Data as of Oct 28, 2026.
GOVI vs TLT: Differences, Returns & Fees
GOVI's duration was 10.0 years on May 31, 2026 and TLT's 15.1 on Aug 31, 2026; both charge 0.15%.
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Net assets on Oct 27, 2026: $1.2bn for Invesco Equal Weight 0-30 Year Treasury ETF and $47.4bn for iShares 20+ Year Treasury Bond ETF.
Pair scorecard
Both cost 0.15% a year; their one-year returns differ by 3.2 points; TLT is far larger, $47.4bn against $1.2bn.
Points (pts) are percentage points.
| Measure | GOVI | TLT |
|---|---|---|
| Return | ||
| Total return, 1 year | −4.7% | −7.9% |
| Drawdown | ||
| Below its high | 24.1%, high on Aug 4, 2020 | 42.6%, high on Aug 4, 2020 |
| Benchmark | ||
| What it tracks | ICE 1-30 Year Laddered Maturity US Treasury Index | ICE U.S. Treasury 20+ Year Bond Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.15% |
| Net assets, as of Oct 27, 2026 | $1.2bn | $47.4bn |
| Holdings | ||
| Holdings in common | 24% | |
Holdings in common uses holdings dated May 31, 2026 and Aug 31, 2026. Method
Risk and return
Oct 19, 2007 to Oct 23, 2026 · 992 weekly returnsEach against its own benchmark: GOVI against AGG, Oct 19, 2007 to Oct 23, 2026; TLT against BBLB, Apr 28, 2023 to Oct 23, 2026.
GOVI returned slightly more: +65.6% to +61.9%. GOVI swung less: 8.8% to 14.3%. GOVI fell less at its worst: −32.2% to −47.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GOVI | TLT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +65.6% | +61.9% | GOVI (slight) | Price change plus distributions, reinvested. |
| Annualized | +2.7% | +2.6% | GOVI (slight) | Total return as a yearly rate. |
| Price return | +0.7% | −10.1% | GOVI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.8% | 14.3% | GOVI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.2% | 10.1% | GOVI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −32.2% | −47.8% | GOVI | Deepest fall from a high to the low after it. |
| Upside capture | 182.4% | 102.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 165.3% | 101.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.16 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.51 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.18 | 0.15 | GOVI | Return above Treasury bills per unit of volatility. |
| Sortino | 0.25 | 0.21 | GOVI | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.013 | −0.072 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.08 | 0.05 | GOVI | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | AGG | BBLB | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.06 | −0.01 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.8% to +2.7% | −0.8% to +0.8% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.02 | −0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.2% | 0.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 992 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GOVI and TLT hold 24% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Aug 31, 2026.
half
24% in common
Only in one fund ↓
Side by side
GOVI and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
GOVI and TLT are built for the same job. How do they differ in cost, holdings and results?
- What each follows. GOVI follows ICE 1-30 Year Laddered Maturity US Treasury Index and TLT follows ICE U.S. Treasury 20+ Year Bond Index.
- Holdings in common. 24% of the weight is in the same securities (holdings dated May 31, 2026 and Aug 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 GOVI returned −4.7% and TLT −7.9% with distributions reinvested, a gap of 3.2 points.
Data as of Oct 28, 2026.
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GOVI
GOVI tracks an index. Over the year to Oct 28, 2026 it returned −4.7% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.15% a year. It sat 24.1% below its high of Aug 4, 2020 on Oct 28, 2026.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.
Questions people ask
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, GOVI against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/govi-vs-tlt
ETFIQ. (Oct 28, 2026). GOVI against TLT. Retrieved from https://etfiq.com/compare/any/govi-vs-tlt
[GOVI against TLT (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/govi-vs-tlt)
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