Data as of Oct 28, 2026.

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TLT vs VTEB: Differences, Returns & Fees

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TLT's duration was 15.1 years on Aug 31, 2026 and VTEB's 7.1 on Jul 31, 2026; VTEB charges 0.03% to TLT's 0.15%.

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Net assets: $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF, and $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

At a glance
−7.9%
TLT total return, 1 year
−0.4%
VTEB total return, 1 year
0.15%
TLT expense ratio
0.03%
VTEB expense ratio

Pair scorecard

VTEB costs 0.12 points a year less; their one-year returns differ by 7.5 points; VTEB is 1.1 times larger.

TLT vs VTEB: Differences, Returns & Fees
MeasureTLTVTEB
Return
Total return, 1 year−7.9%−0.4%
Drawdown
Below its high42.6%, high on Aug 4, 2020
Benchmark
What it tracksICE U.S. Treasury 20+ Year Bond IndexS&P National AMT-Free Municipal Bond Index
Cost and size
Expense ratio0.15%0.03%
Net assets, as of Sep 30, 2026$46.2bn$49.6bn
Holdings
Holdings in common0%

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

Risk and return

Sep 4, 2015 to Oct 23, 2026 · 581 weekly returns
TLT VTEB
Return
Total return edge VTEB −9.4% +26.3%
Annualized edge VTEB −0.9% +2.1%
Price return edge VTEB −33.7% −2.9%
Risk
Volatility edge VTEB 13.7% 6.7%
Max drawdown edge VTEB −47.8% −14.8%
Risk-adjusted
Sharpe edge VTEB −0.16 0.00
Sortino edge VTEB −0.22 0.01
Calmar edge VTEB −0.02 0.14
Reading

VTEB returned more: +26.3% to −9.4%. VTEB swung less: 6.7% to 13.7%. VTEB fell less at its worst: −14.8% to −47.8%.

Full scorecard

9 measures, with how each is measured
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Risk and return: TLT vs VTEB: Differences, Returns & Fees
MeasureTLTVTEBEdgeHow it is measured
Return
Total return−9.4%+26.3%VTEBPrice change plus distributions, reinvested.
Annualized−0.9%+2.1%VTEBTotal return as a yearly rate.
Price return−33.7%−2.9%VTEBPrice change alone, distributions left out.
Risk
Volatility13.7%6.7%VTEBSpread of weekly returns, annualized. Lower is steadier.
Downside deviation10.1%4.6%VTEBLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−47.8%−14.8%VTEBDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe−0.160.00VTEBReturn above Treasury bills per unit of volatility.
Sortino−0.220.01VTEBReturn above Treasury bills per unit of downside deviation.
Calmar−0.020.14VTEBAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 581 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

0%

By the books each fund has filed, TLT and VTEB hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first TLT VTEB
Only in one fund ↓
Only in TLT
U.S. Treasury Bonds, due May 15, 2055 4.46%
U.S. Treasury Bonds, due May 15, 2054 4.40%
U.S. Treasury Bonds, due Aug 15, 2053 4.18%
U.S. Treasury Bonds, due Feb 15, 2054 4.03%
U.S. Treasury Bonds, due Feb 15, 2056 3.94%
U.S. Treasury Bonds, due Aug 15, 2054 3.94%
U.S. Treasury Bonds, due Nov 15, 2053 3.92%
U.S. Treasury Bonds, due Feb 15, 2055 3.80%
Only in VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%
CA REGENTS UNIV-CD, due May 15, 2036 0.11%
IDAHO ST-TANS, due Jun 30, 2027 0.10%
CA REF, due Aug 1, 2032 0.10%
MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%
NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%
TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%
DALLAS ISD-B, due Feb 15, 2056 0.08%
Check overlap with more funds →

Side by side

TLT iShares 20+ Year Treasury Bond ETF VTEB Vanguard Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
What it is Tracks an index of 20+ year Treasuries Tracks an index of Tax-Exempt Bond
Total return, 1 year −7.9% −0.4%
Its benchmark over the same days −7.8% (BBLB) not measured
Gap to its benchmark −0.1 pts vs BBLB not measured
Expense ratio 0.15% 0.03%
Holdings 47 11155
Net assets, TLT as of Oct 27, 2026 and VTEB as of Sep 30, 2026 $47.4bn $49.6bn

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

Client brief · page 1 of 2 Report BR-F5E3428478

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

  1. What each follows. TLT follows ICE U.S. Treasury 20+ Year Bond Index and VTEB follows S&P National AMT-Free Municipal Bond Index.
  2. Holdings in common. 0% of the weight is in the same securities (holdings dated Aug 31, 2026 and Jul 31, 2026).
  3. One-year total return. Over 1 year to Oct 28, 2026 TLT returned −7.9% and VTEB −0.4% with distributions reinvested, a gap of 7.5 points.

Data as of Oct 28, 2026.

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About each fund
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.

VTEB

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year.

Questions people ask

Which returned more over the last year, TLT or VTEB?
In the year to Oct 28, 2026, with distributions reinvested, TLT returned −7.9% and VTEB −0.4%.
Which is cheaper, TLT or VTEB?
VTEB is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, TLT against VTEB, data as of Oct 28, 2026. https://etfiq.com/compare/any/tlt-vs-vteb

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