SCHQ vs TLH: Grades, Fees and Holdings Compared

Schwab Long-Term U.S. Treasury ETF

SCHQANYSE Arca

iShares 10-20 Year Treasury Bond ETF

TLHBNYSE Arca

Overlap

No data

Expense ratio

SCHQ −0.12pt a year

SCHQ0.03%TLH0.15%

Avg volume · 30D

TLH 1.8×the volume

SCHQ1.08MTLH1.9M

5Y return · a year

TLH +1.9pt

SCHQ−6.7%TLH−4.8%

SCHQ vs TLH Performance

Oct 29, 2021 – Oct 30, 2026

−29.3%SCHQ−21.9%TLH

Expense ratio: SCHQ 0.03%, better; TLH 0.15%
Fund size: SCHQ $932M; TLH $12.2B
1Y total return: SCHQ −4.3%; TLH −3.2%, better
Yield (12M): SCHQ 4.86%, better; TLH 4.65%
Holdings: SCHQ 102; TLH 63
Avg volume (30D): SCHQ 1.08M sh; TLH 1.9M sh, better
NAV per share: SCHQ $29.81; TLH $96.04
52W range

ETF.net Grade

Pillar letters and Scores for SCHQ, TLH, with each pillar’s weight
Pillar	SCHQ	TLH
Cost30% weight	A84Higher	D32
Mission25% weight	A100	A100
Risk15% weight	D39	C48Higher
Tradability15% weight	B59	B61Higher
Holdings10% weight	A75Higher	B55
Durability5% weight	C53	A87Higher

Rank among Treasuries (10-20 Year) funds

How we build Categories ›

Same Category. SCHQ and TLH are both graded against the same 6 Treasuries (10-20 Year) funds, so their Grades compare head to head.

Treasuries (10-20 Year)⁠

Category · 6 funds

See all 6 ›

SCHQ ranks 2nd and TLH 4th of 6 funds in the Treasuries (10-20 Year) Category.

Rank 1ASPTLState Street SPDR Portfolio Long Term Treasury ETFScore 77
Rank 2ASCHQSchwab Long-Term U.S. Treasury ETFScore 74
Rank 3BXTENBondBloxx Bloomberg Ten Year Target Duration US Treasury ETFScore 67
Rank 4BTLHiShares 10-20 Year Treasury Bond ETFScore 60
Rank 5BLLDRGlobal X Long-Term Treasury Ladder ETFScore 55

Our read on each fund

ETF.net Research

SCHQASchwab Long-Term U.S. Treasury ETF

TLHBiShares 10-20 Year Treasury Bond ETF

In short

SCHQ The long end of the Treasury curve in a three-basis-point wrapper. SCHQ owns only long-dated US government bonds, so interest rates are the whole story here: no credit calls, no stock picking, just duration.

TLH A precision tool for one slice of the yield curve: about 60 US Treasuries maturing in 10 to 20 years, tracked against a single ICE index since 2007. No corporate credit, no curve guessing, just that band.

Stated mandate

SCHQ The fund seeks to track, before fees and expenses, an index representing the long-term U.S. Treasury bond market.

TLH The fund seeks to track the ICE U.S. Treasury 10-20 Year Bond Index, which represents U.S. Treasury obligations with maturities in the 10-to-20-year range.

Why people hold it

SCHQ Charges 0.03% a year against a 0.12% typical fee in its Treasury peer group. On a government bond fund, fees come straight out of the yield you keep.schwabassetmanagement.com
Plain index mandate: it follows the Bloomberg US Long Treasury Index with roughly 100 bonds and no manager discretion, and it distributes monthly.schwabassetmanagement.com
One of the stronger implementations in its Treasury cohort, priced level with the cheapest names on the board (VGIT and SCHP also at 0.03%).

