iShares 20+ Year Treasury Bond ETF (TLT) Performance
TLT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −3.4% since Dec 31, 2025
- 1 year
- −6.9% total return
- 5 years
- −7.6% a year
- 10 years
- −2.0% a year
- Since first price
- +3.4% a year since 2002
TLT trailing returns vs AGG, SHY, SPY
| Period | TLT total return | Price only | U.S. bonds (AGG) | 1-3 yr Treasuries (SHY) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.5% | +1.1% | +0.9% | +0.8% | −1.0% |
| 3 months | −1.0% | −2.2% | −0.4% | +0.6% | +3.2% |
| 6 months | −3.8% | −6.0% | −1.5% | +0.6% | +7.8% |
| YTD | −3.4% | −6.7% | −1.0% | +1.1% | +12.3% |
| 1 year | −6.9% | −11.0% | −1.1% | +1.7% | +14.4% |
| 3 years | +9.7%+3.1%/yr | −3.4% | +16.6%+5.2%/yr | +12.7%+4.1%/yr | +87.4%+23.3%/yr |
| 5 years | −32.5%−7.6%/yr | −43.6% | −0.8%−0.2%/yr | +10.1%+1.9%/yr | +79.3%+12.4%/yr |
| 10 years | −18.7%−2.0%/yr | −39.0% | +14.0%+1.3%/yr | +18.2%+1.7%/yr | +315.9%+15.3%/yr |
| 15 years | +9.9%+0.6%/yr | −28.1% | +32.2%+1.9%/yr | +21.5%+1.3%/yr | +696.0%+14.8%/yr |
| 20 years | +75.9%+2.9%/yr | −6.7% | +79.6%+3.0%/yr | +46.0%+1.9%/yr | +696.9%+10.9%/yr |
| Since inceptionJul 26, 2002 | +127.5%+3.4%/yr | −1.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TLT vs AGG
From Sep 26, 2003: TLT grew to $20,286, AGG to $19,588.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TLT returns by calendar year
16 of 23 full years positive. Best 2011 (+34.0%), worst 2022 (−31.2%). 2026 is year to date.
TLT annual returns table
| Year | TLT | Largest drop | AGG | SHY | SPY |
|---|---|---|---|---|---|
| 2026YTD | −3.4% | −12.5% | −1.0% | +1.1% | +12.3% |
| 2025 | +4.3% | −9.2% | +7.2% | +5.0% | +17.7% |
| 2024 | −8.1% | −12.8% | +1.3% | +3.9% | +24.9% |
| 2023 | +2.8% | −22.4% | +5.7% | +4.2% | +26.2% |
| 2022 | −31.2% | −34.9% | −13.0% | −3.9% | −18.2% |
| 2021 | −4.6% | −14.8% | −1.8% | −0.7% | +28.7% |
| 2020 | +18.2% | −15.7% | +7.5% | +3.0% | +18.3% |
| 2019 | +14.1% | −8.2% | +8.5% | +3.4% | +31.2% |
| 2018 | −1.6% | −9.2% | +0.1% | +1.5% | −4.6% |
| 2017 | +9.2% | −5.1% | +3.6% | +0.3% | +21.7% |
| 2016 | +1.2% | −17.9% | +2.4% | +0.8% | +12.0% |
| 2015 | −1.8% | −15.8% | +0.5% | +0.4% | +1.2% |
| 2014 | +27.3% | −5.0% | +6.0% | +0.4% | +13.5% |
| 2013 | −13.4% | −17.0% | −2.0% | +0.2% | +32.3% |
| 2012 | +2.6% | −10.1% | +3.8% | +0.3% | +16.0% |
| 2011 | +34.0% | −10.9% | +7.7% | +1.4% | +1.9% |
| 2010 | +9.0% | −15.1% | +6.4% | +2.3% | +15.1% |
| 2009 | −21.8% | −23.1% | +3.0% | +0.4% | +26.4% |
| 2008 | +33.9% | −7.5% | +7.9% | +6.6% | −36.8% |
| 2007 | +10.3% | −7.9% | +6.6% | +7.4% | +5.1% |
| 2006 | +0.7% | −9.3% | +3.9% | +3.9% | +15.8% |
| 2005 | +8.6% | −7.1% | +2.3% | +1.5% | +4.8% |
| 2004 | +8.7% | −10.9% | +3.8% | +0.7% | +10.7% |
| 2003 | +1.6% | −15.7% | — | +2.2% | +28.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TLT largest drawdowns
Now 42.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 4, 2020 | −48.4% | Oct 19, 2023 | not yet | 3.2 years | 6.2 years so far |
| Dec 30, 2008 | −26.6% | Jun 10, 2009 | Aug 18, 2011 | 5 months | 2.6 years |
