Are ORR and TLT in the same category?

ORR is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

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

In the year to Nov 4, 2026, with distributions reinvested, ORR returned +21.6% and TLT −4.8%.

Data as of Nov 4, 2026.

Across categories

ORR vs TLT: Differences, Returns & Fees

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Over the year to Nov 4, 2026, ORR returned +21.6% to TLT's −4.8%.

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Net assets: $355m on Aug 31, 2026 for Militia Long/Short Equity ETF, and $48.3bn on Nov 3, 2026 for iShares 20+ Year Treasury Bond ETF.

ORR on its own →TLT on its own →

At a glance

Pair scorecard

Their one-year returns differ by 26.4 points.

ORR vs TLT: Differences, Returns & Fees
Measure	ORR	TLT
Return
Measure	ORR	TLT
Total return, 1 year	+21.6%	−4.8%
Total return, 52 weeks	+20.3%
Drawdown
Measure	ORR	TLT
Below its high		41.8%, high on Aug 4, 2020
Against its benchmark
Measure	ORR	TLT
What it tracks	not published	ICE U.S. Treasury 20+ Year Bond Index
Treasury bills, 52 weeks	+3.7%
Against cash	16.7 points ahead
Cost and size
Measure	ORR	TLT
Expense ratio	not published	0.15%
Net assets, ORR as of Aug 31, 2026 and TLT as of Nov 3, 2026	$355m	$48.3bn
Holdings
Measure	ORR	TLT
Holdings in common	not published
Risk
Measure	ORR	TLT
Correlation with the S&P 500’s weekly returns	+0.41
Beta to the S&P 500	+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fell	fell 0.27%
Down-week capture	25.0%
Weeks the S&P 500 fell	26 of 52, by 1.07% on average

Method

Side by side

ORR Militia Long/Short Equity ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Alternatives ETF Bond ETF

Issuer Militia iShares

What it is Long-short equity Tracks an index of 20+ year Treasuries

Total return, 1 year +21.6% −4.8%

Its benchmark over the same days not measured −4.7% (BBLB)

Gap to its benchmark not measured −0.1 pts vs BBLB

Expense ratio not published 0.15%

Holdings not read by ETFIQ 47

Net assets, ORR as of Aug 31, 2026 and TLT as of Nov 3, 2026 $355m $48.3bn

ORR and TLT on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

About each fund

ORR

ORR is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Nov 4, 2026 it returned −4.8% with distributions reinvested, against −4.7% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 41.8% below its high of Aug 4, 2020 on Nov 4, 2026.

Questions people ask

Are ORR and TLT in the same category?: ORR is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, ORR or TLT?: In the year to Nov 4, 2026, with distributions reinvested, ORR returned +21.6% and TLT −4.8%.

Other comparisons

AGG vs ORR BND vs ORR GLD vs ORR ORR vs SPY CSM vs TLT CLSE vs TLT EHLS vs TLT CBLS vs TLT

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →ORR on its own →TLT on its own →Hold both: look the portfolio through →Rankings →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

ORR filings on SEC EDGAR ↗

ORR prospectus with the expense ratio (SEC) ↗

Militia page for ORR ↗

TLT filings on SEC EDGAR ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

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

Cite this pageCitation, APA and Markdown

ETFIQ, ORR against TLT, data as of Nov 4, 2026. https://etfiq.com/compare/any/orr-vs-tlt

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