ETF Versus

TLT vs VGLT

iShares 20+ Year Treasury Bond ETF vs Vanguard Long-Term Treasury Index Fund ETF Shares

Last updated: 2026-04-02

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
VGLT

Vanguard Long-Term Treasury Index Fund ETF Shares (VGLT) is an exchange-traded fund that provides exposure to long-duration U.S. Treasury bonds with high interest rate sensitivity. It charges a very low expense ratio of 0.03%. The fund offers a high dividend yield of 4.54%. Launched in 2009, the fund has a 17-year track record.

AUM: $9.9B ER: 0.03% Yield: 4.54% Since: Nov 19, 2009

Quick Verdict

VGLT is significantly cheaper at 0.03% vs 0.15% expense ratio, saving you approximately $238 per $10,000 invested over 10 years. Both funds have delivered similar 1-year returns (-5.7% vs -4.7%), tracking closely.

Key Metrics

Metric TLT VGLT
Expense Ratio 0.15% 0.03%
Dividend Yield 4.5% 4.5%
Fund Family iShares N/A
Category US Long-Term Treasury US Long-Term Treasury

Performance Chart

Indexed to 100 at start (5-year comparison)

60 71 82 93 104 115 2021-04 2022-06 2023-09 2024-12 2026-04
TLT -37.0%
VGLT -34.0%

Performance Comparison

Period TLT VGLT Difference
1 Month -3.74% -3.57% -0.17%
3 Months -0.88% -1.06% +0.18%
6 Months -3.49% -3.03% -0.46%
YTD -0.88% -1.06% +0.18%
1 Year -5.72% -4.74% -0.98%
3 Years -19.08% -16.13% -2.95%
5 Years -37.00% -33.96% -3.04%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period TLT Fees VGLT Fees You Save
$10.000 10 years $298 $60 $238
$10.000 20 years $1.278 $258 $1.020
$10.000 30 years $4.109 $835 $3.274
$50.000 10 years $1.490 $299 $1.190
$50.000 30 years $20.547 $4.176 $16.371
$100.000 30 years $41.094 $8.352 $32.742

Risk Metrics

Based on 5 years of daily returns

Metric TLT VGLT
Annualized Volatility 15.9% 14.6%
Max Drawdown -46.4% -43.9%
Sharpe Ratio -0.79 -0.81

Dividend Comparison

Metric TLT VGLT
Annual Dividend (per share) $3.89 $2.49
Dividend Yield 4.51% 4.51%
Distribution Frequency Monthly Monthly

Which One Should You Choose?

Choose VGLT if...

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

Either works if...

you just need broad us long-term treasury exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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