TLT vs EDV: Long Treasuries vs Extended Duration STRIPS
Both TLT and EDV bet on long-term US Treasury bonds. EDV is cheaper and more volatile, and its longer duration amplifies both gains and losses when rates move.
TLT (iShares 20+ Year Treasury Bond ETF) and EDV (Vanguard Extended Duration Treasury ETF) are both long-duration US Treasury bond funds used as interest rate hedges, deflation protection, or portfolio diversifiers. TLT holds Treasury bonds with maturities over 20 years (effective duration ~17 years) at 0.15% with massive liquidity ($55B AUM). EDV holds Treasury STRIPS with 20-30 year maturities (effective duration ~25 years) at a lower 0.06%, but with ~50% more price sensitivity to rate changes. If rates drop 1%, EDV gains roughly 25% while TLT gains about 17%. That leverage works both ways: rising rates in 2022-2023 caused TLT to fall ~40% and EDV to fall ~60%. Both are extremely volatile by bond standards and are not appropriate as core bond holdings for most investors.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 TLT vs EDV: Key Facts Side by Side
| Metric | TLT | EDV |
|---|---|---|
| Fund Name | iShares 20+ Year Treasury Bond ETF | Vanguard Extended Duration Treasury Index Fund ETF Shares |
| Issuer | iShares | Vanguard |
| Tracks Index | ICE US Treasury 20+ Year | Bloomberg US Treasury STRIPS 20-30 Year |
| Expense Ratio | 0.15% | 0.06% ✓ |
| Cost per $10K/yr | $15.00 | $6.00 |
| AUM | $46.2B | $4.0B |
| Holdings | 40 | 80 |
| Inception | 2002 | 2007 |
| 1-Year Return | -13.91% | -20.66% |
| 3-Year Return | +1.00% | -1.51% |
| 5-Year Return | -8.30% | -12.97% |
| Dividend Yield | 5.00% | 5.86% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.00% | 0.02% |
AUM and returns updated Oct 14, 2026 from ETF BFF database; expense ratios verified against issuer filings. Returns are annualised. Not investment advice.
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📊 TLT vs EDV: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- already use iShares and prefer staying within one fund family
- want the lowest fees: saves ~$9/yr per $10K vs TLT
- want broader diversification (80 holdings vs 40)
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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