Which returned more over the last year, GOVT or TLT?

In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and TLT −7.9%.

Which is cheaper, GOVT or TLT?

GOVT is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

GOVT vs TLT: Differences, Returns & Fees

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GOVT's duration was 5.5 years on Jul 31, 2026 and TLT's 15.1 on Aug 31, 2026; GOVT charges 0.05% to TLT's 0.15%.

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Net assets on Oct 27, 2026: $42.8bn for iShares U.S. Treasury Bond ETF and $47.4bn for iShares 20+ Year Treasury Bond ETF.

GOVT on its own →TLT on its own →

At a glance

−1.5%

GOVT total return, 1 year

−7.9%

TLT total return, 1 year

0.05%

GOVT expense ratio

0.15%

TLT expense ratio

Pair scorecard

GOVT costs 0.10 points a year less; their one-year returns differ by 6.4 points; TLT is 1.1 times larger.

GOVT vs TLT: Differences, Returns & Fees
Measure	GOVT	TLT
Return
Measure	GOVT	TLT
Total return, 1 year	−1.5%	−7.9%
Drawdown
Measure	GOVT	TLT
Below its high	8.1%, high on Aug 4, 2020	42.6%, high on Aug 4, 2020
Benchmark
Measure	GOVT	TLT
What it tracks	ICE U.S. Treasury Core Bond Index	ICE U.S. Treasury 20+ Year Bond Index
Cost and size
Measure	GOVT	TLT
Expense ratio	0.05%	0.15%
Net assets, as of Oct 27, 2026	$42.8bn	$47.4bn
Holdings
Measure	GOVT	TLT
Holdings in common	10%

Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method

Risk and return

Mar 2, 2012 to Oct 23, 2026 · 764 weekly returns

GOVT TLT

Return

Total return edge GOVT +18.4% +4.7%

Annualized edge GOVT +1.2% +0.3%

Price return edge GOVT −10.6% −30.6%

Risk

Volatility edge GOVT 4.5% 13.8%

Max drawdown edge GOVT −18.7% −47.8%

Risk-adjusted

Sharpe edge TLT −0.11 −0.03

Sortino edge TLT −0.15 −0.05

Calmar edge GOVT 0.06 0.01

Reading

GOVT returned more: +18.4% to +4.7%. GOVT swung less: 4.5% to 13.8%. GOVT fell less at its worst: −18.7% to −47.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: GOVT vs TLT: Differences, Returns & Fees
Measure	GOVT	TLT	Edge	How it is measured
Return
Total return	+18.4%	+4.7%	GOVT	Price change plus distributions, reinvested.
Annualized	+1.2%	+0.3%	GOVT	Total return as a yearly rate.
Price return	−10.6%	−30.6%	GOVT	Price change alone, distributions left out.
Risk
Volatility	4.5%	13.8%	GOVT	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.3%	10.1%	GOVT	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−18.7%	−47.8%	GOVT	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.11	−0.03	TLT	Return above Treasury bills per unit of volatility.
Sortino	−0.15	−0.05	TLT	Return above Treasury bills per unit of downside deviation.
Calmar	0.06	0.01	GOVT	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 764 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

10%

By the books each fund has filed, GOVT and TLT hold 10% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

50%

0 half 100%

half

10% in common

Positions both hold · largest shared weight first GOVT TLT

U.S. Treasury Bonds, due Feb 15, 2051 1.46% 2.48%

U.S. Treasury Bonds, due Nov 15, 2052 0.60% 2.94%

U.S. Treasury Bonds, due Feb 15, 2055 0.59% 3.80%

U.S. Treasury Bonds, due May 15, 2054 0.54% 4.40%

U.S. Treasury Bonds, due Aug 15, 2054 0.52% 3.94%

U.S. Treasury Bonds, due Aug 15, 2055 0.45% 2.95%

U.S. Treasury Bonds, due May 15, 2055 0.43% 4.46%

U.S. Treasury Bonds, due Nov 15, 2054 0.43% 3.75%

U.S. Treasury Bonds, due Nov 15, 2046 0.82% 0.40%

U.S. Treasury Bonds, due Feb 15, 2056 0.39% 3.94%

U.S. Treasury Bonds, due Nov 15, 2055 0.38% 3.71%

U.S. Treasury Bonds, due Aug 15, 2052 0.36% 1.58%

Only in one fund ↓

Only in GOVT

U.S. Treasury Notes, due Nov 15, 2031 5.28%

U.S. Treasury Notes, due Feb 15, 2029 2.95%

U.S. Treasury Notes, due Feb 15, 2028 2.63%

U.S. Treasury Notes, due Nov 15, 2028 2.08%

U.S. Treasury Notes, due May 15, 2028 1.62%

U.S. Treasury Bonds, due Nov 15, 2042 1.46%

U.S. Treasury Bonds, due Nov 15, 2027 1.38%

U.S. Treasury Bonds, due Nov 15, 2043 1.37%

Only in TLT

U.S. Treasury Bonds, due Feb 15, 2049 2.68%

U.S. Treasury Bonds, due May 15, 2048 2.64%

U.S. Treasury Bonds, due May 15, 2050 1.07%

U.S. Treasury Bonds, due Nov 15, 2049 0.42%

U.S. Treasury Bonds, due Feb 15, 2045 0.00%

U.S. Treasury Bonds, due Aug 15, 2045 0.00%

U.S. Treasury Bonds, due Aug 15, 2044 0.00%

U.S. Treasury Bonds, due Feb 15, 2045 0.00%

Check overlap with more funds →

Side by side

GOVT iShares U.S. Treasury Bond ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares iShares

What it is Tracks an index of U.S. Treasury Bond Tracks an index of 20+ year Treasuries

Total return, 1 year −1.5% −7.9%

Its benchmark over the same days not measured −7.8% (BBLB)

Gap to its benchmark not measured −0.1 pts vs BBLB

Expense ratio 0.05% 0.15%

Holdings 229 47

Net assets, as of Oct 27, 2026 $42.8bn $47.4bn

GOVT and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-4A633EC208

GOVT and TLT do different jobs. What does each one do in a portfolio?

What each follows. GOVT follows ICE U.S. Treasury Core Bond Index and TLT follows ICE U.S. Treasury 20+ Year Bond Index.
Holdings in common. 10% of the weight is in the same securities (holdings dated Jul 31, 2026 and Aug 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 GOVT returned −1.5% and TLT −7.9% with distributions reinvested, a gap of 6.4 points.

Data as of Oct 28, 2026.

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About each fund

GOVT

GOVT tracks an index of U.S. Treasury Bond. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.05% a year. It sat 8.1% 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. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, GOVT or TLT?: In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and TLT −7.9%.
Which is cheaper, GOVT or TLT?: GOVT is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

GOVT vs VGLT EDV vs GOVT GOVT vs IUSB GOVT vs MBB TLT vs VGIT IEF vs TLT MBB vs TLT TLT vs VGSH

Where to next

GOVT on its own →TLT on its own →Hold both: look the portfolio through →Rankings →GOVT dividend history →GOVT holdings →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

GOVT and TLT filings on SEC EDGAR ↗

GOVT prospectus with the expense ratio (SEC) ↗

iShares page for GOVT ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, GOVT against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/govt-vs-tlt

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.