Data as of Nov 4, 2026.
TLT vs ZHDG: Differences, Returns & Fees
Over the year to Nov 4, 2026, TLT returned −4.8% to ZHDG's +6.6%, and TLT charges 0.15% to ZHDG's 0.95%.
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Net assets: $48.3bn on Nov 3, 2026 for iShares 20+ Year Treasury Bond ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.
Pair scorecard
TLT costs 0.80 points a year less; their one-year returns differ by 11.4 points.
| Measure | TLT | ZHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | −4.8% | +6.6% |
| Total return, 52 weeks | +6.3% | |
| Drawdown | ||
| Below its high | 41.8%, 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 | 2.6 points ahead | |
| Cost and size | ||
| Expense ratio | 0.15% | 0.95% |
| Net assets, TLT as of Nov 3, 2026 and ZHDG as of Jul 31, 2026 | $48.3bn | $35m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.96 | |
| Beta to the S&P 500 | +0.82: about 0.82% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.92% | |
| Down-week capture | 85.6% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Side by side
TLT and ZHDG on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
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.
ZHDG
ZHDG 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 +0.96 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.
Questions people ask
- Are TLT and ZHDG in the same category?
- TLT is a bond ETF and ZHDG 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 ZHDG?
- In the year to Nov 4, 2026, with distributions reinvested, TLT returned −4.8% and ZHDG +6.6%.
- Which is cheaper, TLT or ZHDG?
- TLT is cheaper, by 0.80 percentage points a year. That is about $80 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, TLT against ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/any/tlt-vs-zhdg
ETFIQ. (Nov 4, 2026). TLT against ZHDG. Retrieved from https://etfiq.com/compare/any/tlt-vs-zhdg
[TLT against ZHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/tlt-vs-zhdg)
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