PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VOO vs. TLH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOO vs. TLH

Last updated Jun 6, 2026

VOO (Vanguard S&P 500 ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, VOO returned 15.23%/yr vs -0.87%/yr for TLH. At a correlation of -0.21, they often move in opposite directions. VOO charges 0.03%/yr vs 0.15%/yr for TLH.

Performance

VOO vs. TLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and iShares 10-20 Year Treasury Bond ETF (TLH). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VOO achieves a 8.45% return, which is significantly higher than TLH's -0.95% return. Over the past 10 years, VOO has outperformed TLH with an annualized return of 15.23%, while TLH has yielded a comparatively lower -0.87% annualized return.

VOO

1D
-2.59%
1M
0.50%
YTD
8.45%
6M
8.18%
1Y
25.87%
3Y*
21.52%
5Y*
13.39%
10Y*
15.23%

TLH

1D
-0.62%
1M
-1.02%
YTD
-0.95%
6M
-1.04%
1Y
3.54%
3Y*
0.36%
5Y*
-3.89%
10Y*
-0.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOO vs. TLH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOO
Vanguard S&P 500 ETF		8.45%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%
TLH
iShares 10-20 Year Treasury Bond ETF		-0.95%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%

Correlation

The correlation between VOO and TLH is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.08

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

-0.21

The correlation between VOO and TLH shifts across timeframes, from -0.21 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P 500 ETF

iShares 10-20 Year Treasury Bond ETF

Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV
Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. IEITLH vs. SPTLTLH vs. SCHQTLH vs. PLWTLH vs. XTLH.TO

Return for Risk

VOO vs. TLH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOO
VOO Risk / Return Rank: 6666
Overall Rank
VOO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6363
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6060
Calmar Ratio Rank
VOO Martin Ratio Rank: 7373
Martin Ratio Rank
TLH
TLH Risk / Return Rank: 1616
Overall Rank
TLH Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLH Omega Ratio Rank: 1515
Omega Ratio Rank
TLH Calmar Ratio Rank: 1616
Calmar Ratio Rank
TLH Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VOO vs. TLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.

VOOTLHDifference
Sharpe ratioReturn per unit of total volatility
2.15
0.45

+1.70

Sortino ratioReturn per unit of downside risk
2.89
0.69

+2.20

Omega ratioGain probability vs. loss probability

1.39

1.08

+0.31

Calmar ratioReturn relative to maximum drawdown

2.92

0.55

+2.37

Martin ratioReturn relative to average drawdown

13.53

1.50

+12.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOO vs. TLH - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.15, which is higher than the TLH Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of VOO and TLH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VOOTLHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

0.45

+1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.80

-0.31

+1.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

-0.08

+0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

0.27

+0.60

Drawdowns

VOO vs. TLH - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for VOO and TLH.

Loading charts...

Drawdown Indicators

VOOTLHDifference

Max Drawdown

Largest peak-to-trough decline

-33.99%

-41.14%

+7.15%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-6.50%

-2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-18.69%

-15.35%

-3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-24.52%

-35.41%

+10.89%

Max Drawdown (10Y)

Largest decline over 10 years

-33.99%

-41.14%

+7.15%

Current Drawdown

Current decline from peak

-2.90%

-30.13%

+27.23%

Average Drawdown

Average peak-to-trough decline

-3.69%

-10.76%

+7.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

2.37%

-0.45%

Volatility

VOO vs. TLH - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 3.74% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.37%. This indicates that VOO's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VOOTLHDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

2.37%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

9.30%

5.52%

+3.78%

Volatility (1Y)

Calculated over the trailing 1-year period

12.10%

7.92%

+4.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.84%

12.69%

+4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.02%

11.19%

+6.83%

VOO vs. TLH - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than TLH'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

VOO vs. TLH - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, less than TLH's 4.50% yield.

PositionTTM20252024202320222021202020192018201720162015
TLH
iShares 10-20 Year Treasury Bond ETF		4.50%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

VOO and TLH have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOO has higher volatility (3.74%) compared to TLH (2.37%). In terms of maximum drawdown, VOO dropped -33.99% vs TLH's -41.14%.

On 10-year performance, VOO leads with 15.23% vs -0.87% for TLH. On fees, VOO is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.23% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for TLH.

TLH has the higher dividend yield at 4.50%, compared with 1.05% for VOO.

VOO is categorized as S&P 500, while TLH is Government Bonds. VOO tracks S&P 500 Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VOO and 0.15% for TLH.

VOO currently has the higher Sharpe Ratio (2.15 vs 0.45), 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.

Portfolio Optimizer

Find the right allocation for VOO and TLH

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer