VLUE vs. TLT
VLUE (iShares MSCI USA Value Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value 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, VLUE returned 14.46%/yr vs -2.33%/yr for TLT. Their -0.18 correlation means they have often moved in opposite directions in the past. Both charge a 0.15% expense ratio.
Performance
VLUE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VLUE achieves a 42.20% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, VLUE has outperformed TLT with an annualized return of 14.46%, while TLT has yielded a comparatively lower -2.33% annualized return.
VLUE
- 1D
- 0.93%
- 1M
- -0.03%
- 6M
- 29.94%
- YTD
- 42.20%
- 1Y
- 76.30%
- 3Y*
- 29.44%
- 5Y*
- 16.24%
- 10Y*
- 14.46%
- ALL TIME*
- 13.54%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.39B | $2.06B | $2.20B | |
| $129.84M | $160.96M | $278.87M |
VLUE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLUE iShares MSCI USA Value Factor ETF | 42.20% | 32.67% | 7.25% | 14.26% | -14.17% | 28.93% | -0.23% | 27.20% | -11.13% | 21.95% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between VLUE and TLT is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | -0.18 |
The correlation between VLUE and TLT shifts across timeframes, from -0.18 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VLUE vs. TLT — Risk / Return Rank
VLUE
TLT
VLUE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) 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.
| VLUE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.99 | ||
| Sortino ratioReturn per unit of downside risk | +5.04 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 0.97 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 8.49 | -0.28 | +8.76 |
| Martin ratioReturn relative to average drawdown | 28.19 | -0.59 | +28.79 |
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Drawdowns
VLUE vs. TLT - Drawdown Comparison
The maximum VLUE drawdown since its inception was -39.47%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VLUE and TLT.
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Drawdown Indicators
| VLUE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.47% | -48.35% | +8.88% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -7.74% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -14.79% | -3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -27.12% | -43.70% | +16.58% |
Max Drawdown (10Y)Largest decline over 10 years | -39.47% | -48.35% | +8.88% |
Current DrawdownCurrent decline from peak | -5.71% | -42.17% | +36.46% |
Average DrawdownAverage peak-to-trough decline | -5.99% | -14.00% | +8.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 3.60% | -0.89% |
Volatility
VLUE vs. TLT - Volatility Comparison
iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 6.51% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that VLUE'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
| VLUE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.51% | 2.51% | +4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 17.49% | 6.84% | +10.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.44% | 9.24% | +11.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.38% | 15.74% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.05% | 14.83% | +5.22% |
VLUE vs. TLT - Expense Ratio Comparison
Both VLUE and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VLUE vs. TLT - Dividend Comparison
VLUE's dividend yield for the trailing twelve months is around 1.45%, 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 | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
VLUE iShares MSCI USA Value Factor ETF | 1.45% | 2.11% | 2.73% | 2.66% | 3.18% | 2.22% | 2.42% | 2.61% | 2.70% | 2.14% | 2.07% | 2.39% |
Frequently Asked Questions
VLUE and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VLUE has higher volatility (6.51%) compared to TLT (2.51%). In terms of maximum drawdown, VLUE dropped -39.47% vs TLT's -48.35%.
On 10-year performance, VLUE leads with 14.46% vs -2.33% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VLUE has performed better with a 14.46% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VLUE and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.75%, compared with 1.45% for VLUE.
VLUE is categorized as Large Cap Value Equities, while TLT is Government Bonds. VLUE tracks MSCI USA Enhanced Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
VLUE currently has the higher Sharpe Ratio (3.76 vs -0.23), 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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