UTHY vs. TLT

Last updated Jun 4, 2026

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 -2.16%/yr vs -1.80%/yr for TLT. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.

Performance

UTHY vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 30 Year Bond ETF (UTHY) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTHY achieves a -0.35% return, which is significantly lower than TLT's -0.27% return.

UTHY

• 1D: -0.33%
• 1M: 0.79%
• YTD: -0.35%
• 6M: -1.86%
• 1Y: 4.46%
• 3Y*: -2.16%
• 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%

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

UTHY vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTHY US Treasury 30 Year Bond ETF	-0.35%	3.47%	-8.07%	-2.67%
TLT iShares 20+ Year Treasury Bond ETF	-0.27%	4.25%	-8.05%	-2.61%

Correlation

The correlation between UTHY and TLT is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 29, 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.

Return for Risk

UTHY vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTHY

UTHY Risk / Return Rank: 16
UTHY Sharpe Ratio Rank: 16
UTHY Sortino Ratio Rank: 15
UTHY Omega Ratio Rank: 15
UTHY Calmar Ratio Rank: 17
UTHY Martin Ratio Rank: 16

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

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.

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.

	UTHY	TLT	Difference
Sharpe ratio Return per unit of total volatility	0.48	0.51	-0.03
Sortino ratio Return per unit of downside risk	0.75	0.80	-0.05
Omega ratio Gain probability vs. loss probability	1.08	1.09	-0.01
Calmar ratio Return relative to maximum drawdown	0.61	0.65	-0.04
Martin ratio Return relative to average drawdown	1.54	1.63	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTHY vs. TLT - Sharpe Ratio Comparison

The current UTHY Sharpe Ratio is 0.48, which is comparable to the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of UTHY 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.

Sharpe Ratios by Period

	UTHY	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	0.51	-0.03
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	-0.18	0.26	-0.44

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.

Drawdown Indicators

	UTHY	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-48.35%	+26.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-7.58%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-19.18%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-11.44%	-40.44%	+29.00%
Average Drawdown Average peak-to-trough decline	-10.72%	-13.82%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.04%	-0.13%

Volatility

UTHY vs. TLT - Volatility Comparison

US Treasury 30 Year Bond ETF (UTHY) and iShares 20+ Year Treasury Bond ETF (TLT) have volatilities of 2.72% and 2.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTHY	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.76%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	6.50%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	9.77%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	15.87%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.65%	14.91%	-1.26%

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 4.64%, more 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%
UTHY US Treasury 30 Year Bond ETF	4.64%	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

Can I hold both UTHY and TLT in my portfolio?

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.

Which is riskier, UTHY or TLT?

TLT has higher volatility (2.76%) compared to UTHY (2.72%). In terms of maximum drawdown, UTHY dropped -21.86% vs TLT's -48.35%.

Which ETF is better, UTHY or TLT?

On 3-year performance, TLT leads with -1.80% vs -2.16% for UTHY. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTHY or TLT?

Over the 3-year period, TLT has performed better with a -1.80% return vs -2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTHY or TLT?

UTHY and TLT have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, UTHY or TLT?

UTHY has the higher dividend yield at 4.64%, compared with 4.59% for TLT.

What is the main difference between UTHY and 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.

Which has better risk-adjusted returns?

TLT currently has the higher Sharpe Ratio (0.51 vs 0.48), 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.