VGIT vs. TLT
VGIT (Vanguard Intermediate-Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - VGIT tracks the Bloomberg U.S. Treasury 3-10 Year Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, VGIT returned 1.23%/yr vs -1.66%/yr for TLT. Their correlation of 0.83 suggests significant overlap in exposure. VGIT charges 0.03%/yr vs 0.15%/yr for TLT.
Performance
VGIT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VGIT achieves a -0.46% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, VGIT has outperformed TLT with an annualized return of 1.23%, while TLT has yielded a comparatively lower -1.66% annualized return.
VGIT
- 1D
- -0.19%
- 1M
- -0.16%
- YTD
- -0.46%
- 6M
- -0.60%
- 1Y
- 3.54%
- 3Y*
- 3.40%
- 5Y*
- 0.05%
- 10Y*
- 1.23%
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%
VGIT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGIT Vanguard Intermediate-Term Treasury ETF | -0.46% | 7.34% | 1.39% | 4.28% | -10.53% | -2.64% | 7.71% | 6.19% | 1.35% | 1.70% |
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 VGIT and TLT is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.84 |
The correlation between VGIT and TLT has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
VGIT vs. TLT — Risk / Return Rank
VGIT
TLT
VGIT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Treasury ETF (VGIT) 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.
| VGIT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.09 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 0.65 | +0.60 |
| Martin ratioReturn relative to average drawdown | 3.75 | 1.63 | +2.13 |
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
| VGIT | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.51 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | -0.40 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | -0.11 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.26 | +0.24 |
Drawdowns
VGIT vs. TLT - Drawdown Comparison
The maximum VGIT drawdown since its inception was -16.05%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VGIT and TLT.
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Drawdown Indicators
| VGIT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.05% | -48.35% | +32.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -7.58% | +4.75% |
Max Drawdown (3Y)Largest decline over 3 years | -4.34% | -19.18% | +14.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -43.70% | +28.68% |
Max Drawdown (10Y)Largest decline over 10 years | -16.05% | -48.35% | +32.30% |
Current DrawdownCurrent decline from peak | -2.39% | -40.44% | +38.05% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -13.82% | +10.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 3.04% | -2.10% |
Volatility
VGIT vs. TLT - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Treasury ETF (VGIT) is 1.05%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that VGIT 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
| VGIT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 2.76% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 6.50% | -4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 9.77% | -6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 15.87% | -10.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.50% | 14.91% | -10.41% |
VGIT vs. TLT - Expense Ratio Comparison
VGIT has a 0.03% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGIT vs. TLT - Dividend Comparison
VGIT's dividend yield for the trailing twelve months is around 3.87%, 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% |
VGIT Vanguard Intermediate-Term Treasury ETF | 3.87% | 3.79% | 3.67% | 2.73% | 1.74% | 1.69% | 2.23% | 2.24% | 2.05% | 1.67% | 1.69% | 1.69% |
Frequently Asked Questions
VGIT and TLT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to VGIT (1.05%). In terms of maximum drawdown, VGIT dropped -16.05% vs TLT's -48.35%.
On 10-year performance, VGIT leads with 1.23% vs -1.66% for TLT. On fees, VGIT is cheaper at 0.03% per year. On volatility, VGIT has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VGIT has performed better with a 1.23% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGIT is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.59%, compared with 3.87% for VGIT.
VGIT tracks Bloomberg U.S. Treasury 3-10 Year Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VGIT and 0.15% for TLT.
VGIT currently has the higher Sharpe Ratio (1.05 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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