ZTEN vs. TLH
ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, 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 year, ZTEN returned 6.84% vs 5.33% for TLH. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
ZTEN vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, ZTEN achieves a 0.17% return, which is significantly higher than TLH's -0.51% return.
ZTEN
- 1D
- -0.28%
- 1M
- 0.40%
- YTD
- 0.17%
- 6M
- 0.05%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
ZTEN vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.17% | 9.15% | 0.29% |
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -0.09% |
Correlation
The correlation between ZTEN and TLH is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.90 |
The correlation between ZTEN and TLH has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
ZTEN vs. TLH — Risk / Return Rank
ZTEN
TLH
ZTEN vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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.
| ZTEN | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 0.82 | +1.24 |
| Martin ratioReturn relative to average drawdown | 6.72 | 2.28 | +4.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTEN | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 0.67 | +0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 0.28 | +0.87 |
Drawdowns
ZTEN vs. TLH - Drawdown Comparison
The maximum ZTEN drawdown since its inception was -3.43%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for ZTEN and TLH.
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Drawdown Indicators
| ZTEN | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.43% | -41.14% | +37.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -6.50% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.35% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.14% | — |
Current DrawdownCurrent decline from peak | -1.46% | -29.82% | +28.36% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -10.76% | +9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.35% | -1.33% |
Volatility
ZTEN vs. TLH - Volatility Comparison
The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.61%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.46%. This indicates that ZTEN experiences smaller price fluctuations and is considered to be less risky than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTEN | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 2.46% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 5.49% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 8.01% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 12.70% | -6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.80% | 11.19% | -5.39% |
ZTEN vs. TLH - Expense Ratio Comparison
Both ZTEN and TLH have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ZTEN vs. TLH - Dividend Comparison
ZTEN's dividend yield for the trailing twelve months is around 5.08%, more than TLH's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.48% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 5.08% | 5.16% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, ZTEN and TLH 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.
TLH has higher volatility (2.46%) compared to ZTEN (1.61%). In terms of maximum drawdown, ZTEN dropped -3.43% vs TLH's -41.14%.
On 1-year performance, ZTEN leads with 6.84% vs 5.33% for TLH. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTEN has performed better with a 6.84% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTEN and TLH have the same expense ratio: 0.15% per year.
ZTEN has the higher dividend yield at 5.08%, compared with 4.48% for TLH.
ZTEN is categorized as Long-Term Bond, while TLH is Government Bonds. ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: F/m and iShares.
ZTEN currently has the higher Sharpe Ratio (1.38 vs 0.67), 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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