TIP vs TLT: Performance, Holdings, Fees & Risk
TIP and TLT are ETFs, but they can differ materially in exposure, yield, fees and risk. TIP is iShares TIPS Bond ETF, while TLT is iShares 20+ Year Treasury Bond ETF. TLT is more concentrated at the top, based on top-10 holdings weight. Current AlgovestIQ evidence has TIP ahead on AIQ Score, 63 versus 59.
What is the main difference between TIP and TLT?
TIP and TLT both concentrate in Treasuries, at 100% and 100% of assets, and 0% of their weight is in the same securities.
| Metric | TIP | TLT |
|---|---|---|
| Fund | ||
| Expense ratio | 0.18% | 0.15% |
| Holdings | 51 | 49 |
| Top-10 concentration | 36.3% | 40.9% |
| Distribution yieldTrailing 12 months | 4.46% | 4.86% |
| Average volume | 1,895,736 | 34,214,729 |
| Performance | ||
| 1Y return | -5.7% | -12.3% |
| YTD return | -4% | -8.1% |
| 5Y annualized returnTotal return, distributions reinvested | -0.2% | -7.8% |
| Risk | ||
| Annualized volatility | 4% | 9.6% |
| Max drawdown (1Y) | -7.3% | -16.2% |
| Max drawdown (5Y)Total return, distributions reinvested | -14.5% | -43.7% |
| Beta | 0.08 | 0.23 |
| Sharpe ratio | -2.39 | -1.71 |
| Sortino ratio | -2.95 | -2.60 |
| AlgovestIQ | ||
| AIQ Score | 63/100 | 59/100 |
| AIQ Edge Score | 9/10 | 7/10 |
| Momentum | 59/100 | 60/100 |
| Risk Resilience | 84/100 | 52/100 |
AlgovestIQ AIQ Comparison
iShares TIPS Bond ETF vs iShares 20+ Year Treasury Bond ETF
TIP leads
TIP leads by 4 AIQ points, primarily on Risk Resilience and Value.
Competitive: 4 of 4 evidence groups support TIP, and its current signal state is conflicted.
iShares TIPS Bond ETF
iShares 20+ Year Treasury Bond ETF
The Algovestiq AIQ Score currently favors TIP over TLT, 63 versus 59 as of Oct 21, 2026. TIP's advantage is driven primarily by stronger risk resilience and value, while TLT holds the stronger quality profile. TIP also shows the stronger technical structure relative to its 50-day moving average. 4 of 4 covered evidence groups favor TIP today, and the comparison is rated Competitive on stability: the AIQ gap is narrow at 4 points. TIP lead: Stable — the AIQ differential has held near 4 points over 30 sessions.
Compare iShares TIPS Bond ETF and iShares 20+ Year Treasury Bond ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
TIP vs TLT: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | TIP | TLT | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.18% | 0.15% | TLT |
| Broader diversificationNumber of holdings | 51 | 49 | Similar |
| Lower concentrationWeight of the 10 largest holdings | 36.3% | 40.9% | TIP |
| Higher incomeTrailing 12-month distribution yield | 4.46% | 4.86% | TLT |
| Smaller drawdownsMax drawdown, 5 years | -14.5% | -43.7% | TIP |
| Lower volatilityAnnualized volatility, 1 year | 4% | 9.6% | TIP |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare TIP and TLT against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Risk Resilience84 vs 52TIP +32
- Quality63 vs 75TLT +12
- Value55 vs 45TIP +10
- Momentum59 vs 60Even
4 of 4 evidence groups favor TIP. TIP’s edge is concentrated in risk resilience and value; TLT keeps a meaningful quality edge.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
No factor moved materially.
New signals
- Keltner Channel Breakout — bullish, volatility, short horizon
Largest factor move: Momentum +7
New signals
- RSI Overbought — bearish, momentum, short horizon
TIP's lead narrowed by 2 AIQ points in the latest session.
Deeper signal detail for each name lives on its own signals page — TIP and TLT both carry a full feed there.
The central trade-off
TIP (iShares TIPS Bond ETF): the stronger current systematic profile, led by risk resilience and value.
TLT (iShares 20+ Year Treasury Bond ETF): the counter-case, on quality — but at materially higher volatility, 11.7% against 4.7%.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | TIP | TLT | Why it matters |
|---|---|---|---|
| Expense ratio | 0.18% | 0.15% | Lower is better — it compounds against you every year you hold. |
| Holdings | 51 | 49 | More holdings means broader diversification, not better returns. |
| Average volume | 1,895,736 | 34,214,729 | Liquidity — matters most if you trade size. |
| Annualized volatility | 4% | 9.6% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -7.3% | -16.2% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -2.39 | -1.71 | Return per unit of risk. Higher is better. |
| Beta | 0.08 | 0.23 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
TIP and TLT share 0% of their weighted exposure across 0 common holdings.
49 holdings are unique to TIP, and 47 holdings are unique to TLT. Owning both is genuinely additive — most of the capital sits in different securities.
