iShares 20+ Year Treasury Bond ETF (TLT)


Market Price (8/5/2026): $83.03

iShares 20+ Year Treasury Bond ETF (TLT)


Market Price (8/5/2026): $83.03

Key Takeaways

  • TLT has returned -2.8% YTD vs +13.4% for SPY, -0.3% for AGG; -2.0% over the past 12 months (SPY +23.2%, AGG +2.1%). details →
  • Priced in gold, TLT has returned -54.2% over the past 3 years, vs -3.1% in dollars. details →
  • Over the past month, TLT has seen net inflows of +$1.14B (+2.7% of assets). details →
  • TLT yields 4.31% based on its trailing 12-month distributions.
  • Risk-adjusted returns trail AGG: 3-year Sharpe ratio of -0.4 vs -0.1. details →
Last updated: 8/4/2026.

Price Chart

Asset Allocation with TLT

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+10.9%
Volatility
11.4%
Sharpe
0.72
YTD
+7.5%
Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

Learn More →
Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
Learn More →
Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Top 20 Holdings for TLT

Total Weights
Top 5: 21.4% | Top 10: 41.0% | Top 20: 71.9%

HoldingETF Weight
912810UK2TREASURY BOND 4.75% 05/15/20554.51%
912810UA4TREASURY BOND 4.63% 05/15/20544.45%
912810TT5TREASURY BOND 4.13% 08/15/20534.27%
912810TX6TREASURY BOND 4.25% 02/15/20544.13%
912810UR7TREASURY BOND (OLD) 4.75% 02/15/20564.04%
912810UC0TREASURY BOND 4.25% 08/15/20544.03%
912810TV0TREASURY BOND 4.75% 11/15/20533.97%
912810TR9TREASURY BOND 3.63% 05/15/20533.90%
912810UG1TREASURY BOND 4.63% 02/15/20553.90%
912810UE6TREASURY BOND 4.50% 11/15/20543.79%
912810TB4TREASURY BOND 1.88% 11/15/20513.78%
912810SZ2TREASURY BOND 2.00% 08/15/20513.58%
912810UP1TREASURY BOND (2OLD) 4.63% 11/15/20553.42%
912810UU0TREASURY BOND (OTR) 5.00% 05/15/20563.17%
912810UM8TREASURY BOND 4.75% 08/15/20553.03%
912810TL2TREASURY BOND 4.00% 11/15/20522.97%
912810TN8TREASURY BOND 3.63% 02/15/20532.81%
912810SD1TREASURY BOND 3.00% 08/15/20482.79%
912810SF6TREASURY BOND 3.00% 02/15/20492.73%
912810SC3TREASURY BOND 3.13% 05/15/20482.66%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TLT Return-5%-31%3%-8%4%-4%-38%
Peers Return-5%-31%3%-7%4%-4%-37%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
TLT Win Rate50%17%50%58%58%38% 
Peers Win Rate44%17%46%58%52%44% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TLT Max Drawdown-15%-37%-22%-13%-9%-8% 
Peers Max Drawdown-15%-36%-23%-13%-10%-8% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VGLT, SPTL, TLH, EDV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker1Y3Y5Y
TLT-0.55-0.42-0.70
Bond Top Results (3Y)   
USHY0.140.740.06
SHYG0.070.690.19
HYG0.050.660.01
JNK0.170.66-0.01
SPSB-0.540.46-0.49

Results as of 7312026.

