TLT — iShares 20+ Year Treasury Bond ETF

TLT Price Performance — Growth of $10,000

Value of a $10,000 investment in TLT 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.

TLT Drawdown

The "underwater" chart: TLT'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

iShares 20+ Year Treasury Bond ETF (TLT) is a government bond ETF, issued by iShares, focusing on long-term U.S. Treasury securities. With an overall rank of #381 out of 458 tracked ETFs, TLT is positioned in the middle of the pack. The fund has an expense ratio of 0.15%, indicating a relatively low cost for investors, and a dividend yield of 2.61%, offering a modest income stream. Despite its substantial $41.5 billion in assets under management (AUM), TLT's price of $82.05 suggests that it is not the most popular fund in its category, as indicated by its ranking and AUM compared to peers like SGOV and BIL.

The performance of TLT shows a mixed picture across different time horizons. In the short term, the fund experienced a decline of 0.35% on a single-day basis, but showed a slight improvement of 0.01% over the past week. However, over the longer term, the trend is more negative, with a 1-month return of -0.95%, a 3-month return of -1.44%, and a 6-month return of -6.13%. The year-to-date (YTD) return of -3.20% and the 1-year return of -1.19% further illustrate a consistent negative trend. The 3-year return of -2.34% suggests that the fund has underperformed over the longer term, with the 1-year return being slightly better but still negative.

The risk profile of TLT is characterized by a low volatility label, indicating that the fund's price movements are relatively stable compared to other ETFs. However, its beta of 2.40 suggests that TLT is more sensitive to market movements than the overall market, which has a beta of 1.00. The Sharpe ratio of -0.66, a measure of risk-adjusted return, is negative, indicating that the fund's returns have not compensated for its risk. Additionally, the maximum drawdown of -14.79% highlights the fund's potential for significant losses during market downturns. These figures collectively suggest that while TLT may offer some stability, it is also more volatile than its beta might suggest and has historically underperformed relative to its risk, making it a riskier investment compared to its peers in the category.

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

TLT Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 41.9% 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 TLT's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With TLT

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with TLT's top 10 — SGOV overlaps most, holding 1 of the same companies as TLT's top 10 (41.9% of TLT'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: 4.69% (as of 2026-08-20) — 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): 16.01 (as of 2026-08-20) — 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 2026-07-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

See it in a portfolio

TLT is one of the twelve funds in the portfolio game. Start with 25% of a virtual $10,000 in it, build the rest however you like, and the builder shows the range this mix has actually produced over every five-day stretch of the last three years — before you commit to anything.

Free, no sign-up, virtual money only.

TLT Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.06% and average daily volume is 27.5M/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 $41.5B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: TLT 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.

TLT Performance History

How TLT Compares to Other US Bonds - Government ETFs