VGLT vs. TLT
VGLT (Vanguard Long-Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - VGLT tracks the Bloomberg U.S. Long Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, VGLT returned -1.80%/yr vs -2.38%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. VGLT charges 0.03%/yr vs 0.15%/yr for TLT.
Performance
VGLT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -3.26% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, VGLT has outperformed TLT with an annualized return of -1.80%, while TLT has yielded a comparatively lower -2.38% annualized return.
VGLT
- 1D
- -0.62%
- 1M
- -3.51%
- 6M
- -3.14%
- YTD
- -3.26%
- 1Y
- -1.67%
- 3Y*
- -0.62%
- 5Y*
- -7.07%
- 10Y*
- -1.80%
- ALL TIME*
- 2.27%
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 | |
| $95.69M | $98.86M | $108.97M |
VGLT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -3.26% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between VGLT 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. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.98 |
The correlation between VGLT and TLT has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
VGLT vs. TLT — Risk / Return Rank
VGLT
TLT
VGLT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.99 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.14 | +0.08 |
| Martin ratioReturn relative to average drawdown | -0.12 | -0.30 | +0.18 |
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Drawdowns
VGLT vs. TLT - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VGLT and TLT.
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Drawdown Indicators
| VGLT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -48.35% | +2.17% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -7.74% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -14.79% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -43.70% | +2.72% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -48.35% | +2.17% |
Current DrawdownCurrent decline from peak | -38.64% | -42.36% | +3.72% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -13.99% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.57% | -0.38% |
Volatility
VGLT vs. TLT - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.24%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that VGLT 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
| VGLT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 2.46% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 6.85% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.47% | 9.32% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 15.74% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 14.83% | -1.08% |
VGLT vs. TLT - Expense Ratio Comparison
VGLT 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
VGLT vs. TLT - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.77%, which matches 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.37% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
With a correlation of 0.99, VGLT 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 VGLT (2.24%). In terms of maximum drawdown, VGLT dropped -46.18% vs TLT's -48.35%.
On 10-year performance, VGLT leads with -1.80% vs -2.38% for TLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VGLT has performed better with a -1.80% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.15% for TLT.
VGLT has the higher dividend yield at 4.37%, compared with 4.34% for TLT.
VGLT tracks Bloomberg U.S. Long Treasury 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 VGLT and 0.15% for TLT.
VGLT currently has the higher Sharpe Ratio (-0.04 vs -0.11), 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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