance
UTHY vs. TLT - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with UTHY having a -3.52% return and TLT slightly higher at -3.49%.
UTHY
- 1D
- -0.59%
- 1M
- -3.91%
- 6M
- -3.34%
- YTD
- -3.52%
- 1Y
- -2.36%
- 3Y*
- -2.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.35%
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 | |
| $6.52M | $5.25M | $5.75M |
UTHY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTHY US Treasury 30 Year Bond ETF | -3.52% | 3.47% | -8.07% | -2.77% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | -2.43% |
Correlation
The correlation between UTHY and TLT is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.99 |
The correlation between UTHY and TLT has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
UTHY vs. TLT — Risk / Return Rank
UTHY
TLT
UTHY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 30 Year Bond ETF (UTHY) 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.
| UTHY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.99 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.14 | -0.01 |
| Martin ratioReturn relative to average drawdown | -0.31 | -0.30 | -0.01 |
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Drawdowns
UTHY vs. TLT - Drawdown Comparison
The maximum UTHY drawdown since its inception was -21.86%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for UTHY and TLT.
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Drawdown Indicators
| UTHY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.86% | -48.35% | +26.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -7.74% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -14.79% | -0.11% |
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 | -14.25% | -42.36% | +28.11% |
Average DrawdownAverage peak-to-trough decline | -10.75% | -13.99% | +3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 3.57% | -0.17% |
Volatility
UTHY vs. TLT - Volatility Comparison
The current volatility for US Treasury 30 Year Bond ETF (UTHY) is 2.33%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that UTHY 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
| UTHY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 2.46% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 6.85% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.98% | 9.32% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 15.74% | -2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.46% | 14.83% | -1.37% |
UTHY vs. TLT - Expense Ratio Comparison
Both UTHY 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
UTHY vs. TLT - Dividend Comparison
UTHY's dividend yield for the trailing twelve months is around 5.26%, more 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% |
UTHY US Treasury 30 Year Bond ETF | 4.86% | 4.53% | 4.58% | 2.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, UTHY 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 UTHY (2.33%). In terms of maximum drawdown, UTHY dropped -21.86% vs TLT's -48.35%.
On 3-year performance, TLT leads with -1.80% vs -2.15% for UTHY. Both ETFs have the same 0.15% expense ratio. On volatility, UTHY has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLT has performed better with a -1.80% return vs -2.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTHY and TLT have the same expense ratio: 0.15% per year.
UTHY has the higher dividend yield at 4.86%, compared with 4.34% for TLT.
UTHY tracks ICE BofA Current 30-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.
TLT currently has the higher Sharpe Ratio (-0.11 vs -0.12), 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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