# TLT ETF: fees, returns, drawdowns and holdings

> What TLT holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares 20+ Year Treasury Bond ETF (TLT) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds US government bonds that will be paid back in more than 20 years. It charges 0.15% a year. From July 2002 to October 2026 it returned about 3.4% a year, and its worst drop was −48.4%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.15% a year (about $15 on $10,000).
- Started trading on July 22, 2002.
- Last close: $80.05 on October 16, 2026.
- Return over the last year: −8.3%.
- Worst drop since 2002: −48.4%.
- 27 Tactfolio classic strategies hold it.

## How has TLT done since 2002?

From July 2002 to October 2026, TLT returned about 3.4% a year. The S&P 500 returned about 11.2% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $22,605 at the end, with every dividend reinvested.

| Period | TLT | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −0.6% | 1.5% |
| 3 months | −3.8% | 1.9% |
| 6 months | −5.1% | 9.3% |
| Year to date | −5.0% | 12.8% |
| 1 year | −8.3% | 16.8% |
| 3 years, per year | 1.8% | 22.0% |
| 5 years, per year | −8.0% | 12.8% |
| 10 years, per year | −2.1% | 15.4% |
| Since 2002, per year | 3.4% | 11.2% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 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 returns by month and year

TLT rose in 155 of its 292 months (53%). Its best month was November 2008, at 14.3%. Its worst was January 2009, at −13.1%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 0.0% | 4.6% | −4.2% | −0.8% | 0.5% | 1.2% | −4.5% | 0.7% | −5.4% | 3.3% |  |  | −5.0% |
| 2025 | 0.5% | 5.7% | −1.2% | −1.4% | −3.2% | 2.7% | −1.1% | 0.0% | 3.6% | 1.4% | 0.3% | −2.7% | 4.3% |
| 2024 | −2.3% | −2.3% | 0.8% | −6.5% | 2.9% | 1.8% | 3.6% | 2.1% | 2.0% | −5.5% | 2.0% | −6.4% | −8.1% |
| 2023 | 7.6% | −4.9% | 4.8% | 0.3% | −3.0% | 0.2% | −2.5% | −3.1% | −8.0% | −5.5% | 9.9% | 8.7% | 2.8% |
| 2022 | −3.9% | −1.6% | −5.4% | −9.4% | −2.3% | −1.3% | 2.4% | −4.5% | −8.2% | −6.0% | 7.1% | −2.6% | −31.2% |
| 2021 | −3.6% | −5.7% | −5.3% | 2.5% | 0.0% | 4.4% | 3.7% | −0.3% | −2.9% | 2.5% | 2.8% | −2.0% | −4.6% |
| 2020 | 7.7% | 6.6% | 6.4% | 1.2% | −1.8% | 0.3% | 4.4% | −5.1% | 0.8% | −3.4% | 1.7% | −1.2% | 18.1% |
| 2019 | 0.4% | −1.4% | 5.6% | −2.0% | 6.8% | 0.9% | 0.3% | 11.1% | −2.7% | −1.1% | −0.4% | −3.2% | 14.1% |
| 2018 | −3.3% | −3.0% | 2.9% | −2.1% | 2.0% | 0.7% | −1.4% | 1.3% | −2.9% | −2.9% | 1.8% | 5.9% | −1.6% |
| 2017 | 0.8% | 1.6% | −0.7% | 1.6% | 1.9% | 0.8% | −0.7% | 3.4% | −2.3% | 0.0% | 0.7% | 1.8% | 9.2% |
| 2016 | 5.6% | 3.1% | −0.1% | −0.7% | 0.8% | 6.9% | 2.1% | −1.0% | −1.5% | −4.4% | −8.2% | −0.5% | 1.2% |
| 2015 | 9.8% | −6.1% | 1.1% | −3.4% | −2.4% | −4.1% | 4.5% | −0.7% | 2.0% | −0.4% | −0.9% | −0.3% | −1.8% |
| 2014 | 6.3% | 0.5% | 0.7% | 2.1% | 2.9% | −0.3% | 0.7% | 4.7% | −2.1% | 2.8% | 3.0% | 3.3% | 27.3% |
| 2013 | −3.2% | 1.2% | −0.4% | 4.7% | −6.8% | −3.3% | −2.3% | −1.3% | 0.7% | 1.4% | −2.7% | −1.9% | −13.4% |
| 2012 | −0.3% | −2.6% | −4.2% | 4.8% | 9.0% | −1.7% | 3.8% | −1.3% | −2.5% | −0.5% | 1.2% | −2.5% | 2.4% |
| 2011 | −3.1% | 1.7% | 0.0% | 2.3% | 3.4% | −2.3% | 4.4% | 9.7% | 13.2% | −3.8% | 2.0% | 3.4% | 34.0% |
| 2010 | 2.7% | −0.3% | −2.1% | 3.3% | 5.1% | 5.8% | −0.9% | 8.4% | −2.5% | −4.5% | −1.7% | −3.7% | 9.0% |
| 2009 | −13.1% | −1.5% | 4.0% | −7.0% | −3.7% | 0.8% | 0.6% | 2.2% | 2.5% | −2.6% | 1.2% | −6.3% | −21.8% |
| 2008 | 2.1% | −0.5% | 2.1% | −2.5% | −2.7% | 2.6% | −0.4% | 2.7% | 1.5% | −1.9% | 14.3% | 13.7% | 34.0% |
| 2007 | −1.0% | 3.4% | −1.7% | 0.9% | −2.3% | −1.0% | 3.3% | 1.8% | 0.2% | 1.8% | 5.3% | −0.6% | 10.3% |
| 2006 | −1.3% | 1.1% | −4.6% | −2.8% | −0.2% | 1.2% | 2.2% | 3.1% | 1.9% | 0.9% | 2.3% | −2.7% | 0.7% |
| 2005 | 3.6% | −1.5% | −0.4% | 3.9% | 3.1% | 2.2% | −3.4% | 3.5% | −3.6% | −2.2% | 0.7% | 3.0% | 8.6% |
| 2004 | 1.9% | 2.3% | 1.4% | −6.2% | −0.3% | 1.1% | 1.5% | 4.2% | 0.9% | 1.8% | −2.4% | 2.7% | 8.7% |
| 2003 | −0.6% | 3.1% | −1.4% | 1.1% | 6.3% | −1.8% | −10.0% | 1.3% | 5.9% | −3.0% | 0.3% | 1.3% | 1.6% |
| 2002 (part) |  |  |  |  |  |  | 1.2% | 5.5% | 4.3% | −3.7% | −0.9% | 4.5% | 11.1% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is TLT compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.08.** When the S&P 500 moved 1% in a day, TLT tended to move about 0.08%.
- **Correlation 0.09.** TLT moved mostly on its own, apart from the S&P 500.
- **Up and down months.** In months the S&P 500 rose, TLT rose 23% as much on average. In months it fell, TLT fell 88% as much.

