# TLT vs VGLT: fees, holdings and returns compared

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

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

## 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.

| Fact | TLT | VGLT |
| --- | --- | --- |
| Full name | iShares 20+ Year Treasury Bond ETF | Vanguard Long-Term Treasury ETF |
| Issuer | iShares (BlackRock) | Vanguard |
| Expense ratio | 0.15% a year | 0.03% a year |
| Started trading | July 22, 2002 | November 19, 2009 |
| Tracks | ICE US Treasury 20+ Year Bond Index | Bloomberg US Long Treasury Bond Index |
| Holdings | 47 holdings as of October 15, 2026 | 101 holdings as of September 30, 2026 |
| Type | US bonds, ETF | US bonds, ETF |

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

## 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

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.

| Measure | TLT | VGLT |
| --- | --- | --- |
| $10,000 grew to | $14,609 | $14,962 |
| Total return | 46.1% | 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 year | 3.0% | 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

| Year | TLT | VGLT |
| --- | --- | --- |
| 2026 (part of the year) | −4.9% | −4.6% |
| 2025 | 4.3% | 5.3% |
| 2024 | −8.1% | −6.3% |
| 2023 | 2.8% | 3.3% |
| 2022 | −31.2% | −29.3% |
| 2021 | −4.6% | −5.0% |
| 2020 | 18.1% | 17.6% |
| 2019 | 14.1% | 14.3% |
| 2018 | −1.6% | −1.5% |
| 2017 | 9.2% | 8.6% |
| 2016 | 1.2% | 1.2% |
| 2015 | −1.8% | −1.3% |
| 2014 | 27.3% | 25.2% |
| 2013 | −13.4% | −12.4% |
| 2012 | 2.4% | 3.3% |
| 2011 | 34.0% | 29.2% |
| 2010 | 9.1% | 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.

- [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 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](https://tactfolio.com/alternatives/TLT.md) and [VGLT alternatives](https://tactfolio.com/alternatives/VGLT.md).

## Test a mix of TLT and VGLT

Open the [builder](https://tactfolio.com/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](https://tactfolio.com/etf/TLT.md) and [VGLT](https://tactfolio.com/etf/VGLT.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

### 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

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

> 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.