VUSUX vs. TLT
VUSUX (Vanguard Long-Term Treasury Fund Admiral Shares) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds. Over the past 10 years, VUSUX returned -1.17%/yr vs -1.74%/yr for TLT. With a 0.98 correlation, they move nearly in lockstep. VUSUX charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
VUSUX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VUSUX achieves a -0.01% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, VUSUX has outperformed TLT with an annualized return of -1.17%, while TLT has yielded a comparatively lower -1.74% annualized return.
VUSUX
- 1D
- -0.76%
- 1M
- 1.96%
- YTD
- -0.01%
- 6M
- 0.37%
- 1Y
- 4.19%
- 3Y*
- -0.63%
- 5Y*
- -5.57%
- 10Y*
- -1.17%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
VUSUX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VUSUX Vanguard Long-Term Treasury Fund Admiral Shares | -0.01% | 5.66% | -6.30% | 3.43% | -29.51% | -4.71% | 18.10% | 14.26% | -1.80% | 8.72% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between VUSUX and TLT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.98 |
The correlation between VUSUX 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
VUSUX vs. TLT — Risk / Return Rank
VUSUX
TLT
VUSUX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) 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.
| VUSUX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.07 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.51 | +0.13 |
| Martin ratioReturn relative to average drawdown | 1.61 | 1.22 | +0.39 |
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Drawdowns
VUSUX vs. TLT - Drawdown Comparison
The maximum VUSUX drawdown since its inception was -46.12%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VUSUX and TLT.
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Drawdown Indicators
| VUSUX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.12% | -48.35% | +2.23% |
Max Drawdown (1Y)Largest decline over 1 year | -7.18% | -7.58% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -17.67% | -19.18% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -41.34% | -43.70% | +2.36% |
Max Drawdown (10Y)Largest decline over 10 years | -46.12% | -48.35% | +2.23% |
Current DrawdownCurrent decline from peak | -35.99% | -39.82% | +3.83% |
Average DrawdownAverage peak-to-trough decline | -11.58% | -13.87% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.18% | -0.32% |
Volatility
VUSUX vs. TLT - Volatility Comparison
Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) and iShares 20+ Year Treasury Bond ETF (TLT) have volatilities of 2.15% and 2.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUSUX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 2.20% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 6.62% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.80% | 9.48% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.57% | 15.82% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 14.88% | -1.12% |
VUSUX vs. TLT - Expense Ratio Comparison
VUSUX has a 0.10% 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
VUSUX vs. TLT - Dividend Comparison
VUSUX's dividend yield for the trailing twelve months is around 4.56%, which matches TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
VUSUX Vanguard Long-Term Treasury Fund Admiral Shares | 4.56% | 4.39% | 4.15% | 3.43% | 3.05% | 4.46% | 10.28% | 2.92% | 2.91% | 2.74% | 5.38% | 5.62% |
Frequently Asked Questions
With a correlation of 0.97, VUSUX 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 (2.20%) compared to VUSUX (2.15%). In terms of maximum drawdown, VUSUX dropped -46.12% vs TLT's -48.35%.
VUSUX currently has the higher Sharpe Ratio (0.52 vs 0.41), 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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