Data as of Oct 27, 2026.
TLT vs TOAK: Differences, Returns & Fees
Over the year to Oct 27, 2026, TLT returned −6.9% to TOAK's +3.6%, and TLT charges 0.15% to TOAK's 0.26%.
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Net assets: $47.8bn on Oct 26, 2026 for iShares 20+ Year Treasury Bond ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.
Pair scorecard
TLT costs 0.11 points a year less; their one-year returns differ by 10.5 points.
| Measure | TLT | TOAK |
|---|---|---|
| Return | ||
| Total return, 1 year | −6.9% | +3.6% |
| Total return, 52 weeks | +3.6% | |
| Drawdown | ||
| Below its high | 42.1%, high on Aug 4, 2020 | |
| Against its benchmark | ||
| What it tracks | ICE U.S. Treasury 20+ Year Bond Index | not published |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 0.1 points behind | |
| Cost and size | ||
| Expense ratio | 0.15% | 0.26% |
| Net assets, TLT as of Oct 26, 2026 and TOAK as of May 31, 2026 | $47.8bn | $90m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.17 | |
| Beta to the S&P 500 | +0.04: about 0.04% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.02% | |
| Down-week capture | 1.9% | |
| Weeks the S&P 500 fell | 25 of 52, by 1.10% on average | |
Side by side
TLT and TOAK on the fields both publish, as of Oct 27, 2026. Source: ETFIQ.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Oct 27, 2026 it returned −6.9% with distributions reinvested, against −6.7% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.1% below its high of Aug 4, 2020 on Oct 27, 2026.
TOAK
TOAK 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 Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.
Questions people ask
- Are TLT and TOAK in the same category?
- TLT is a bond ETF and TOAK is an alternatives 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 TOAK?
- In the year to Oct 27, 2026, with distributions reinvested, TLT returned −6.9% and TOAK +3.6%.
- Which is cheaper, TLT or TOAK?
- TLT is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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ETFIQ, TLT against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/any/tlt-vs-toak
ETFIQ. (Oct 27, 2026). TLT against TOAK. Retrieved from https://etfiq.com/compare/any/tlt-vs-toak
[TLT against TOAK (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/any/tlt-vs-toak)
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