How Low Can It Go

EventTLTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.5%-9.5%
  % Gain to Breakeven21.1%10.5%
  Time to Breakeven62 days24 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-15.1%-3.7%
  % Gain to Breakeven17.8%3.9%
  Time to Breakeven897 days6 days
2013 Taper Tantrum
  % Loss-17.0%-0.2%
  % Gain to Breakeven20.6%0.2%
  Time to Breakeven412 days1 days

Compare to VGLT, SPTL, TLH, EDV

In The Past

iShares 20+ Year Treasury Bond ETF's stock fell -3.8% during the 2025 US Tariff Shock. Such a loss loss requires a 4.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to VGLT, SPTL, TLH, EDV

In The Past

iShares 20+ Year Treasury Bond ETF's stock fell -3.8% during the 2025 US Tariff Shock. Such a loss loss requires a 4.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

TLT Dip Buy History


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Alerts when dip buy opportunities arise.
Notify Me →

Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

TickerNameDip %Mkt PricePrice DatePeak PricePeak Date# Days
IEMGiShares Core MSCI Emerging Markets ETF-6.7%80.24804202686.00622202643
EEMiShares MSCI Emerging Markets ETF-7.3%66.00804202671.21622202643
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-7.9%34.35804202637.30622202643
EWYiShares MSCI South Korea ETF-21.9%171.148042026219.20621202644
EWZiShares MSCI Brazil ETF-13.5%36.09804202641.734142026112
FXIiShares China Large-Cap ETF-8.1%36.31804202639.532102026175
ILFiShares Latin America 40 ETF-7.9%35.08804202638.104142026112
KWEBKraneShares CSI China Internet ETF-16.1%28.89804202634.422032026182
MTUMiShares MSCI USA Momentum Factor ETF-9.2%313.358042026345.22622202643
SPMOInvesco S&P 500 Momentum ETF-6.5%151.178042026161.66622202643
ARKKARK Innovation ETF-8.2%76.76804202683.61706202629
URAGlobal X Uranium ETF-27.1%42.49804202658.26506202690
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-10.9%37.09804202641.63513202683
ROBOROBO Global Robotics & Automation Index ETF-6.6%84.34804202690.34602202663
LITGlobal X Lithium & Battery Tech ETF-21.8%71.69804202691.62511202685
ICLNiShares Global Clean Energy ETF-22.4%18.44804202623.75602202663
ARKQARK Autonomous Technology & Robotics ETF-13.2%124.838042026143.82528202668
ARKXARK Space & Defense Innovation ETF-12.0%33.20804202637.74528202668
NASATema Space Innovators ETF-41.5%24.51804202641.89527202669
XOVREntrepreneurShares Series Trust ERShares Private-Public Crossover ETF-6.7%19.90804202621.34706202629
AGIXKraneShares Artificial Intelligence ETF-8.3%45.30804202649.40601202664
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-10.1%63.30804202670.39511202685
RAAXVanEck Real Assets ETF-7.1%39.66804202642.70511202685
XLKState Street Technology Select Sector SPDR ETF-5.7%186.908042026198.21602202663
XLEState Street Energy Select Sector SPDR ETF-6.5%58.52804202662.563292026128
XLCState Street Communication Services Select Sector SPDR ETF-5.9%112.048042026119.104192026107
XLUState Street Utilities Select Sector SPDR ETF-6.9%44.11804202647.403012026156
FXNFirst Trust Energy AlphaDEX Fund-5.8%21.83804202623.183292026128
SMHVanEck Semiconductor ETF-13.9%575.718042026668.91622202643
SOXXiShares Semiconductor ETF-17.2%542.218042026655.01622202643
XBIState Street SPDR S&P Biotech ETF-7.5%151.888042026164.28709202626
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-8.6%171.958042026188.183292026128
IGViShares Expanded Tech-Software Sector ETF-5.3%102.008042026107.70601202664
MISLFirst Trust Indxx Aerospace & Defense ETF-8.3%46.47804202650.663022026155
RINGiShares MSCI Global Gold Miners ETF-32.7%66.90804202699.423012026156
SOXQInvesco PHLX Semiconductor ETF-16.7%95.868042026115.11622202643
TLTiShares 20+ Year Treasury Bond ETF-7.1%82.82804202689.153012026156
VGLTVanguard Long-Term Treasury ETF-6.0%53.16804202656.533012026156
SPTLState Street SPDR Portfolio Long Term Treasury ETF-6.3%25.29804202626.993012026156
TLHiShares 10-20 Year Treasury Bond ETF-5.7%97.248042026103.083012026156
EDVVanguard World Funds Extended Duration ETF-10.3%60.44804202667.423012026156
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-10.6%16.90804202618.91512202684
DBCInvesco DB Commodity Index Tracking Fund-10.7%28.31804202631.69512202684
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-12.3%32.03804202636.53519202677
GSGiShares GSCI Commodity-5.8%30.01804202631.853182026139
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-9.9%23.35804202625.91512202684
FTGCFirst Trust Global Tactical Commodity Strategy Fund-6.9%28.43804202630.53512202684
HGERHarbor Commodity All-Weather Strategy ETF-6.2%31.41804202633.47512202684
GLDSPDR Gold Trust-23.6%374.168042026490.003022026155
IAUiShares Gold Trust-23.6%76.698042026100.383022026155
GLDMSPDR Gold MiniShares Trust-23.5%80.708042026105.543022026155
SGOLETFS Physical Swiss Gold Shares-12.1%44.66804202650.813022026155
BARDirexion Daily Gold Bull 3X Shares-15.6%44.34804202652.533022026155
SLViShares Silver Trust-36.7%53.84804202684.993012026156
SIVRETFS Physical Silver Shares Trust ETF-6.6%83.39804202689.263012026156
PPLTETFS Physical Platinum Shares-26.7%15.74804202621.473012026156
CPERUnited States Copper Index Fund ETV-11.1%33.33804202637.482032026182
PALLETFS Physical Palladium Shares-24.7%24.50804202632.542242026161
USOUnited States Oil Fund LP-24.3%115.788042026152.96519202677
UNGUnited States Natural Gas Fund LP-27.7%9.77804202613.522052026180
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85804202660.13504202692
IBITiShares Bitcoin Trust ETF-21.7%36.39804202646.47511202685
FBTCFidelity Wise Origin Bitcoin Fund-21.7%55.89804202671.35511202685
ETHAiShares Ethereum Trust ETF-23.0%14.15804202618.384192026107

