EDV vs TLT: fees, holdings and returns

EDV holds Treasury STRIPS that pay back in 20 to 30 years and pay no interest along the way. TLT holds regular Treasury bonds that mature in more than 20 years. EDV is even more sensitive to interest rates, so it swings more. Over the same dates since January 2008, EDV returned about 2.0% a year and TLT returned about 2.2% a year.

Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.

EDV

Yearly fee
0.05%
about $5 on $10,000
Return per year
2.0%
since January 2008
Worst drop
−60.4%
since 2008
Started trading
Dec 2007
Vanguard

TLT

Yearly fee
0.15%
about $15 on $10,000
Return per year
2.2%
since January 2008
Worst drop
−48.4%
since 2008
Started trading
Jul 2002
iShares (BlackRock)

Key points

  • EDV costs less: 0.05% a year against 0.15%.
  • EDV started trading in December 2007. TLT started in July 2002.
  • Worst drops since 2008: EDV −60.4%, TLT −48.4%.
  • Daily correlation: 0.95 (1 means they always move together).

What is the difference between EDV and TLT?#

A STRIPS pays all its money at the end, so its price reacts more to interest rates than a bond that pays interest along the way. That makes EDV move more than TLT on the same change in rates: it gains more when rates fall and loses more when they rise. Both hold only US government debt. EDV charges a lower fee.

FactEDVTLT
Full nameVanguard Extended Duration Treasury ETFiShares 20+ Year Treasury Bond ETF
IssuerVanguardiShares (BlackRock)
Expense ratio0.05% a year0.15% a year
Started tradingDecember 6, 2007July 22, 2002
TracksBloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond IndexICE US Treasury 20+ Year Bond Index
Holdings80 holdings as of September 30, 202647 holdings as of October 15, 2026
TypeUS bonds, ETFUS bonds, ETF

Fund facts checked on the Vanguard EDV page and the iShares (BlackRock) TLT page.

Is EDV or TLT cheaper?#

EDV costs less: 0.05% a year against 0.15%. On $10,000, that is about $5 a year for EDV and $15 for TLT. The fund takes its fee out of its own value a little each day, so you never get a bill.

EDV vs TLT performance over the same dates#

$10k$20k200920122015201820212024
EDVTLTGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from January 2008 to October 2026, the dates both traded. EDV returned about 2.0% a year and TLT returned about 2.2% a year. TLT came out ahead over this period, which does not mean it will again.

MeasureEDVTLT
$10,000 grew to$14,593$14,982
Total return45.9%49.8%
Return per year (CAGR)2.0%2.2%
Worst drop from a high−60.4%−48.4%
Volatility (how much it swings)22.2%15.2%
Last 12 months−13.8%−8.4%
Last 3 years, per year1.6%3.0%
Last 5 years, per year−12.1%−7.6%
Last 10 years, per year−4.1%−2.2%

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

EDV and TLT returns by year#

YearEDVTLT
2026 (part of the year)−7.6%−4.9%
20250.7%4.3%
2024−12.8%−8.1%
20231.4%2.8%
2022−39.1%−31.2%
2021−6.2%−4.6%
202023.6%18.1%
201918.7%14.1%
2018−3.4%−1.6%
201713.9%9.2%
20161.6%1.2%
2015−4.9%−1.8%
201443.1%27.3%
2013−19.8%−13.4%
20122.4%2.4%
201155.9%34.0%
20109.8%9.0%
2009−35.8%−21.8%
2008 (part of the year)54.2%31.3%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. EDV’s worst fall was −60.4%, from March 9, 2020 to October 7, 2026. By October 20, 2026 it had not yet climbed back to that high.

TLT’s worst fall was −48.4%, from August 4, 2020 to October 19, 2023. By October 20, 2026 it had not yet climbed back to that high.

Their daily moves had a correlation of 0.95. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

Why people choose EDV or TLT#

EDV. People who want the most sensitivity to falling interest rates, and accept the biggest drops, tend to pick EDV.

TLT. People who want long Treasury bonds with a little less swing, and a busier market, tend to pick TLT.

Strategies that hold EDV or TLT#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like EDV and TLT#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: EDV alternatives and TLT alternatives.

Test a mix of EDV and TLT#

Open the builder, add EDV and TLT, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for EDV and TLT, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Why did EDV fall more than TLT?#

EDV’s STRIPS pay nothing until they mature, so their prices react more to rising rates than TLT’s bonds, which pay interest along the way.

What are Treasury STRIPS?#

STRIPS are pieces of US Treasury bonds sold separately: each pays one amount on one date, with no interest in between.

Which is cheaper, EDV or TLT?#

EDV costs less: 0.05% a year against 0.15%. Fees come from each issuer and were checked on October 17, 2026.

Which did better, EDV or TLT?#

From January 2008 to October 2026, EDV returned about 2.0% a year and TLT returned about 2.2% a year, with dividends reinvested. Their worst drops were −60.4% and −48.4%. Past returns do not tell you what comes next.

Sources#