Benchmark research · Long-Term Treasuries
ETFs and Stocks That Consistently Outperformed TLT (Long-Term Treasuries)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of TLT (iShares 20+ Year Treasury Bond ETF), we screened TLT against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 22, 2026.
Compare the entire market against TLT live →Key findings
- How hard it was to top TLT: It was relatively easy for eligible investments to keep ahead of Long-Term Treasuries. Of 957 eligible ETFs, 790, or 83%, outperformed in a majority of both the short-term and long-term periods, and 512 were all-weather performers. Among 1,502 eligible stocks, 926, or 62%, cleared that bar, while 563 were all-weather.
- Who came out ahead across the three groups:
- Popular alternatives: SPY, VTI, SHV, and AGG each outperformed in 4 of 5 short-term periods and 3 of 3 long-term periods, making them all-weather performers. VB and JNK also cleared the consistency bar, with 3 of 5 short-term and 3 of 3 long-term periods, but did not qualify as all-weather. No same-index funds were excluded.
- Top ETFs: Broad Market funds led, accounting for 13 of the top 15 ETFs shown in the table. EQL, IGV, BNO, and SPGP each outperformed in 5 of 5 short-term and 3 of 3 long-term periods.
- Top stocks: A total of 926 stocks made the consistency cut. The top stocks shown include healthcare names NTRA and LLY, technology company SHOP, and industrial company BWLP, each of which outperformed in 5 of 5 short-term and 3 of 3 long-term periods.
- The risk trade-off: Over 5 years, the top ETFs had median volatility of 17.0%, similar to TLT's 15.7%, while about half were less volatile. All 15 had higher Sharpe ratios than TLT. The top stocks were much bumpier, with median volatility of 51.5%, roughly double or more than TLT's, but all 10 had higher Sharpe ratios.
How popular alternatives compare
Well-known funds and stocks investors often compare against TLT, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | +0.4% | −1.2% | −3.9% | −3.2% | −7.4% | +9.9% | −32.4% | −18.2% | 15.7% | -0.42 |
| SPY Made the listState Street SPDR S&P 500 ETF | 4/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2%1.1× TLT | 0.78 |
| VTI Made the listVanguard Morningstar Total Stock Market ETF | 4/5 short3/3 longAll-weather | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | +298% | 17.5%1.1× TLT | 0.71 |
| SHV Made the listiShares Trust iShares 0-1 Year Treasury Bond ETF | 4/5 short3/3 longAll-weather | +0.3% | +0.9% | +1.8% | +2.8% | +3.6% | +13.9% | +19.4% | +26.1% | 0.3%0.0× TLT | 12.12 |
| SHY Made the listiShares 1-3 Year Treasury Bond ETF | 4/5 short3/3 longAll-weather | +0.5% | +0.2% | +0.3% | +0.7% | +1.3% | +12.3% | +9.8% | +18.0% | 2.0%0.1× TLT | 0.93 |
| AGG Made the listiShares Core U.S. Aggregate Bond ETF | 4/5 short3/3 longAll-weather | +0.2% | −0.5% | −1.5% | −0.8% | −1.2% | +16.8% | −0.6% | +14.4% | 6.2%0.4× TLT | 0.01 |
| BND Made the listVanguard Total Bond Market ETF | 4/5 short3/3 longAll-weather | +0.3% | −0.7% | −1.7% | −1.0% | −1.4% | +16.3% | −1.0% | +14.3% | 6.1%0.4× TLT | 0.00 |
| TLH Made the listiShares 10-20 Year Treasury Bond ETF | 4/5 short3/3 longAll-weather | +0.3% | −0.6% | −2.9% | −2.4% | −5.0% | +14.7% | −21.1% | −10.0% | 12.6%0.8× TLT | -0.32 |
| VB Made the listVanguard Morningstar Small-Cap ETF | 3/5 short3/3 long | −1.0% | −2.3% | +2.1% | +11.4% | +15.1% | +68.6% | +35.2% | +179% | 20.6%1.3× TLT | 0.40 |
| JNK Made the listState Street SPDR Bloomberg High Yield Bond ETF | 3/5 short3/3 long | −1.8% | −1.7% | −1.3% | 0.0% | +1.6% | +27.6% | +17.0% | +49.9% | 7.6%0.5× TLT | 0.46 |
