TLT vs UTWY: Grades, Fees and Holdings Compared

iShares 20+ Year Treasury Bond ETF

TLTBNasdaq

US Treasury 20 Year Bond ETF

UTWYBNasdaq

Overlap

No data

Expense ratio

TLT0.15%UTWY0.15%

Avg volume · 30D

TLT 10322.2×the volume

TLT34.8MUTWY3.37K

3Y return · a year

UTWY +0.4pt

TLT+2.2%UTWY+2.6%

TLT vs UTWY Performance

Oct 31, 2025 – Nov 2, 2026

−4.9%TLT−3.7%UTWY

Expense ratio: TLT 0.15%; UTWY 0.15%
Fund size: TLT $47.5B; UTWY $12M
1Y total return: TLT −4.9%; UTWY −3.7%, better
Yield (12M): TLT 5.18%; UTWY 5.30%, better
Holdings: TLT 49; UTWY 2
Avg volume (30D): TLT 34.8M sh, better; UTWY 3.37K sh
NAV per share: TLT $81.80; UTWY $40.71
52W range

ETF.net Grade

Pillar letters and Scores for TLT, UTWY, with each pillar’s weight
Pillar	TLT	UTWY
Cost30% weight	D37	D37
Mission25% weight	A100	A100
Risk15% weight	B58	B69Higher
Tradability15% weight	A91Higher	C53
Holdings10% weight	B61Higher	C53
Durability5% weight	A89Higher	F20

Rank among Treasuries (20+ Year) funds

How we build Categories ›

Same Category. TLT and UTWY are both graded against the same 11 Treasuries (20+ Year) funds, so their Grades compare head to head.

Treasuries (20+ Year)⁠

Category · 11 funds

See all 11 ›

TLT ranks 4th and UTWY 7th of 11 funds in the Treasuries (20+ Year) Category.

Rank 1AVGLTVanguard Long-Term Treasury ETFScore 84
Rank 2ABBLBJPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETFScore 73
Rank 3AEDVVanguard Extended Duration Treasury ETFScore 71
Rank 4BTLTiShares 20+ Year Treasury Bond ETFScore 69
Rank 5BGOVZiShares 25+ Year Treasury STRIPS Bond ETFScore 63
Rank 5BXTWYBondBloxx Bloomberg Twenty Year Target Duration US Treasury ETFScore 63
Rank 7BUTWYUS Treasury 20 Year Bond ETFScore 60
Rank 8BUTHYUS Treasury 30 Year Bond ETFScore 59

Our read on each fund

ETF.net Research

TLTBiShares 20+ Year Treasury Bond ETF

UTWYBUS Treasury 20 Year Bond ETF

In short

TLT The long bond's most famous ticker. iShares launched TLT in 2002, and it became the default way to take a view on 20-year-plus Treasuries: index-tracked, heavily traded, with a deep listed options market.

UTWY Most long-Treasury funds blend dozens of bonds into one duration smoothie. UTWY aims at a single spot on the curve, tracking the ICE BofA Current 20-Year US Treasury Index, and pays monthly.

Stated mandate

TLT The fund seeks to track an index of U.S. Treasury bonds with remaining maturities greater than twenty years, providing targeted exposure to long-duration government debt.

UTWY The fund seeks, before fees and expenses, to generally match the price and yield performance of the ICE BofA Current 20-Year US Treasury Index.

Why people hold it

TLT Pure long-duration Treasuries: it tracks the ICE U.S. Treasury 20+ Year Bond Index, government debt maturing in 20 years or more, no corporate credit, no short-end dilution.ishares.com
One of the most actively traded bond ETFs, with a deep listed options market around it, so positions and hedges can be built and unwound on-screen.marketchameleon.com
Running since 2002 and now a multi-billion-dollar fund, paying distributions monthly.

UTWY Targets one point on the yield curve, the current 20-year Treasury, instead of averaging everything past 20 years into a blended maturity.
Tracking is one of the tighter jobs in the long-Treasury group: the fund has stayed very close to its stated index.
Costs 0.15% a year, matching the median for long-Treasury ETFs and the same fee as TLT, the category's best-known name.
Distributions land monthly rather than quarterly, a cadence income-focused bond holders tend to prefer.

Worth knowing

TLT You pay for that liquidity: 0.15% a year, while BBLB tracks the very same index for 0.04% and VGLT charges 0.03% for long Treasuries.
Long duration cuts both ways. Bonds this far out the curve move sharply when long-term yields shift, so the ride is far more volatile than a short-term Treasury fund.ishares.com
Concentrated by design: roughly 50 Treasury bonds clustered at the long end, and the monthly payout floats with the coupons of whatever the index holds.

UTWY Cheaper long-Treasury options exist: VGLT charges 0.03%, BBLB 0.04% and EDV 0.05%, against UTWY's 0.15%.
Small and thinly traded next to the category's giants, so bid-ask spreads can add cost beyond the headline fee.
Launched in 2023, so the track record is short, and 20-year paper moves sharply when long rates move.

Full TLT profile⁠

Full UTWY profile⁠

TLT vs UTWY Holdings

How TLT and UTWY 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 UTWY.

Country, concentration and asset class

Country by domicile

Country weights in TLT and UTWY, widest gap first
Country	More in TLTMore in UTWY	TLT	UTWY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

TLT39.3%
UTWY100.0%

Securities held

TLT47
UTWY1

Asset class

TLT: Fixed Income
UTWY: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TLT holds 47 securities, UTWY 1.

All 47 TLT holdings⁠All 2 UTWY 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.

TLT vs UTWY Cost

Same expense ratio

$3,137

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

TLT 0.15%
$3,137
UTWY 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

TLT 0.15%
UTWY 0.15%

Year by year

Year	TLT	UTWY
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%TLT
0.15%UTWY

TLT0.15%UTWY0.15%

0.03%0.79%

Middle half of Treasuries (20+ Year) funds
Median 0.15%

TLT 6th cheapest of 11 funds

UTWY 6th cheapest of 11 funds

TLT vs UTWY Dividends

Last 12 months to Nov 2, 2026

Yield (12M): TLT 5.18%; UTWY 5.30%, better
Payout (12M): TLT $4.23; UTWY $2.16
Last payment: TLT $0.34; UTWY $0.17
Ex-dividend: TLT Nov 2, 2026; UTWY Oct 27, 2026
Paid on: TLT Pays Nov 5, 2026; UTWY Oct 28, 2026
Frequency: TLT Monthly; UTWY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TLTMonthly · 46 paymentsAll TLT payments⁠

UTWYMonthly · 43 paymentsAll UTWY payments⁠

TLT vs UTWY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TLT 13.5%UTWY 10.9%, better
Return per unit of riskSharpe ratio, 3 years: TLT −0.002, betterUTWY −0.03
Worst fallMax drawdown, 5 years: TLT −43.7%UTWY −18.2%since Mar 2023
Market sensitivityBeta, 5 years: TLT 2.40UTWY 1.94; Market = 1

TLT and UTWY in the news

All news⁠

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Updated Nov 2, 2026TLT
Category Rankings
Chips, AI and crypto took October's losses
Updated Nov 2, 2026TLT
The Big Picture
Two-year Treasury yield fell 11 basis points alongside the AI share selloff
Oct 31, 2026TLT
Bonds & Rates
A 7- to 10-year Treasury fund rose more than the long-bond fund
Oct 31, 2026TLT
Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026TLT
Closing Bell
Fed holds rates, stocks rise a third day as long yields climb
Oct 28, 2026TLT

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