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 6.32% vs 3.48% for TLT. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
ZTEN vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZTEN achieves a 0.33% return, which is significantly higher than TLT's -0.05% return.
ZTEN
- 1D
- 0.16%
- 1M
- 0.29%
- YTD
- 0.33%
- 6M
- 0.40%
- 1Y
- 6.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
ZTEN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF | 0.33% | 9.15% | 0.29% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -0.55% |
Correlation
The correlation between ZTEN and TLT is 0.88, 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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.88 |
The correlation between ZTEN and TLT has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| ZTEN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 0.46 | +1.45 |
| Martin ratioReturn relative to average drawdown | 6.21 | 1.14 | +5.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZTEN | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 0.36 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | 0.26 | +0.91 |
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.
Loading charts...
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% | -7.58% | +4.26% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
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 | -1.30% | -40.31% | +39.01% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -13.82% | +13.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 3.05% | -2.03% |
Volatility
ZTEN vs. TLT - Volatility Comparison
The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.60%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. 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.
Loading charts...
Volatility by Period
| ZTEN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 2.71% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 6.50% | -2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 9.77% | -4.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 15.86% | -10.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 14.90% | -9.11% |
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 5.07%, more than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 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 | 5.07% | 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 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to ZTEN (1.60%). In terms of maximum drawdown, ZTEN dropped -3.43% vs TLT's -48.35%.
On 1-year performance, ZTEN leads with 6.32% vs 3.48% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, ZTEN has been the lower-risk option at 1.60%. 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 6.32% return vs 3.48%. 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 5.07%, compared with 4.58% 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 (1.28 vs 0.36), 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.
Find the right allocation for ZTEN and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer