TLT vs VOO
iShares 20+ Year Treasury Bond ETF vs Vanguard S&P 500 ETF
Which is better, TLT or VOO?
Long Term Government Bond against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | TLT | VOO |
|---|---|---|
| Expense Ratio | 0.15% | 0.03%Best |
| AUM | $46.9B | $997.4B |
| Dividend Yield | 4.73% | 1.04% |
| Holdings | 48 | 509 |
| YTD Return | -4.22% | +12.50%Best |
| 1Y Return | -6.38% | +17.58%Best |
| 3Y Return (annualized) | -0.49% | +21.27%Best |
| 5Y Return (annualized) | -8.17% | +12.95%Best |
| Volatility (annualized) | 13.4%Best | 14.1% |
| Max Drawdown | -48.7% | -34.3%Best |
| $10,000 over 5 years | $6,530 | $18,384Best |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | Long Term Government Bond | Large Cap Blend |
| Inception | Jul 22, 2002 | Sep 7, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 11, 2026 (16 years).
TLT vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 16 years both funds cover.
TLT vs VOO Performance
iShares 20+ Year Treasury Bond ETF (TLT) is an ETF from iShares by BlackRock (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year TLT returned -6.38% while VOO returned +17.58%. Year to date, TLT is down 4.22% versus a gain of 12.50% for VOO.
Over three years, TLT compounded at -0.49% per year against +21.27% for VOO; over five years the annualized figures are -8.17% and +12.95% respectively. Across the full 16-year window we track, VOO has the edge at +13.41% annualized vs -0.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 13.4% for TLT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -48.7% for TLT and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.03. They move largely independently of each other.
Fees and Cost Over Time
TLT charges 0.15% per year while VOO charges 0.03%. On a $10,000 position that is $15 vs $3 annually, a gap of $12 per year that compounds over a long holding period. On income, TLT currently yields 4.73% against 1.04% for VOO.
Holdings Overlap
We hold position weights for 44 holdings in TLT and 505 in VOO, totalling 87.6% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 62 days apart, TLT as of Aug 31, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 44 positions we hold weights for in TLT and 505 in VOO, against full books of 48 and 509.
You are not choosing between two funds in isolation.
Whichever of TLT and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, TLT or VOO?
TLT has an expense ratio of 0.15% while VOO charges 0.03%. VOO is the cheaper option, by $12 a year on a $10,000 investment.
Which performed better, TLT or VOO?
Over the past year TLT returned -6.38% vs +17.58% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), TLT annualized -0.25% vs +13.41% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TLT or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 13.4% for TLT. Worst drawdown: TLT -48.7% vs VOO -34.3%.
Should I hold both TLT and VOO?
TLT and VOO have a monthly-return correlation of -0.03, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, TLT or VOO?
TLT yields 4.73% while VOO yields 1.04%, so TLT currently pays the higher dividend yield.
Is VOO better than TLT?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.