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 1.16%/yr vs -2.23%/yr for TLT. Their correlation of 0.83 means they have usually moved in the same direction. 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 -0.25% return, which is significantly higher than TLT's -2.22% return. Over the past 10 years, VGIT has outperformed TLT with an annualized return of 1.16%, while TLT has yielded a comparatively lower -2.23% annualized return.
VGIT
- 1D
- 0.05%
- 1M
- -0.26%
- 6M
- -0.10%
- YTD
- -0.25%
- 1Y
- 1.68%
- 3Y*
- 3.79%
- 5Y*
- -0.06%
- 10Y*
- 1.16%
- ALL TIME*
- 2.16%
TLT
- 1D
- 0.22%
- 1M
- -2.48%
- 6M
- -1.90%
- YTD
- -2.22%
- 1Y
- -1.73%
- 3Y*
- -0.82%
- 5Y*
- -7.75%
- 10Y*
- -2.23%
- ALL TIME*
- 3.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.70B | $2.15B | $2.23B | |
| $147.99M | $146.59M | $177.38M |
VGIT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGIT Vanguard Intermediate-Term Treasury ETF | -0.25% | 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 | -2.22% | 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, 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. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.83 |
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.
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.
| VGIT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.98 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.22 | +0.82 |
| Martin ratioReturn relative to average drawdown | 1.35 | -0.48 | +1.83 |
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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% | -7.74% | +4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.34% | -14.79% | +10.45% |
Max Drawdown (5Y)Largest decline over 5 years | -14.62% | -43.70% | +29.08% |
Max Drawdown (10Y)Largest decline over 10 years | -16.05% | -48.35% | +32.30% |
Current DrawdownCurrent decline from peak | -2.19% | -41.60% | +39.41% |
Average DrawdownAverage peak-to-trough decline | -3.51% | -14.00% | +10.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 3.65% | -2.41% |
Volatility
VGIT vs. TLT - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Treasury ETF (VGIT) is 0.84%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. 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 | 0.84% | 2.51% | -1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 6.88% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 9.25% | -6.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.39% | 15.74% | -10.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 14.83% | -10.34% |
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 3.89%, less than TLT's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.70% | 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 | 3.89% | 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 (2.51%) compared to VGIT (0.84%). In terms of maximum drawdown, VGIT dropped -16.05% vs TLT's -48.35%.
On 10-year performance, VGIT leads with 1.16% vs -2.23% for TLT. On fees, VGIT is cheaper at 0.03% per year. On volatility, VGIT has been the lower-risk option at 0.84%. 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 1.16% return vs -2.23%. 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 4.70%, compared with 3.89% 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 (0.52 vs -0.19), 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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