| HYG Made the listiShares iBoxx $ High Yield Corporate Bond ETF | 3/5 short3/3 long | −1.6% | −1.6% | −1.3% | −0.1% | +1.4% | +27.5% | +17.7% | +49.9% | 7.5%0.5× TLT | 0.47 |
| LQD Made the listiShares iBoxx $ Investment Grade Corporate Bond ETF | 3/5 short3/3 long | −0.3% | −1.0% | −2.7% | −1.9% | −3.0% | +20.0% | −3.5% | +22.0% | 8.7%0.6× TLT | -0.04 |
| IEF Made the listiShares 7-10 Year Treasury Bond ETF | 3/5 short3/3 long | +0.4% | −1.3% | −2.9% | −2.5% | −3.3% | +13.1% | −7.0% | +4.1% | 7.7%0.5× TLT | -0.15 |
| SGOV Made the listiShares 0-3 Month Treasury Bond ETF | 4/5 short2/3 long | +0.3% | +0.6% | +1.5% | +2.6% | +3.4% | +13.8% | +20.3% | — | 0.3%0.0× TLT | 13.25 |
ETFs that consistently outperformed TLT
Top 15 by long-term periods outperformed, then short-term, then by 10Y return. Green cells outperformed TLT in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | +0.4% | −1.2% | −3.9% | −3.2% | −7.4% | +9.9% | −32.4% | −18.2% | 15.7% | -0.42 | ||
| 1 | EQL Broad MarketALPS Equal Sector Weight ETF | 5/5 short3/3 longAll-weather | +1.6% | +2.3% | +5.5% | +12.4% | +14.3% | +77.4% | +87.2% | +385% | 14.5%0.9× TLT | 0.94 | 0.19% | $781M |
| 2 | IGV Broad MarketiShares Expanded Tech-Software Sector ETF | 5/5 short3/3 longAll-weather | +1.8% | +22.1% | +22.5% | +6.0% | −4.2% | +60.5% | +25.5% | +381% | 28.9%1.8× TLT | 0.30 | 0.38% | $15B |
| 3 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short3/3 longAll-weather | +19.0% | +34.0% | +36.4% | +144% | +139% | +118% | +205% | +359% | 37.1%2.4× TLT | 0.79 | 1.15% | $768M |
| 4 | SPGP Broad MarketInvesco S&P 500 GARP ETF | 5/5 short3/3 longAll-weather | +2.4% | +2.3% | +5.7% | +9.0% | +10.1% | +45.1% | +42.6% | +310% | 18.6%1.2× TLT | 0.48 | 0.34% | $2.1B |
| 5 | WTV Broad MarketWisdomTree U.S. Value Fund | 5/5 short3/3 longAll-weather | +2.9% | +3.5% | +11.1% | +16.8% | +20.7% | +92.0% | +89.0% | +306% | 17.0%1.1× TLT | 0.84 | 0.12% | $3.2B |
| 6 | XSW TechnologyState Street SPDR S&P Software & Services ETF | 5/5 short3/3 longAll-weather | +6.3% | +26.3% | +36.2% | +16.2% | +8.6% | +77.8% | +17.6% | +301% | 29.7%1.9× TLT | 0.26 | 0.35% | $488M |
| 7 | EQWL Broad MarketInvesco S&P 100 Equal Weight ETF | 5/5 short3/3 longAll-weather | +0.9% | +3.1% | +10.2% | +13.4% | +16.1% | +83.1% | +73.9% | +294% | 15.0%1.0× TLT | 0.82 | 0.30% | $2.8B |
| 8 | FNDX Broad MarketSchwab Fundamental U.S. Large Company ETF | 5/5 short3/3 longAll-weather | +2.3% | +4.2% | +12.3% | +21.0% | +26.2% | +90.0% | +89.3% | +292% | 14.9%1.0× TLT | 0.93 | 0.25% | $28B |
| 9 | RTH Broad MarketVanEck Retail ETF | 5/5 short3/3 longAll-weather | +6.3% | +6.0% | +1.7% | +9.3% | +10.5% | +70.1% | +54.2% | +290% | 17.0%1.1× TLT | 0.60 | 0.35% | $249M |
| 10 | RWL Broad MarketInvesco S&P 500 Revenue ETF | 5/5 short3/3 longAll-weather | +3.2% | +4.5% | +12.2% | +18.9% | +23.3% | +85.7% | +90.3% | +287% | 14.4%0.9× TLT | 0.97 | 0.39% | $10B |
| 11 | FNDB Broad MarketSchwab Fundamental U.S. Broad Market Index ETF | 5/5 short3/3 longAll-weather | +2.2% | +3.5% | +11.5% | +20.3% | +25.4% | +88.0% | +85.4% | +285% | 15.1%1.0× TLT | 0.90 | 0.25% | $1.5B |
| 12 | MOAT Broad MarketVanEck Morningstar Wide Moat ETF | 5/5 short3/3 longAll-weather | +3.9% | +8.3% | +11.2% | +9.3% | +12.8% | +60.2% | +57.2% | +278% | 18.4%1.2× TLT | 0.59 | 0.46% | $12B |
| 13 | CAPE Broad MarketDoubleLine Shiller CAPE U.S. Equities ETF | 5/5 short3/3 longAll-weather | +2.2% | −0.2% | +0.6% | +1.9% | +1.6% | +45.8% | +55.3% | +276% | 19.1%1.2× TLT | 0.56 | 0.65% | $211M |