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-08-03

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$44.6B), followed by Bond (+$16.1B), with every major asset class in net inflows.
  • Within the mix, money rotated into Industry Subsector (+$9.5B) and out of US Nasdaq Growth (−$6.2B).
  • Relative to fund size, BFLX drew the largest inflow (+56.3% of AUM) and FTXL the largest outflow (−38.6%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$10.31B+1.0%
2SOXXiShares Semiconductor ETFEquity Industry Subsector+$7.78B+17.0%
3SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core+$6.37B+0.8%
4DRAMRoundhill Memory ETFOther+$6.13B+25.6%
5EWYiShares MSCI South Korea ETFEquity Emerging Markets+$5.93B+26.4%
6SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$5.87B+3.7%
7VTIVanguard Total Stock Market ETFEquity US Total Market+$4.14B+0.6%
8EFViShares MSCI EAFE Value ETFEquity International Developed Broad+$3.64B+13.2%
9SGOViShares 0-3 Month Treasury Bond ETFCash+$3.64B+3.7%
10XLFState Street Financial Select Sector SPDR ETFEquity Broad Sector+$3.36B+6.0%
Largest outflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core-$14.84B-1.7%
2QQQInvesco QQQ Trust, Series 1Equity US Nasdaq Growth-$8.85B-1.9%
3IQMMProShares - GENIUS Money Market ETFOther-$3.05B-16.8%
4LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate-$1.79B-5.1%
5IWDiShares Russell 1000 Value ETFEquity US Large Value-$1.15B-1.4%
6XLCState Street Communication Services Select Sector SPDR ETFEquity Broad Sector-$1.08B-4.8%
7SCZiShares MSCI EAFE Small-Cap ETFEquity International Small Cap-$1.05B-7.9%
8IWFiShares Russell 1000 Growth ETFEquity US Large Growth-$952M-0.8%
9KREState Street SPDR S&P Regional Banking ETFEquity Industry Subsector-$892M-18.8%
10FTXLFirst Trust Nasdaq Semiconductor ETFOther-$885M-38.6%

