TLH — iShares 10-20 Year Treasury Bond ETF

TLH Price Performance — Growth of $10,000

Value of a $10,000 investment in TLH over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

TLH Drawdown

The "underwater" chart: TLH's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares 10-20 Year Treasury Bond ETF (TLH) operates within the US Bonds - Government category, which currently contains 22 ETFs tracked by ETFValuer. Issued by iShares, the fund manages $11.3 billion in assets and trades at a price of $97.31. It holds an overall rank of #372 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 51.2 out of 100. The fund charges an expense ratio of 0.15% while offering a dividend yield of 4.44%. The substantial asset under management of $11.3 billion suggests significant investor adoption despite the fund's mid-tier ranking relative to the broader universe. This combination of a moderate cost structure and high yield contrasts with its average performance rating in the current market environment.

Recent performance data shows a mixed trajectory across various time horizons, starting with a +0.22% gain over the last day followed by a -1.39% decline over one week. The fund experienced further losses over the past month with a -3.40% return, which extended to a -2.26% drop over three months and a -2.33% decline over six months. Year-to-date returns stand at -1.98%, indicating a negative trend for the current calendar year. However, the longer-term picture shows recovery, with a +1.97% return over the past year and a +1.85% gain over the last three years. This pattern illustrates a divergence where short-term volatility has resulted in negative returns, while the one-year and three-year periods reflect positive growth.

The fund carries a volatility label of Very Low, yet it exhibits a beta of 2.00, indicating that its price movements are twice as sensitive to market changes than the benchmark. This high sensitivity is reflected in a Sharpe ratio of -0.39, suggesting that the returns generated have not adequately compensated for the risk taken. The fund has experienced a maximum drawdown of -14.05%, representing the largest peak-to-trough decline recorded. This combination of a low volatility label with a high beta and negative risk-adjusted return implies that the fund may experience sharp movements during market shifts despite its classification. The significant drawdown figure further highlights the potential for substantial temporary losses during periods of market stress.

AI-generated summary based on the data on this page.

TLH Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 37.5% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how TLH's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With TLH

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with TLH's top 10 — SGOV overlaps most, holding 1 of the same companies as TLH's top 10 (37.5% of TLH's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

TLH Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.44% and average daily volume is 1.2M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $11.3B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: TLH is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

TLH Performance History

How TLH Compares to Other US Bonds - Government ETFs