What is the expense ratio of IYR vs TLT?

IYR has an expense ratio of 0.38%, while TLT has an expense ratio of 0.15%.

IYR vs TLT

iShares U.S. Real Estate ETF vs iShares 20+ Year Treasury Bond ETF

Last updated: 2026-04-02

IYR iShares

iShares U.S. Real Estate ETF (IYR) is an exchange-traded fund issued by iShares that provides exposure to U.S. real estate investment trusts (REITs) and real estate companies. It charges an above-average expense ratio of 0.38%. The fund offers a moderate dividend yield of 2.37%. Launched in 2000, the fund has a 26-year track record.

AUM: $3.9B ER: 0.38% Yield: 2.37% Since: Jun 12, 2000

TLT iShares

iShares 20+ Year Treasury Bond ETF (TLT) is an exchange-traded fund issued by iShares that provides exposure to long-duration U.S. Treasury bonds with high interest rate sensitivity. It charges a low expense ratio of 0.15%. The fund offers a high dividend yield of 4.51%. Launched in 2002, the fund has a 24-year track record.

AUM: $41.7B ER: 0.15% Yield: 4.51% Since: Jul 22, 2002

Quick Verdict

TLT is significantly cheaper at 0.15% vs 0.38% expense ratio, saving you approximately $450 per $10,000 invested over 10 years. IYR has edged ahead over the past year (-1.0% vs -5.7%). Income investors may prefer TLT for its higher yield (4.5% vs 2.4%).

Key Metrics

Metric	IYR	TLT
Expense Ratio	0.38%	0.15%
Dividend Yield	2.4%	4.5%
Fund Family	iShares	iShares
Category	US Real Estate	US Long-Term Treasury

Performance Chart

Indexed to 100 at start (5-year comparison)

IYR +1.0%

TLT -37.0%

Performance Comparison

Period	IYR	TLT	Difference
1 Month	-6.56%	-3.74%	-2.82%
3 Months	+0.95%	-0.88%	+1.83%
6 Months	-2.23%	-3.49%	+1.26%
YTD	+0.95%	-0.88%	+1.83%
1 Year	-0.97%	-5.72%	+4.75%
3 Years	+12.64%	-19.08%	+31.72%
5 Years	+0.99%	-37.00%	+37.99%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	IYR Fees	TLT Fees	You Save
$10.000	10 years	$748	$298	$450
$10.000	20 years	$3.173	$1.278	$1.895
$10.000	30 years	$10.097	$4.109	$5.988
$50.000	10 years	$3.739	$1.490	$2.249
$50.000	30 years	$50.486	$20.547	$29.939
$100.000	30 years	$100.972	$41.094	$59.878

Risk Metrics

Based on 5 years of daily returns

Metric	IYR	TLT
Annualized Volatility	18.8%	15.9%
Max Drawdown	-36.9%	-46.4%
Sharpe Ratio	-0.13	-0.79

Dividend Comparison

Metric	IYR	TLT
Annual Dividend (per share)	$2.25	$3.89
Dividend Yield	2.37%	4.51%
Distribution Frequency	Quarterly	Monthly

Top Holdings

IYR Top Holdings

Name	Weight
Welltower Inc.WELL	10.03%
Prologis, Inc.PLD	9.11%
Equinix, Inc.EQIX	4.68%
Digital Realty Trust, Inc.DLR	4.59%
Simon Property Group, Inc.SPG	4.50%
Realty Income CorporationO	4.44%
American Tower CorporationAMT	4.39%
Public StoragePSA	3.40%
Ventas, Inc.VTR	3.15%
CBRE Group, Inc.CBRE	3.10%

Which One Should You Choose?

Choose TLT if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose IYR if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose TLT if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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