Largest ETF fund flows across ~2581 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About TLT

0Holdings Count: 46
Expense Ratio: 0.15%
Inception Date: 2002-07-22
iShares 20+ Year Treasury Bond ETF
Providing exposure to long-term government debt, the iShares 20+ Year Treasury Bond ETF aims to replicate the performance of an index. This benchmark index is comprised exclusively of U.S. Treasury securities with maturities extending beyond two decades.
Asset Class: Fixed Income | ETF Website

Recent Active Movers

Peer Comparisons

Peers to compare with:

Profile

TLTVGLTSPTLTLHEDVMedian
NameiShares 20.Vanguard L.State Stre.iShares 10.Vanguard W. 
Asset ClassBondBondBondBondBond-
AUM ($ Bil)41.515.210.610.84.110.8
Expense Ratio0.15%0.03%0.03%0.15%0.05%0.05%
10-D Avg Volume (Mil)25.671.995.611.231.031.99
Latest Day Volume (Mil)25.130.973.272.040.822.04
Holdings Count4669108597569
Inception Date7/22/200211/19/20095/23/20071/5/200712/6/2007-

Fundamentals

TLTVGLTSPTLTLHEDVMedian
NameiShares 20.Vanguard L.State Stre.iShares 10.Vanguard W. 
Net Asset Value82.1852.7425.2496.4759.18-
Premium/Discount0.8%0.8%0.2%0.8%2.1%0.8%
Distribution Yield4.7%4.7%4.3%4.6%5.4%4.7%
Sales Yield------
Earnings Yield------

Valuation

TLTVGLTSPTLTLHEDVMedian
NameiShares 20.Vanguard L.State Stre.iShares 10.Vanguard W. 
P/S (TTM)------
P/E (TTM)------
P/FCF (TTM)------
Forward P/E------
Forward P/S------

Risk

TLTVGLTSPTLTLHEDVMedian
NameiShares 20.Vanguard L.State Stre.iShares 10.Vanguard W. 
Volatility (1Y)9.2%8.4%8.5%7.6%14.0%8.5%
Volatility (3Y)13.7%12.5%12.5%11.1%19.8%12.5%
Volatility (5Y)15.7%14.4%14.5%12.6%21.5%14.5%
Beta (1Y)0.160.160.160.160.220.16
Beta (3Y)0.130.110.110.100.200.11
Beta (5Y)0.080.070.070.070.100.07
Sharpe Ratio (1Y)-0.15-0.03-0.07-0.01-0.26-0.07
Sharpe Ratio (3Y)-0.080.01-0.000.11-0.20-0.00
Sharpe Ratio (5Y)-0.46-0.42-0.43-0.37-0.51-0.43
Max Drawdown (1Y)-7.8%-7.0%-7.1%-6.5%-13.2%-7.1%
Max Drawdown (3Y)-16.5%-15.2%-15.1%-13.2%-23.4%-15.2%
Max Drawdown (5Y)-43.7%-41.0%-41.0%-35.4%-55.0%-41.0%

Returns

TLTVGLTSPTLTLHEDVMedian
NameiShares 20.Vanguard L.State Stre.iShares 10.Vanguard W. 
1M Return-3.1%-2.3%-2.7%-2.3%-4.5%-2.7%
3M Return-1.8%-1.1%-1.4%-1.1%-2.6%-1.4%
6M Return-2.5%-1.8%-2.1%-1.9%-4.0%-2.1%
YTD Return-2.8%-2.1%-2.5%-2.2%-4.7%-2.5%
1Y Return-1.8%-0.5%-0.9%-0.3%-4.4%-0.9%
2Y Return-3.8%-1.1%-1.4%0.9%-10.8%-1.4%
3Y Return-6.0%-2.0%-2.3%2.1%-16.1%-2.3%

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity93.9 Mil
Short Interest: % Change Since 6302026-7.6%
Average Daily Volume20.8 Mil
Days-to-Cover Short Interest4.5 days