TLT: iShares 20+ Year Treasury Bond ETF returns, drawdowns and risk
Funds on US government bonds, from a few months to 30 years. The longer the maturity, the larger the moves when interest rates change.
Data updated October 2026
TLT · US exchange · USDCategory: US Treasury bond ETFsData from October 2006
From October 2006 to October 2026 TLT returned 2.7% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $17,116.
Its deepest fall was 48.4%, from August 2020 to October 2023, and it has not yet returned to the previous high. Annual volatility was 15.0%; at the last close it was 43.7% below its high.
Against AGG (iShares Core U.S. Aggregate Bond ETF), over the 240 months both have data, the correlation of monthly returns was 0.83: they usually moved together. Beta was 2.53. In months when AGG rose, TLT moved 230% as much on average; in months when AGG fell, 299% as much.
Key figures
- Annual return (CAGR)
- +2.7%
- 1-year return
- −8.8%
- 5 years, a year
- −7.9%
- 10 years, a year
- −2.3%
- Annual volatility
- 15.0%
- Maximum drawdown
- −48.4%
- Sharpe ratio
- 0.15
- Worst year
- 2022: −31.2%
Trailing returns
| Period | TLT | AGG |
|---|---|---|
| 1 year | −8.8% | −1.9% |
| 3 years, a year | +2.9% | +5.2% |
| 5 years, a year | −7.9% | −0.3% |
| 10 years, a year | −2.3% | +1.2% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: TLT vs AGG
Month-end values from November 2006, the first month both funds have data.
TLT drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | TLT | AGG |
|---|---|---|
| 2026(partial) | −5.7% | −1.8% |
| 2025 | +4.3% | +7.2% |
| 2024 | −8.1% | +1.3% |
| 2023 | +2.8% | +5.7% |
| 2022 | −31.2% | −13.0% |
| 2021 | −4.6% | −1.8% |
| 2020 | +18.1% | +7.5% |
| 2019 | +14.1% | +8.5% |
| 2018 | −1.6% | +0.1% |
| 2017 | +9.2% | +3.5% |
| 2016 | +1.2% | +2.4% |
| 2015 | −1.8% | +0.5% |
| 2014 | +27.3% | +6.0% |
| 2013 | −13.4% | −2.0% |
| 2012 | +2.6% | +3.8% |
| 2011 | +34.0% | +7.7% |
| 2010 | +9.0% | +6.4% |
| 2009 | −21.8% | +3.0% |
| 2008 | +33.9% | +7.9% |
| 2007 | +10.3% | +6.6% |
| 2006(partial) | +2.1% | — |
TLT compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of TLT?
From October 2006 to October 2026 TLT returned 2.7% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: −7.9% a year. Over the last 12 months: −8.8%.
What was the worst drawdown of TLT?
48.4%, from August 2020 to October 2023; it has not yet returned to the previous high.
How volatile is TLT?
Annual volatility was 15.0% over the period. Its worst month was −13.1% and 51% of months were positive. Worst calendar year: 2022 (−31.2%).
How closely does TLT follow AGG?
Over 240 months the correlation of monthly returns was 0.83, so they usually moved together, with a beta of 2.53.
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Other US Treasury bond ETFs
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.