Data as of Oct 28, 2026.
TLT vs TLTP: Differences, Returns & Fees
Over the year to Oct 28, 2026, TLT returned −7.9% to TLTP's −5.3%, and TLT charges 0.15% to TLTP's 0.39%.
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Net assets: $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF, and $31m on Oct 28, 2026 for Amplify TLT U.S. Treasury 12% Option Income ETF.
Pair scorecard
TLT costs 0.24 points a year less; their one-year returns differ by 2.6 points; TLT is far larger, $47.8bn against $31m.
| Measure | TLT | TLTP |
|---|---|---|
| Return | ||
| Total return, 1 year | −7.9% | −5.3% |
| Price change, 1 year | fell 12.0% | fell 16.7% |
| Latest payout, annualized | 12.9% | |
| Return of capital, issuer estimate | 65% of the Sep 30, 2026 payment | |
| Drawdown | ||
| Below its high | 42.6%, high on Aug 4, 2020 | |
| Benchmark | ||
| What it tracks | ICE U.S. Treasury 20+ Year Bond Index | Benchmark: 20+ Year Treasury, measured through TLT |
| Cost and size | ||
| Expense ratio | 0.15% | 0.39% |
| Net assets, as of Oct 26, 2026 | $47.8bn | $31m |
| Holdings | ||
| Holdings in common | 3% | |
Holdings in common uses holdings dated Oct 27, 2026 and Oct 28, 2026. Method
Risk and return
Nov 8, 2024 to Oct 23, 2026 · 102 weekly returnsEach against its own benchmark: TLT against BBLB, Apr 28, 2023 to Oct 23, 2026; TLTP against TLT, Nov 8, 2024 to Oct 23, 2026.
TLTP returned more: −2.5% to −4.2%. TLTP swung less: 9.7% to 11.4%. TLTP fell less at its worst: −9.2% to −12.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | TLT | TLTP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | −4.2% | −2.5% | TLTP | Price change plus distributions, reinvested. |
| Annualized | −2.2% | −1.3% | TLTP | Total return as a yearly rate. |
| Price return | −12.1% | −23.1% | TLT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 11.4% | 9.7% | TLTP | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 8.9% | 8.0% | TLTP (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −12.0% | −9.2% | TLTP | Deepest fall from a high to the low after it. |
| Upside capture | 102.4% | 77.6% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 101.2% | 85.4% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.01 | 0.83 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.96 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | −0.49 | −0.50 | TLT (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | −0.63 | −0.60 | TLTP (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | −0.072 | −0.058 | Return above Treasury bills per unit of beta. | |
| Calmar | −0.18 | −0.14 | TLTP | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | BBLB | TLT | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | −0.2% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.01 | −0.14 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.8% to +0.8% | −3.0% to +2.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.10 | 0.27 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.7% | 2.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 102 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TLT and TLTP hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026 and Oct 28, 2026.
half
3% in common
Only in one fund ↓
Side by side
TLT and TLTP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
TLT and TLTP do different jobs. What does each one do in a portfolio?
- What each follows. TLT follows ICE U.S. Treasury 20+ Year Bond Index and TLTP is measured against 20+ Year Treasury through TLT.
- Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026 and Oct 28, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 TLT returned −7.9% and TLTP −5.3% with distributions reinvested, a gap of 2.6 points.
Data as of Oct 28, 2026.
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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.
TLTP
Over the year to Oct 28, 2026, TLTP paid 11.7% of its starting value in cash distributions while its price fell 16.7%. With every distribution reinvested, the fund returned −5.3%. 20+ Year Treasury (TLT) returned −7.9% over the same days, so a holder was ahead by 2.6 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 12.9%, paid monthly. Amplify estimates that 65% of the distribution paid Sep 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are TLT and TLTP in the same category?
- TLT is a bond ETF and TLTP is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, TLT or TLTP?
- In the year to Oct 28, 2026, with distributions reinvested, TLT returned −7.9% and TLTP −5.3%.
- Which is cheaper, TLT or TLTP?
- TLT is cheaper, by 0.24 percentage points a year. That is about $24 on $10,000 held for a year. Fees come from each fund's prospectus.
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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, TLT against TLTP, data as of Oct 28, 2026. https://etfiq.com/compare/any/tlt-vs-tltp
ETFIQ. (Oct 28, 2026). TLT against TLTP. Retrieved from https://etfiq.com/compare/any/tlt-vs-tltp
[TLT against TLTP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/tlt-vs-tltp)
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