# EDV vs TLT: fees, holdings and returns compared

> EDV vs TLT: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

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](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## 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.

| Fact | EDV | TLT |
| --- | --- | --- |
| Full name | Vanguard Extended Duration Treasury ETF | iShares 20+ Year Treasury Bond ETF |
| Issuer | Vanguard | iShares (BlackRock) |
| Expense ratio | 0.05% a year | 0.15% a year |
| Started trading | December 6, 2007 | July 22, 2002 |
| Tracks | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | ICE US Treasury 20+ Year Bond Index |
| Holdings | 80 holdings as of September 30, 2026 | 47 holdings as of October 15, 2026 |
| Type | US bonds, ETF | US bonds, ETF |

Fund facts checked on the [Vanguard EDV page](https://investor.vanguard.com/investment-products/etfs/profile/edv) and the [iShares (BlackRock) TLT page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf).

## 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

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.

| Measure | EDV | TLT |
| --- | --- | --- |
| $10,000 grew to | $14,593 | $14,982 |
| Total return | 45.9% | 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 year | 1.6% | 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

| Year | EDV | TLT |
| --- | --- | --- |
| 2026 (part of the year) | −7.6% | −4.9% |
| 2025 | 0.7% | 4.3% |
| 2024 | −12.8% | −8.1% |
| 2023 | 1.4% | 2.8% |
| 2022 | −39.1% | −31.2% |
| 2021 | −6.2% | −4.6% |
| 2020 | 23.6% | 18.1% |
| 2019 | 18.7% | 14.1% |
| 2018 | −3.4% | −1.6% |
| 2017 | 13.9% | 9.2% |
| 2016 | 1.6% | 1.2% |
| 2015 | −4.9% | −1.8% |
| 2014 | 43.1% | 27.3% |
| 2013 | −19.8% | −13.4% |
| 2012 | 2.4% | 2.4% |
| 2011 | 55.9% | 34.0% |
| 2010 | 9.8% | 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.

- [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 (holds TLT)
- [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds TLT)
- [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds TLT)
- [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds TLT)
- [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds TLT)
- [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds TLT)
- [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds TLT)
- [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds TLT)
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 (holds TLT)
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 (holds TLT)
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 (holds TLT)
- [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds TLT)
- [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 (holds TLT)
- [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 (holds TLT)
- [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds TLT)
- [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 (holds TLT)
- [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds TLT)
- [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 (holds TLT)
- [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 (holds TLT)
- [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds TLT)
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds TLT)
- [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds TLT)
- [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds TLT)
- [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds TLT)
- [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 (holds TLT)
- [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds TLT)
- [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 (holds TLT)

## 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](https://tactfolio.com/alternatives/EDV.md) and [TLT alternatives](https://tactfolio.com/alternatives/TLT.md).

## Test a mix of EDV and TLT

Open the [builder](https://tactfolio.com/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](https://tactfolio.com/etf/EDV.md) and [TLT](https://tactfolio.com/etf/TLT.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## 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](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## 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

- [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv)
- [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.