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VEGI vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEGI vs. TLT

Last updated Jun 4, 2026

VEGI (iShares MSCI Agriculture Producers ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - VEGI is a Mid Cap Value Equities fund tracking the MSCI ACWI Select Agriculture Producers Investable Market 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, VEGI returned 8.58%/yr vs -1.66%/yr for TLT. At a correlation of -0.19, they often move in opposite directions. VEGI charges 0.39%/yr vs 0.15%/yr for TLT.

Performance

VEGI vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Agriculture Producers ETF (VEGI) 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, VEGI achieves a 16.98% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, VEGI has outperformed TLT with an annualized return of 8.58%, while TLT has yielded a comparatively lower -1.66% annualized return.

VEGI

1D
0.58%
1M
-1.31%
YTD
16.98%
6M
16.00%
1Y
14.94%
3Y*
8.09%
5Y*
3.61%
10Y*
8.58%

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)

VEGI vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEGI
iShares MSCI Agriculture Producers ETF		16.98%11.34%-4.85%-8.59%6.34%21.56%20.06%13.52%-9.76%19.79%
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 VEGI and TLT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.08

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

0.13

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

-0.00

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

-0.14

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

-0.19

The correlation between VEGI and TLT shifts across timeframes, from -0.19 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares MSCI Agriculture Producers ETF

iShares 20+ Year Treasury Bond ETF

Often compared with VEGI:
VEGI vs. MOOVEGI vs. DBAVEGI vs. SPYVEGI vs. VOOVEGI vs. IVVVEGI vs. FTAGVEGI vs. ITA
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

VEGI vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEGI
VEGI Risk / Return Rank: 3030
Overall Rank
VEGI Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
VEGI Sortino Ratio Rank: 2929
Sortino Ratio Rank
VEGI Omega Ratio Rank: 2727
Omega Ratio Rank
VEGI Calmar Ratio Rank: 4040
Calmar Ratio Rank
VEGI Martin Ratio Rank: 2727
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.

VEGI vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Agriculture Producers ETF (VEGI) 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.

VEGITLTDifference
Sharpe ratioReturn per unit of total volatility
1.02
0.51

+0.51

Sortino ratioReturn per unit of downside risk
1.57
0.80

+0.78

Omega ratioGain probability vs. loss probability

1.18

1.09

+0.09

Calmar ratioReturn relative to maximum drawdown

2.00

0.65

+1.35

Martin ratioReturn relative to average drawdown

3.86

1.63

+2.23

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

VEGI vs. TLT - Sharpe Ratio Comparison

The current VEGI Sharpe Ratio is 1.02, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of VEGI 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

VEGITLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.02

0.51

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.20

-0.40

+0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

-0.11

+0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.26

+0.08

Drawdowns

VEGI vs. TLT - Drawdown Comparison

The maximum VEGI drawdown since its inception was -37.37%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VEGI and TLT.

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Drawdown Indicators

VEGITLTDifference

Max Drawdown

Largest peak-to-trough decline

-37.37%

-48.35%

+10.98%

Max Drawdown (1Y)

Largest decline over 1 year

-7.49%

-7.58%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-17.71%

-19.18%

+1.47%

Max Drawdown (5Y)

Largest decline over 5 years

-28.86%

-43.70%

+14.84%

Max Drawdown (10Y)

Largest decline over 10 years

-37.37%

-48.35%

+10.98%

Current Drawdown

Current decline from peak

-4.33%

-40.44%

+36.11%

Average Drawdown

Average peak-to-trough decline

-9.82%

-13.82%

+4.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.88%

3.04%

+0.84%

Volatility

VEGI vs. TLT - Volatility Comparison

iShares MSCI Agriculture Producers ETF (VEGI) has a higher volatility of 4.52% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that VEGI'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

VEGITLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

2.76%

+1.76%

Volatility (6M)

Calculated over the trailing 6-month period

11.80%

6.50%

+5.30%

Volatility (1Y)

Calculated over the trailing 1-year period

14.75%

9.77%

+4.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

15.87%

+2.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.94%

14.91%

+4.03%

VEGI vs. TLT - Expense Ratio Comparison

VEGI has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

VEGI vs. TLT - Dividend Comparison

VEGI's dividend yield for the trailing twelve months is around 1.99%, 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%
VEGI
iShares MSCI Agriculture Producers ETF		1.99%2.33%2.62%2.54%1.49%1.46%1.55%1.84%2.02%1.75%2.13%2.49%

Frequently Asked Questions

VEGI and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEGI has higher volatility (4.52%) compared to TLT (2.76%). In terms of maximum drawdown, VEGI dropped -37.37% vs TLT's -48.35%.

On 10-year performance, VEGI leads with 8.58% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% 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, VEGI has performed better with a 8.58% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.39% for VEGI.

TLT has the higher dividend yield at 4.59%, compared with 1.99% for VEGI.

VEGI is categorized as Mid Cap Value Equities, while TLT is Government Bonds. VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for VEGI and 0.15% for TLT.

VEGI currently has the higher Sharpe Ratio (1.02 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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