VUSTX vs. TLT
VUSTX (Vanguard Long-Term Treasury Fund Investor Shares) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds. Over the past 10 years, VUSTX returned -1.90%/yr vs -2.38%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. VUSTX charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
VUSTX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VUSTX achieves a -3.13% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, VUSTX has outperformed TLT with an annualized return of -1.90%, while TLT has yielded a comparatively lower -2.38% annualized return.
VUSTX
- 1D
- -0.13%
- 1M
- -3.08%
- 6M
- -3.00%
- YTD
- -3.13%
- 1Y
- -1.38%
- 3Y*
- -0.98%
- 5Y*
- -7.07%
- 10Y*
- -1.90%
- ALL TIME*
- 4.84%
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 |
VUSTX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VUSTX Vanguard Long-Term Treasury Fund Investor Shares | -3.13% | 5.55% | -6.41% | 3.33% | -29.58% | -4.93% | 18.20% | 14.14% | -1.89% | 8.60% |
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 VUSTX and TLT is 0.97 - 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. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.98 |
The correlation between VUSTX and TLT has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
VUSTX vs. TLT — Risk / Return Rank
VUSTX
TLT
VUSTX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) 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.
| VUSTX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | -0.14 | +0.21 |
| Martin ratioReturn relative to average drawdown | 0.15 | -0.30 | +0.45 |
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Drawdowns
VUSTX vs. TLT - Drawdown Comparison
The maximum VUSTX drawdown since its inception was -46.37%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VUSTX and TLT.
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Drawdown Indicators
| VUSTX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.37% | -48.35% | +1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -7.74% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -13.58% | -14.79% | +1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -41.45% | -43.70% | +2.25% |
Max Drawdown (10Y)Largest decline over 10 years | -46.37% | -48.35% | +1.98% |
Current DrawdownCurrent decline from peak | -38.41% | -42.36% | +3.95% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -13.99% | +4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 3.57% | -0.33% |
Volatility
VUSTX vs. TLT - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) is 2.21%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that VUSTX 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
| VUSTX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 2.46% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 6.85% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.55% | 9.32% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 15.74% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 14.83% | -1.14% |
VUSTX vs. TLT - Expense Ratio Comparison
VUSTX has a 0.20% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VUSTX vs. TLT - Dividend Comparison
VUSTX's dividend yield for the trailing twelve months is around 4.24%, 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% |
VUSTX Vanguard Long-Term Treasury Fund Investor Shares | 4.24% | 4.29% | 4.03% | 3.33% | 2.93% | 4.21% | 10.38% | 2.82% | 2.82% | 2.64% | 5.27% | 5.52% |
Frequently Asked Questions
With a correlation of 0.97, VUSTX 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 VUSTX (2.21%). In terms of maximum drawdown, VUSTX dropped -46.37% vs TLT's -48.35%.
VUSTX currently has the higher Sharpe Ratio (0.06 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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