| Jul 25, 2012 | −20.5% | Aug 21, 2013 | Dec 10, 2014 | 1.1 years | 2.4 years |
| Jul 8, 2016 | −17.9% | Dec 14, 2016 | Jul 2, 2019 | 5 months | 3.0 years |
| Jan 30, 2015 | −15.8% | Jun 26, 2015 | Jun 9, 2016 | 5 months | 1.4 years |
| Mar 9, 2020 | −15.7% | Mar 18, 2020 | Apr 21, 2020 | 9 days | 43 days |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
TLT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2002 |
|---|---|---|---|---|
| Annualized return | −0.1% | −8.5% | −2.8% | +3.2% |
| Volatility (annualized) | 13.5% | 14.6% | 13.6% | 13.5% |
| Sharpe ratio | -0.27 | -0.78 | -0.31 | — |
| Sortino ratio | -0.37 | -0.96 | -0.42 | — |
| Best month | +9.9% | +9.9% | +11.0% | +14.3% |
| Worst month | −6.4% | −9.4% | −9.4% | −13.1% |
| Best 12 months | +15.1% | +15.1% | +37.7% | +37.8% |
| Worst 12 months | −9.0% | −33.6% | −33.6% | −33.6% |
| Positive months | 56% | 47% | 50% | 53% |
| Beta vs S&P 500 | 0.53 | 0.52 | 0.16 | — |
| Correlation with S&P 500 | 0.49 | 0.56 | 0.18 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TLT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 280 | −33.6% | +4.0% | +37.8% | 64% |
| 3-year (a year) | 256 | −17.2% | +5.4% | +15.3% | 79% |
| 5-year (a year) | 232 | −10.2% | +5.5% | +12.6% | 78% |
| 10-year (a year) | 172 | −2.8% | +6.3% | +9.4% | 84% |
Every holding period starting at a month-end since 2002. Returns for 3 years and longer are annualized.
TLT performance overview
iShares 20+ Year Treasury Bond ETF (TLT) returned −6.9% over the past year and −2.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2002 it has returned +3.4% a year, turning $10,000 into about $22,749. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −48.4%, from Aug 4, 2020 to Oct 19, 2023; the fund has not yet regained that high. TLT finished 16 of its 23 full calendar years with a gain; the best year was 2011 (+34.0%) and the worst 2022 (−31.2%). Volatility has been 13.5% a year.
Related: TLT chart, TLT dividends, TLT bond profile. See the TLT overview for the latest quote and fund facts.
TLT performance FAQ
What is the TLT return over the past year?
TLT returned −6.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 11.0%.
What is the average annual return of TLT?
TLT has returned −7.6% a year over 5 years, −2.0% a year over 10 years, +3.4% a year since July 26, 2002 (total return, distributions reinvested).
How much would $10,000 invested in TLT be worth?
$10,000 invested in TLT at its first recorded close on July 26, 2002 would be worth about $22,749 on October 23, 2026 with distributions reinvested.
What was the worst year for TLT?
The worst calendar year was 2022, with a total return of −31.2%. The best was 2011 at +34.0%.
What is the biggest drawdown of TLT?
The largest peak-to-trough decline was −48.4% between August 4, 2020 and October 19, 2023. It has not yet recovered to that high; it is 42.3% below its peak.
How volatile is TLT?
Over the past 3 years TLT had an annualized volatility of 13.5% and a Sharpe ratio of -0.27 (excess return over 1–3 month T-bills per unit of risk).