| 14 | QUS Broad MarketState Street SPDR MSCI USA StrategicFactors ETF | 5/5 short3/3 longAll-weather | +2.5% | +5.6% | +10.2% | +14.0% | +16.7% | +73.5% | +69.3% | +276% | 14.2%0.9× TLT | 0.81 | 0.15% | $1.6B |
| 15 | VLU Broad MarketState Street SPDR S&P 1500 Value Tilt ETF | 5/5 short3/3 longAll-weather | +1.2% | +2.5% | +8.7% | +17.9% | +22.9% | +86.3% | +79.5% | +274% | 15.2%1.0× TLT | 0.85 | 0.12% | $781M |
Stocks that consistently outperformed TLT
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | +0.4% | −1.2% | −3.9% | −3.2% | −7.4% | +9.9% | −32.4% | −18.2% | 15.7% | -0.42 | |
| 1 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short3/3 longAll-weather | +2.7% | +51.9% | +93.2% | +75.4% | +113% | +901% | +249% | +3,934% | 57.6%3.7× TLT | 0.73 | $58B |
| 2 | SHOP Software - ApplicationShopify Inc. | 5/5 short3/3 longAll-weather | +14.3% | +42.6% | +27.9% | +7.4% | +4.2% | +231% | +18.4% | +3,745% | 66.9%4.3× TLT | 0.38 | $219B |
| 3 | BWLP Marine ShippingBW LPG Limited | 5/5 short3/3 longAll-weather | +1.2% | +20.7% | +46.1% | +116% | +129% | +232% | +966% | +2,648% | 50.9%3.2× TLT | 1.19 | $3.8B |
| 4 | MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc. | 5/5 short3/3 longAll-weather | +3.8% | +23.8% | +28.6% | +14.5% | +19.6% | +187% | +250% | +2,003% | 52.1%3.3× TLT | 0.73 | $18B |
| 5 | LLY Drug Manufacturers - GeneralEli Lilly and Company | 5/5 short3/3 longAll-weather | +11.7% | +12.5% | +42.3% | +21.5% | +61.9% | +131% | +461% | +1,870% | 32.8%2.1× TLT | 1.22 | $1.2T |
| 6 | CDNA Medical - Diagnostics & ResearchCareDx, Inc | 5/5 short3/3 longAll-weather | +22.4% | +83.1% | +235% | +261% | +374% | +1,227% | −4.1% | +1,687% | 79.5%5.1× TLT | 0.39 | $3.6B |
| 7 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +16.7% | +15.1% | +44.1% | +67.4% | +257% | +468% | +1,564% | 38.0%2.4× TLT | 1.11 | $14B |
| 8 | URI Rental & Leasing ServicesUnited Rentals, Inc. | 5/5 short3/3 longAll-weather | +6.5% | +7.5% | +38.9% | +32.3% | +13.0% | +179% | +213% | +1,407% | 39.1%2.5× TLT | 0.78 | $69B |
| 9 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short3/3 longAll-weather | +17.9% | +45.8% | +108% | +181% | +148% | +226% | +660% | +1,314% | 33.4%2.1× TLT | 1.39 | $129B |
| 10 | CVI Oil & Gas Refining & MarketingCVR Energy, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +68.6% | +88.5% | +134% | +62.6% | +105% | +289% | +1,306% | 52.4%3.3× TLT | 0.79 | $5.9B |
What stands out
TLT holds long-term Treasury bonds, while the leading investments here span broad-market funds, software, commodities, healthcare, technology, and industrials. That range points to a broad set of sources for returns, rather than a single winning theme. The popular alternatives also show that both stock funds and shorter-term bond funds kept ahead across all 3 long-term periods, even though some had a less consistent short-term record.
The stock leaders in the table came from several sectors, with healthcare appearing often, but the list is still only the top 10 stocks shown, not every stock that qualified. The 5-year risk figures show a clear difference in the ride: the leading ETFs had volatility similar to TLT, while the leading stocks were much more volatile. Still, every ETF and stock in those risk groups had a higher Sharpe ratio, a measure of return relative to risk, than TLT.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than TLT's. Returns within 0.5 points or 3% of TLT's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.