TLH One job, defined narrowly: track the ICE U.S. Treasury 10-20 Year Bond Index. Roughly 60 government bonds, a single maturity band, no corporate credit in the mix.ishares.com
It stays close to that index and trades actively, so entering and exiting a position is generally straightforward rather than a spread-hunting exercise.
Live since 2007 and now a multi-billion-dollar iShares fund, it has traded through the financial crisis and every rate cycle since.
Interest arrives monthly rather than quarterly, which suits anyone matching bond income to a regular schedule.

Worth knowing

SCHQ Long maturities are the most rate-sensitive corner of the Treasury market. Prices here swing harder when yields move than in short or intermediate funds.schwabassetmanagement.com
Launched in 2019, so its live record is short next to long-Treasury funds that have traded through more rate cycles.

TLH At 0.15% it runs above the typical Treasury ETF and well above the cheapest rivals, such as VGIT at 0.03%. The targeted maturity band carries a price.
Long maturities move hard on rate news. A given shift in yields hits 10-to-20-year paper far more than short-term Treasuries, in both directions.
This is one segment of the curve, not a whole bond sleeve: no corporates, no TIPS, no short end to cushion the ride.

Full SCHQ profile⁠

Full TLH profile⁠

SCHQ vs TLH Holdings

How SCHQ and TLH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for SCHQ.

Country, concentration and asset class

Country by domicile

Country weights in SCHQ and TLH, widest gap first
Country	More in SCHQMore in TLH	SCHQ	TLH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SCHQ20.8%
TLH33.1%

Securities held

SCHQ102
TLH61

Asset class

SCHQ: Fixed Income
TLH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SCHQ holds 102 securities, TLH 61.

All 102 SCHQ holdings⁠All 61 TLH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SCHQ vs TLH Cost

Overpaying TLH vs SCHQ

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SCHQ 0.03%
$638
TLH 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

SCHQ 0.03%
TLH 0.15%
Overpaying

Year by year

Year	SCHQ	TLH	Overpaying
10	$55	$274	$219
20	$216	$1,071	$855
30	$638	$3,137	$2,499

Expense ratio

0.03%SCHQ, cheaper
0.15%TLH

SCHQ0.03%TLH0.15%

0.03%0.25%

Middle half of Treasuries (10-20 Year) funds
Median 0.10%

SCHQ cheapest of 6 funds

TLH 5th cheapest of 6 funds

SCHQ vs TLH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SCHQ 4.86%, better; TLH 4.65%
Payout (12M): SCHQ $1.45; TLH $4.47
Last payment: SCHQ $0.11; TLH $0.36
Ex-dividend: SCHQ Oct 1, 2026; TLH Oct 1, 2026
Paid on: SCHQ Oct 7, 2026; TLH Oct 6, 2026
Frequency: SCHQ Monthly; TLH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SCHQMonthly · 45 paymentsAll SCHQ payments⁠

TLHMonthly · 45 paymentsAll TLH payments⁠

SCHQ vs TLH Risk

Fall from peak · 5 years

SCHQ
TLH

Risk facts

VolatilityStd dev, 3 years: SCHQ 12.3%TLH 11.1%, better
Return per unit of riskSharpe ratio, 3 years: SCHQ 0.04TLH 0.09, better
Worst fallMax drawdown, 5 years: SCHQ −40.9%TLH −35.3%, better
Market sensitivityBeta, 5 years: SCHQ 2.24TLH 2.00; Market = 1

SCHQ and TLH in the news

All news⁠

Bonds & Rates
The 10-year yield fell to 5.09%, and long Treasury funds rose
Oct 17, 2026TLH

Popular comparisons

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Schwab Long-Term U.S. Treasury ETF · State Street SPDR Portfolio Long Term Treasury ETF
Expense ratio
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Expense ratio
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Expense ratio
0.15% · 0.12%
Category

SCHQ vs TLH

In short

Stated mandate

Why people hold it

Worth knowing

How SCHQ and TLH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The 10-year yield fell to 5.09%, and long Treasury funds rose

How SCHQ and TLH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings