ETF Versus

TLT vs VGLT

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

Last updated: 2026-04-10

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 4.53%. Launched in 2002, the fund has a 24-year track record.

AUM: $42.3B ER: 0.15% Yield: 4.53% Since: Jul 22, 2002
VGLT Vanguard

Vanguard Long-Term Treasury Index Fund ETF Shares (VGLT) is an exchange-traded fund issued by Vanguard 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 4.52%. Launched in 2009, the fund has a 17-year track record.

AUM: $10.0B ER: 0.03% Yield: 4.52% 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 (-0.0% vs 0.4%), tracking closely.

Key Metrics

Metric TLT VGLT
Expense Ratio 0.15% 0.03%
Dividend Yield 4.5% 4.5%
Fund Family iShares Vanguard
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 2022-07 2023-10 2025-01 2026-04
TLT -37.1%
VGLT -34.1%

Performance Comparison

Period TLT VGLT Difference
1 Month -0.85% -0.87% +0.02%
3 Months -1.45% -1.45% +0.00%
6 Months -4.61% -3.97% -0.64%
YTD -0.73% -0.85% +0.12%
1 Year -0.03% +0.39% -0.42%
3 Years -19.26% -16.33% -2.93%
5 Years -37.14% -34.13% -3.01%

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) $3.91 $2.50
Dividend Yield 4.53% 4.53%
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.

Related Comparisons

AGG vs TLT BND vs TLT GLD vs TLT IEF vs TLT SHY vs TLT SPY vs TLT