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 -1.80%/yr vs -2.38%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. 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 -3.08% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, VUSUX has outperformed TLT with an annualized return of -1.80%, while TLT has yielded a comparatively lower -2.38% annualized return.
VUSUX
- 1D
- -0.13%
- 1M
- -3.08%
- 6M
- -2.96%
- YTD
- -3.08%
- 1Y
- -1.29%
- 3Y*
- -0.88%
- 5Y*
- -6.97%
- 10Y*
- -1.80%
- ALL TIME*
- 3.64%
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 |
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 | -3.08% | 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 | -3.49% | 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 0.96 - 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. | 0.96 |
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 VUSUX and TLT has been stable across timeframes, ranging from 0.96 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 | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | -0.14 | +0.22 |
| Martin ratioReturn relative to average drawdown | 0.18 | -0.30 | +0.48 |
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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% | -7.74% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -13.56% | -14.79% | +1.23% |
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 | -37.96% | -42.36% | +4.40% |
Average DrawdownAverage peak-to-trough decline | -11.69% | -13.99% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 3.57% | -0.35% |
Volatility
VUSUX vs. TLT - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) is 2.21%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that VUSUX 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
| VUSUX | 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 | 6.38% | 6.85% | -0.47% |
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% |
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 4.33%, 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% |
VUSUX Vanguard Long-Term Treasury Fund Admiral Shares | 4.33% | 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 0.96, 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 (2.46%) compared to VUSUX (2.21%). In terms of maximum drawdown, VUSUX dropped -46.12% vs TLT's -48.35%.
VUSUX currently has the higher Sharpe Ratio (0.07 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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