| Measure | TLT | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | −8.1% | 12.8% |
| Volatility | 15.7% | 17.1% |
| Worst drop | −43.7% | −24.5% |
| Sharpe ratio | -0.46 | 0.79 |
| Sortino ratio | -0.64 | 1.15 |
| Calmar ratio | -0.18 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is TLT above its 200-day average?

TLT closed 4.0% below its 200-day average on October 16, 2026. A rule that holds TLT only above that average would be out of it today.

- Its 50-day average is 3.6% below its 200-day average.
- It closed 9.1% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for TLT](https://tactfolio.com/builder) and backtest it in a minute.

## What was TLT's worst drop?

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 16, 2026 it had not yet climbed back to that high. On October 16, 2026 it was 43.2% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −48.4% | Aug 4, 2020 | Oct 19, 2023 | Not yet | 3.2 years | n/a |
| −26.6% | Dec 30, 2008 | Jun 10, 2009 | Aug 18, 2011 | 5 months | 2.2 years |
| −20.7% | Jul 25, 2012 | Aug 21, 2013 | Dec 10, 2014 | 13 months | 16 months |
| −17.9% | Jul 8, 2016 | Dec 14, 2016 | Jul 2, 2019 | 5 months | 2.5 years |
| −15.8% | Jan 30, 2015 | Jun 26, 2015 | Jun 9, 2016 | 5 months | 11 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does TLT hold?

This fund holds US government bonds that will be paid back in more than 20 years. Because the wait is so long, the fund's price can move a lot when interest rates change. It pays out interest income each month.

It tracks the ICE US Treasury 20+ Year Bond Index. It had 47 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | TLT |
| --- | --- |
| Full name | iShares 20+ Year Treasury Bond ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.15% a year |
| Started trading | July 22, 2002 |
| Tracks | ICE US Treasury 20+ Year Bond Index |
| Type | US bonds, ETF |
| Holdings | 47 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) |

## What is the TLT expense ratio?

TLT charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. Of the 162 ETFs on Tactfolio, 42% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold TLT?

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

## How does TLT compare with similar ETFs?

Side-by-side pages measure both funds over the same dates:

- [IEF vs TLT](https://tactfolio.com/etf-comparisons/IEF-vs-TLT.md): medium-term against long-term US Treasury bonds.

Funds that can stand in for TLT:

- [VGLT](https://tactfolio.com/etf/VGLT.md): Vanguard Long-Term Treasury ETF, 0.03% a year
- [EDV](https://tactfolio.com/etf/EDV.md): Vanguard Extended Duration Treasury ETF, 0.05% a year
- [VGIT](https://tactfolio.com/etf/VGIT.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year
- [IEF](https://tactfolio.com/etf/IEF.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year

See [all 4 TLT alternatives](https://tactfolio.com/alternatives/TLT.md), compared on the same dates as TLT.

## Test TLT in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add TLT, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for TLT and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.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

### What is the expense ratio of TLT?

TLT charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold.

### When did TLT start trading?

TLT started trading on July 22, 2002. It is run by iShares (BlackRock).

### What does TLT track?

TLT tracks the ICE US Treasury 20+ Year Bond Index. This fund holds US government bonds that will be paid back in more than 20 years.

### How much has TLT returned per year?

From July 2002 to October 2026, TLT returned about 3.4% a year with dividends reinvested. Its worst drop was −48.4%. Past returns do not tell you what it will do next.

### Is TLT above its 200-day moving average?

On October 16, 2026, TLT closed 4.0% below its 200-day moving average. This page updates after each US market close.

### Which strategies use TLT?

27 of Tactfolio's classic strategies hold TLT, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA).

## Sources

- [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.