TLT is the more concentrated of the two: its ten largest positions are 40.94% of the fund, against 36.25% for TIP (49 holdings vs 51). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
What TIP adds that TLT doesn’t
| Holding | TIP | TLT |
|---|---|---|
| TREASURY (CPI) NOTE 1.88% 07/15/2035 | 4.09% | Not held |
| TREASURY (CPI) NOTE 2.13% 01/15/2035 | 4.02% | Not held |
| TREASURY (CPI) NOTE 1.88% 01/15/2036 | 4.01% | Not held |
| TREASURY (CPI) NOTE 1.88% 07/15/2034 | 3.77% | Not held |
| TREASURY (CPI) NOTE 1.75% 01/15/2034 | 3.56% | Not held |
| TREASURY (CPI) NOTE 1.25% 04/15/2031 | 3.41% | Not held |
What TLT adds that TIP doesn’t
| Holding | TLT | TIP |
|---|---|---|
| TREASURY BOND 4.75% 05/15/2055 | 4.53% | Not held |
| TREASURY BOND 4.63% 05/15/2054 | 4.3% | Not held |
| TREASURY BOND 4.13% 08/15/2053 | 4.2% | Not held |
| TREASURY BOND (2OLD) 4.75% 02/15/2056 | 4.15% | Not held |
| TREASURY BOND 4.25% 02/15/2054 | 4.06% | Not held |
| TREASURY BOND (OLD) 5.00% 05/15/2056 | 4.04% | Not held |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
AIQ Agreement Matrix
4 of 4 covered evidence groups favor TIP. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | TIP | 63 vs 59 |
| Fundamentals | Not covered | Not covered |
| Valuation | TIP | Value 55 vs 45 |
| Technicals | TIP | Price vs 50-day -0.3% vs -0.5%; vs 200-day -3.2% vs -5.6% |
| Risk Resilience | TIP | Risk Resilience 84 vs 52 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of TIP and TLT and are excluded from the count.
AIQ Decision Stability
The two are close enough that your objective, not the score, should decide.
- The AIQ gap is narrow at 4 points. (argues the conclusion is provisional)
- 4 of 4 covered evidence groups point the same way. (supports the conclusion holding)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on TIP.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20TIP lead: Stable — the AIQ differential has held near 4 points over 30 sessions.
- Today
- TIP +4
- 63 vs 59
- 7 sessions ago
- TIP +6
- 62 vs 56
- 30 sessions ago
- TIP +4
- 54 vs 50
- 90 sessions ago
- TIP +5
- 55 vs 50
The lead changed hands 7 times in this window, most recently on Aug 10 when TIP moved ahead of TLT.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
2 bullish / 4 bearish / 2 neutral, conflicted
Only TIP
- Keltner Channel Breakout — bullish, volatility, short horizon
- 52-Week Low Proximity — bearish, risk, long horizon (1.5%)
1 bullish / 3 bearish / 2 neutral, conflicted
No signal that the other name lacks.
Both carry 6 more signals that do not separate them: Bollinger Band Squeeze, Death Cross Active, ATR Contraction - Coiling, RSI Overbought, Downtrend Structure Active, MACD Bullish Crossover.
TIP leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price +0.07%, AIQ 0 points).
Price and the AIQ Score both moved up over the latest session (price +0.14%, AIQ +2 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1TLT closes the Risk Resilience gap — currently 32 points behind, the largest single contributor to TIP's edge.
- 2TLT's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3TIP's conflicting signal state resolves bearish — it currently carries 2 bullish and 4 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
TIP leads 5 of 6 windows| Metric | TIP | TLT |
|---|---|---|
| 1 week (5 sessions) | 0.9% | 2.2% |
| 1 month (20 sessions) | -0.1% | -2% |
| 3 months (63 sessions) | -2.1% | -4% |
| 6 months (126 sessions) | -5.2% | -7.4% |
| Year to date | -4% | -8.1% |
| 1 year (252 sessions) | -5.7% | -12.3% |
Technicals
TIP has the stronger structure| Metric | TIP | TLT |
|---|---|---|
| RSI (14) | 75.2 | 72.9 |
| ADX (14) | 32.1 | 26.2 |
| Price vs 50-day | -0.3% | -0.5% |
| Price vs 200-day | -3.2% | -5.6% |
| Volatility (1M, annualized) | 4.7% | 11.7% |
Risk
TIP is the more resilient| Metric | TIP | TLT |
|---|---|---|
| Beta | 0.08 | 0.23 |
| Sharpe ratio | -2.39 | -1.71 |
| Sortino ratio | -2.95 | -2.6 |
| Max drawdown | -7.3% | -16.2% |
| Current drawdown | -6% | -13% |
| Annualized volatility | 4% | 9.6% |
| Value at risk (95%) | -0.5% | -1.1% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between TIP and TLT?
TIP and TLT both concentrate in Treasuries, at 100% and 100% of assets, and 0% of their weight is in the same securities.
How much do TIP and TLT overlap?
TIP and TLT share 0% of their weighted exposure across 0 common holdings. 49 holdings are unique to TIP, and 47 holdings are unique to TLT. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, TIP or TLT?
They hold a similar number of positions: 51 for TIP and 49 for TLT.
Which has the lower expense ratio?
TLT has the lower expense ratio, 0.15% a year against 0.18% for TIP.
Which ETF has the higher distribution yield?
TLT, with a trailing 12-month distribution yield of 4.86% against 4.46% for TIP.
Which ETF has been more volatile?
TLT has been more volatile over the past year, at 9.6% annualized against 4% for TIP.
Which ETF has had the smaller drawdown?
TIP fell less from peak to trough over the past five years: -14.5% against -43.7% for TLT.
Compare TIP and TLT with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.