Both the Vanguard Long-Term Treasury ETF (VGLT 0.19%) and the iShares 20+ Year Treasury Bond ETF (TLT 0.21%) focus on U.S. Treasury bonds with long maturities, appealing to investors seeking interest rate sensitivity and government-backed credit quality. This comparison highlights their key differences in cost, performance, construction, and quirks.
Snapshot (cost & size)
| Metric | TLT | VGLT |
|---|---|---|
| Issuer | IShares | Vanguard |
| Expense ratio | 0.15% | 0.03% |
| 1-yr return (as of Oct. 31, 2025) | 1.84% | 2.73% |
| Dividend yield | 4.3% | 4.4% |
| Beta | -0.32 | 0.04 |
| AUM | $49.7 billion | $14.3 billion |
Beta reflects price volatility compared to the S&P 500.
VGLT looks more affordable with a much lower expense ratio, and it edges out TLT with a slightly higher yield (4.4% vs. 4.3%, based on the most recent data). Cost-conscious investors may find the difference in annual fees particularly notable over the long term.
Performance & risk comparison
| Metric | TLT | VGLT |
|---|---|---|
| Max drawdown (5 y) | -47.75% | -45.47% |
| Growth of $1,000… |
