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, trading under the ticker TLT, operates within the US Bonds - Government category managed by iShares. This fund holds $41.1 billion in assets and trades at a price of $82.85, reflecting significant investor adoption relative to its category peers. It carries an expense ratio of 0.15% and offers a dividend yield of 2.55%. Across all tracked categories, the ETF holds an overall rank of #381 out of 458 funds. Within its specific category of 22 ETFs, it has received an ETFValuer grade of C with a score of 50.0 out of 100. The combination of its large asset base and mid-tier ranking suggests a mature product that faces stiff competition within its sector.

Recent performance data shows a decline over the last day at -1.65% and a weekly drop of -0.71%. The one-month return stands at -4.91%, while the three-month period shows a slightly less severe loss of -2.99%. Over the six-month horizon, the fund has declined by -3.50%, and year-to-date returns are currently at -2.64%. In contrast, the one-year return is positive at +0.88%, though the three-year annualized return is negative at -1.30%. This pattern indicates a divergence where short-term and medium-term trends are negative, while the one-year figure remains positive before turning negative over the longer three-year span.

The fund is assigned a Low volatility label despite exhibiting a high beta of 2.40 relative to the broader market. This combination suggests the fund experiences significant price swings that are amplified compared to market movements, even if its internal volatility classification is low. The Sharpe ratio of -0.44 indicates that the risk-adjusted returns have been negative over the measured period. Additionally, the maximum drawdown of -16.53% highlights the potential for substantial capital loss during market downturns. Together, these metrics describe a fund that has delivered negative risk-adjusted returns while suffering deep drawdowns despite its low volatility classification.

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: 4.61% (as of 2026-07-28) — 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): 18.21 (as of 2026-07-28) — 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.

TLT Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.04% and average daily volume is 24.8M/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 $41.1B 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