TLT vs VGLT: fees, holdings and returns

TLT holds US Treasury bonds that mature in more than 20 years. VGLT holds Treasury bonds that mature in more than 10 years. TLT’s bonds are longer on average, so it swings a little more when rates change. VGLT charges a lower fee. Over the same dates since January 2010, TLT returned about 2.3% a year and VGLT returned about 2.4% a year.

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

TLT

Yearly fee
0.15%
about $15 on $10,000
Return per year
2.3%
since January 2010
Worst drop
−48.4%
since 2010
Started trading
Jul 2002
iShares (BlackRock)

VGLT

Yearly fee
0.03%
about $3 on $10,000
Return per year
2.4%
since January 2010
Worst drop
−46.2%
since 2010
Started trading
Nov 2009
Vanguard

Key points

  • VGLT costs less: 0.03% a year against 0.15%.
  • TLT started trading in July 2002. VGLT started in November 2009.
  • Worst drops since 2010: TLT −48.4%, VGLT −46.2%.
  • Daily correlation: 0.98 (1 means they always move together).

What is the difference between TLT and VGLT?#

Both hold only long US government bonds. VGLT’s range starts at 10 years, so it includes bonds TLT leaves out, which shortens its average a little. That makes it move slightly less on the same change in rates. Most of their returns come from the same thing: long-term interest rates.

FactTLTVGLT
Full nameiShares 20+ Year Treasury Bond ETFVanguard Long-Term Treasury ETF
IssueriShares (BlackRock)Vanguard
Expense ratio0.15% a year0.03% a year
Started tradingJuly 22, 2002November 19, 2009
TracksICE US Treasury 20+ Year Bond IndexBloomberg US Long Treasury Bond Index
Holdings47 holdings as of October 15, 2026101 holdings as of September 30, 2026
TypeUS bonds, ETFUS bonds, ETF

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

Is TLT or VGLT cheaper?#

VGLT costs less: 0.03% a year against 0.15%. On $10,000, that is about $15 a year for TLT and $3 for VGLT. The fund takes its fee out of its own value a little each day, so you never get a bill.

TLT vs VGLT performance over the same dates#

$10k$20k20112013201520172019202120232025
TLTVGLTGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from January 2010 to October 2026, the dates both traded. TLT returned about 2.3% a year and VGLT returned about 2.4% a year. VGLT came out ahead over this period, which does not mean it will again.

MeasureTLTVGLT
$10,000 grew to$14,609$14,962
Total return46.1%49.6%
Return per year (CAGR)2.3%2.4%
Worst drop from a high−48.4%−46.2%
Volatility (how much it swings)14.9%13.4%
Last 12 months−8.4%−7.3%
Last 3 years, per year3.0%3.8%
Last 5 years, per year−7.6%−6.5%
Last 10 years, per year−2.2%−1.6%

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.

TLT and VGLT returns by year#

YearTLTVGLT
2026 (part of the year)−4.9%−4.6%
20254.3%5.3%
2024−8.1%−6.3%
20232.8%3.3%
2022−31.2%−29.3%
2021−4.6%−5.0%
202018.1%17.6%
201914.1%14.3%
2018−1.6%−1.5%
20179.2%8.6%
20161.2%1.2%
2015−1.8%−1.3%
201427.3%25.2%
2013−13.4%−12.4%
20122.4%3.3%
201134.0%29.2%
20109.1%9.0%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. 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.

VGLT’s worst fall was −46.2%, 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 0.98. 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 TLT or VGLT#

TLT. People who want the longest Treasuries, or trade often, tend to pick TLT.

VGLT. People who want long Treasuries at a lower fee, with a little less swing, tend to pick VGLT.

Strategies that hold TLT or VGLT#

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 TLT and VGLT#

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

Test a mix of TLT and VGLT#

Open the builder, add TLT and VGLT, 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 TLT and VGLT, 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#

Are TLT and VGLT the same?#

Close. Both hold long US Treasury bonds. TLT holds only bonds over 20 years. VGLT starts at 10 years, so it is a little less sensitive to rates.

Do long Treasury funds pay interest?#

Yes. Both pass on the interest from their bonds each month.

Which is cheaper, TLT or VGLT?#

VGLT costs less: 0.03% a year against 0.15%. Fees come from each issuer and were checked on October 16, 2026.

Which did better, TLT or VGLT?#

From January 2010 to October 2026, TLT returned about 2.3% a year and VGLT returned about 2.4% a year, with dividends reinvested. Their worst drops were −48.4% and −46.2%. Past returns do not tell you what comes next.

Sources#