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

The iShares 20+ Year Treasury Bond ETF is a government bond fund issued by iShares with $46.2 billion in assets under management. It holds a D grade and ranks 19th out of 22 peers in the US Bonds - Government category, placing it in the lower tier of its classification. The fund’s 0.15% expense ratio is more than double the category median of 0.07%, indicating higher costs for investors. Despite the elevated fees, the ETF offers a 5.00% dividend yield, which exceeds the category median of 3.95%. The top ten holdings represent 41.9% of assets, with the largest single position being United States of America at 4.6%.

The fund’s price of $77.87 sits at the very bottom of its 52-week range, reflecting a 9.1% distance from the high. Short-term performance shows a slight recovery with a +0.93% gain over one day and +0.21% over one week, contrasting with longer-term declines. Over the past year, the ETF returned -8.63%, significantly underperforming the category median of -1.64%. This negative trend extends to the three-year horizon, where returns stand at +1.01%. The rating has remained unchanged at grade D across the last 35 tracked days, and price history is available for only 3.0 years.

With a beta of 2.31, the fund exhibits high sensitivity to market movements compared to the broader market. Annualized volatility is recorded at 9.38%, which is labeled as Low despite the high beta. The Sharpe ratio of -1.45 indicates that risk-adjusted returns have been negative over the measured period. Maximum drawdown reached -16.59%, highlighting the potential for significant capital erosion during downturns. Liquidity remains robust with an average daily volume of 35,456,312 shares, ensuring ease of trading for investors.

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: 5.28% (as of 2026-10-07) — 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): 15.08 (as of 2026-10-07) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

TLT Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 35.5M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $46.2B 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