Are THEQ and TLT in the same category?

THEQ 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, THEQ or TLT?

In the year to Nov 4, 2026, with distributions reinvested, THEQ returned +9.1% and TLT −4.8%.

Which is cheaper, THEQ or TLT?

TLT is cheaper, by 0.31 percentage points a year. That is about $31 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Across categories

THEQ vs TLT: Differences, Returns & Fees

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Over the year to Nov 4, 2026, THEQ returned +9.1% to TLT's −4.8%, and TLT charges 0.15% to THEQ's 0.46%.

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Net assets on Nov 3, 2026: $38m for T. Rowe Price Hedged Equity ETF and $48.3bn for iShares 20+ Year Treasury Bond ETF.

THEQ on its own →TLT on its own →

At a glance

+9.1%

THEQ total return, 1 year

−4.8%

TLT total return, 1 year

0.46%

THEQ expense ratio

0.15%

TLT expense ratio

Pair scorecard

TLT costs 0.31 points a year less; their one-year returns differ by 13.9 points; TLT is far larger, $48.3bn against $38m.

THEQ vs TLT: Differences, Returns & Fees
Measure	THEQ	TLT
Return
Measure	THEQ	TLT
Total return, 1 year	+9.1%	−4.8%
Total return, 52 weeks	+9.0%
Drawdown
Measure	THEQ	TLT
Below its high		41.8%, high on Aug 4, 2020
Against its benchmark
Measure	THEQ	TLT
What it tracks	not published	ICE U.S. Treasury 20+ Year Bond Index
Treasury bills, 52 weeks	+3.7%
Against cash	5.3 points ahead
Cost and size
Measure	THEQ	TLT
Expense ratio	0.46%	0.15%
Net assets, as of Nov 3, 2026	$38m	$48.3bn
Holdings
Measure	THEQ	TLT
Holdings in common	not published
Risk
Measure	THEQ	TLT
Correlation with the S&P 500’s weekly returns	+0.99
Beta to the S&P 500	+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fell	fell 0.77%
Down-week capture	72.3%
Weeks the S&P 500 fell	26 of 52, by 1.07% on average

Method

Side by side

THEQ T. Rowe Price Hedged Equity ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Alternatives ETF Bond ETF

Issuer T. Rowe Price iShares

What it is Hedged equity Tracks an index of 20+ year Treasuries

Total return, 1 year +9.1% −4.8%

Its benchmark over the same days +14.8% (IWV) −4.7% (BBLB)

Gap to its benchmark −5.7 pts vs IWV −0.1 pts vs BBLB

Expense ratio 0.46% 0.15%

Holdings not read by ETFIQ 47

Net assets, as of Nov 3, 2026 $38m $48.3bn

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

Alert

About each fund

THEQ

THEQ is a hedged 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 +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 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 THEQ and TLT in the same category?: THEQ 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, THEQ or TLT?: In the year to Nov 4, 2026, with distributions reinvested, THEQ returned +9.1% and TLT −4.8%.
Which is cheaper, THEQ or TLT?: TLT is cheaper, by 0.31 percentage points a year. That is about $31 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

AGG vs THEQ BND vs THEQ GLD vs THEQ THEQ vs VOO TLT vs ZHDG HEQQ vs TLT CCOR vs TLT QBUL vs TLT

Where to next

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

Sources and dates

THEQ filings on SEC EDGAR ↗

THEQ prospectus with the expense ratio (SEC) ↗

T. Rowe Price website ↗

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.

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

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