VLGSX vs. TLT
VLGSX (Vanguard Long-Term Treasury Index Fund Admiral Shares) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds. Over the past 10 years, VLGSX returned -1.81%/yr vs -2.38%/yr for TLT. Their 0.99 correlation means they have historically moved very closely together. VLGSX charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
VLGSX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VLGSX achieves a -2.83% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, VLGSX has outperformed TLT with an annualized return of -1.81%, while TLT has yielded a comparatively lower -2.38% annualized return.
VLGSX
- 1D
- -0.11%
- 1M
- -2.72%
- 6M
- -2.58%
- YTD
- -2.83%
- 1Y
- -1.08%
- 3Y*
- -0.83%
- 5Y*
- -6.91%
- 10Y*
- -1.81%
- ALL TIME*
- 2.14%
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 | |
| $0.00 | $0.00 | $0.00 |
VLGSX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares | -2.83% | 5.42% | -6.17% | 3.66% | -29.48% | -4.99% | 17.70% | 14.31% | -1.62% | 8.65% |
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 VLGSX 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. | 0.99 |
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 23, 2009 | 0.99 |
The correlation between VLGSX and TLT has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VLGSX vs. TLT — Risk / Return Rank
VLGSX
TLT
VLGSX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) 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.
| VLGSX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | -0.14 | +0.20 |
| Martin ratioReturn relative to average drawdown | 0.13 | -0.30 | +0.43 |
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Drawdowns
VLGSX vs. TLT - Drawdown Comparison
The maximum VLGSX drawdown since its inception was -46.22%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VLGSX and TLT.
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Drawdown Indicators
| VLGSX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.22% | -48.35% | +2.13% |
Max Drawdown (1Y)Largest decline over 1 year | -6.99% | -7.74% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -13.35% | -14.79% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -43.70% | +2.68% |
Max Drawdown (10Y)Largest decline over 10 years | -46.22% | -48.35% | +2.13% |
Current DrawdownCurrent decline from peak | -38.12% | -42.36% | +4.24% |
Average DrawdownAverage peak-to-trough decline | -15.32% | -13.99% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.57% | -0.40% |
Volatility
VLGSX vs. TLT - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) is 2.24%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that VLGSX 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
| VLGSX | 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 | 6.35% | 6.85% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 9.32% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.43% | 15.74% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.65% | 14.83% | -1.18% |
VLGSX vs. TLT - Expense Ratio Comparison
VLGSX has a 0.07% 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
VLGSX vs. TLT - Dividend Comparison
VLGSX's dividend yield for the trailing twelve months is around 4.32%, less than 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% |
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares | 4.32% | 4.41% | 4.65% | 3.30% | 2.80% | 1.85% | 2.13% | 2.45% | 2.72% | 2.55% | 2.46% | 2.80% |
Frequently Asked Questions
With a correlation of 0.99, VLGSX 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 VLGSX (2.24%). In terms of maximum drawdown, VLGSX dropped -46.22% vs TLT's -48.35%.
VLGSX currently has the higher Sharpe Ratio (0.05 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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