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 3.15% vs -0.08% for TLH. Their correlation of 0.90 means they have usually moved in the same direction. 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 0.08% return, which is significantly higher than TLH's -1.82% return.
ZTEN
- 1D
- 0.60%
- 1M
- -0.73%
- 6M
- 0.06%
- YTD
- 0.08%
- 1Y
- 3.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.79%
TLH
- 1D
- 0.75%
- 1M
- -1.95%
- 6M
- -1.64%
- YTD
- -1.82%
- 1Y
- -0.08%
- 3Y*
- 1.46%
- 5Y*
- -5.25%
- 10Y*
- -1.16%
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $124.12M | $95.25M | $124.06M | |
| $51.21K | $43.84K | $104.13K |
ZTEN vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.08% | 9.15% | 0.29% |
TLH iShares 10-20 Year Treasury Bond ETF | -1.82% | 6.47% | -1.02% |
Correlation
The correlation between ZTEN and TLH is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 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.
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.
| ZTEN | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.00 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.01 | +0.97 |
| Martin ratioReturn relative to average drawdown | 2.62 | -0.03 | +2.65 |
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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 | — | -11.87% | — |
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 | -1.54% | -30.75% | +29.21% |
Average DrawdownAverage peak-to-trough decline | -0.86% | -10.92% | +10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 2.90% | -1.70% |
Volatility
ZTEN vs. TLH - Volatility Comparison
The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.53%, while iShares 10-20 Year Treasury Bond ETF (TLH) has a volatility of 2.26%. 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 | 1.53% | 2.26% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 4.07% | 5.91% | -1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.92% | 7.61% | -2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 12.62% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 11.19% | -5.46% |
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 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.58% | 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 (2.26%) compared to ZTEN (1.53%). In terms of maximum drawdown, ZTEN dropped -3.43% vs TLH's -41.14%.
On 1-year performance, ZTEN leads with 3.15% vs -0.08% for TLH. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.53%. 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 3.15% return vs -0.08%. 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 4.58% 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 (0.64 vs -0.01), 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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