XTWY vs. TLT
XTWY (BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - XTWY tracks the Bloomberg US Treasury 20 Year Target Duration Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, XTWY returned -3.43%/yr vs -1.80%/yr for TLT. Their 0.98 correlation means they have historically moved very closely together. XTWY charges 0.12%/yr vs 0.15%/yr for TLT.
Performance
XTWY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, XTWY achieves a -4.63% return, which is significantly lower than TLT's -3.49% return.
XTWY
- 1D
- -0.90%
- 1M
- -5.01%
- 6M
- -4.62%
- YTD
- -4.63%
- 1Y
- -4.02%
- 3Y*
- -3.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.67%
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 | |
| $1.02M | $1.21M | $1.83M |
XTWY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF | -4.63% | 2.52% | -10.25% | 2.73% | -7.81% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -6.96% |
Correlation
The correlation between XTWY and TLT is 0.99 - 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. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | 0.98 |
The correlation between XTWY and TLT has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
XTWY vs. TLT — Risk / Return Rank
XTWY
TLT
XTWY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) 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.
| XTWY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.99 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.14 | -0.13 |
| Martin ratioReturn relative to average drawdown | -0.57 | -0.30 | -0.27 |
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Drawdowns
XTWY vs. TLT - Drawdown Comparison
The maximum XTWY drawdown since its inception was -25.92%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for XTWY and TLT.
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Drawdown Indicators
| XTWY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.92% | -48.35% | +22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -9.89% | -7.74% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -18.22% | -14.79% | -3.43% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -18.88% | -42.36% | +23.48% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -13.99% | +1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 3.57% | +1.02% |
Volatility
XTWY vs. TLT - Volatility Comparison
BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) has a higher volatility of 3.06% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that XTWY'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
| XTWY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 2.46% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 8.15% | 6.85% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.19% | 9.32% | +1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.41% | 15.74% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.41% | 14.83% | +2.58% |
XTWY vs. TLT - Expense Ratio Comparison
XTWY has a 0.13% 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
XTWY vs. TLT - Dividend Comparison
XTWY's dividend yield for the trailing twelve months is around 4.93%, more 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% |
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF | 4.49% | 4.56% | 4.65% | 3.86% | 1.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, XTWY 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.
XTWY has higher volatility (3.06%) compared to TLT (2.46%). In terms of maximum drawdown, XTWY dropped -25.92% vs TLT's -48.35%.
On 3-year performance, TLT leads with -1.80% vs -3.43% for XTWY. On fees, XTWY is cheaper at 0.12% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLT has performed better with a -1.80% return vs -3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTWY is cheaper with a 0.12% expense ratio, compared with 0.15% for TLT.
XTWY has the higher dividend yield at 4.49%, compared with 4.34% for TLT.
XTWY tracks Bloomberg US Treasury 20 Year Target Duration Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: BondBloxx and iShares. Their fees differ too: 0.12% for XTWY and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.11 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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