ZTEN vs. TLT
ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) and TLT (iShares 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, ZTEN returned 3.15% vs -1.64% for TLT. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.
Performance
ZTEN vs. TLT - 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 TLT's -2.43% return.
ZTEN
- 1D
- 0.60%
- 1M
- -0.73%
- 6M
- 0.06%
- YTD
- 0.08%
- 1Y
- 3.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.79%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.59B | $2.11B | $2.22B | |
| $51.21K | $43.84K | $104.13K |
ZTEN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.08% | 9.15% | 0.29% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -2.05% |
Correlation
The correlation between ZTEN and TLT is 0.87, 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. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.88 |
The correlation between ZTEN and TLT has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.
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Return for Risk
ZTEN vs. TLT — Risk / Return Rank
ZTEN
TLT
ZTEN vs. TLT - 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 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.
| ZTEN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.98 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.21 | +1.17 |
| Martin ratioReturn relative to average drawdown | 2.62 | -0.45 | +3.08 |
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Drawdowns
ZTEN vs. TLT - Drawdown Comparison
The maximum ZTEN drawdown since its inception was -3.43%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ZTEN and TLT.
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Drawdown Indicators
| ZTEN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.43% | -48.35% | +44.92% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -7.74% | +4.42% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
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 | -1.54% | -41.73% | +40.19% |
Average DrawdownAverage peak-to-trough decline | -0.86% | -14.00% | +13.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 3.63% | -2.43% |
Volatility
ZTEN vs. TLT - Volatility Comparison
The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.53%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.67%. This indicates that ZTEN 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
| ZTEN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 2.67% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.07% | 6.88% | -2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.92% | 9.25% | -4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 15.75% | -10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 14.83% | -9.10% |
ZTEN vs. TLT - Expense Ratio Comparison
Both ZTEN and TLT 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. TLT - Dividend Comparison
ZTEN's dividend yield for the trailing twelve months is around 5.08%, more than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
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
ZTEN and TLT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.67%) compared to ZTEN (1.53%). In terms of maximum drawdown, ZTEN dropped -3.43% vs TLT's -48.35%.
On 1-year performance, ZTEN leads with 3.15% vs -1.64% for TLT. 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 -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTEN and TLT have the same expense ratio: 0.15% per year.
ZTEN has the higher dividend yield at 5.08%, compared with 4.71% for TLT.
ZTEN is categorized as Long-Term Bond, while TLT is Government Bonds. ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: F/m and iShares.
ZTEN currently has the higher Sharpe Ratio (0.64 vs -0.18), 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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