ETFs / TLT
What If You Had Invested in TLT 10 Years Ago?
iShares 20+ Year Treasury Bond ETF (TLT) with real monthly prices, dividends reinvested, through November 2026.
TLT $81.93 ▲ +0.21% last close, Nov 05, 2026
If you had invested $1,000 in TLT in November 2016, today it would be worth
$903
Same $1,000 in the S&P 500 (SPY): $3,895
If you had put $500 a month into TLT since November 2016, your $60,500 would be worth today
$51,481
Same plan in the S&P 500 (SPY): $128,888
More options in the What If calculator.
TLT live price chart
TLT returns by period
| Period | Total return | Per year | $1,000 became | SPY per year |
|---|---|---|---|---|
| Sep 01, 2026 | $0.3150 | -4.5% | ||
| Aug 03, 2026 | $0.3300 | +3.8% | ||
| Jul 01, 2026 | $0.3180 | -5.4% | ||
| Jun 01, 2026 | $0.3360 | +6.7% | ||
| May 01, 2026 | $0.3150 | -8.7% | ||
| Apr 01, 2026 | $0.3450 | +14.6% | ||
| Mar 02, 2026 | $0.3010 | -9.3% | ||
| Feb 02, 2026 | $0.3320 | -2.9% | ||
| Dec 19, 2025 | $0.3420 | +6.5% | ||
| Dec 01, 2025 | $0.3210 | -1.2% | ||
| Nov 03, 2025 | $0.3250 | +4.8% | ||
| Oct 01, 2025 | $0.3100 | — |
TLT year by year
Best full year: 2011 (+34.0%). Worst: 2022 (-31.2%).
| Year | TLT | SPY | What happened |
|---|---|---|---|
| 2026 (so far) | -3.1% | +8.3% | |
| 2025 | +4.2% | +17.7% | |
| 2024 | -8.1% | +24.9% | |
| 2023 | +2.8% | +26.2% | |
| 2022 | -31.2% | -18.2% | Surging interest rates sent long-term Treasury prices to one of their worst years in history. |
| 2021 | -4.6% | +28.7% | |
| 2020 | +18.2% | +18.3% | |
| 2019 | +14.1% | +31.2% | |
| 2018 | -1.6% | -4.6% | |
| 2017 | +9.2% | +21.7% | |
| 2016 | +1.2% | +12.0% | |
| 2015 | -1.8% | +1.2% | |
| 2014 | +27.3% | +13.5% | |
| 2013 | -13.4% | +32.3% | |
| 2012 | +2.4% | +16.0% | |
| 2011 | +34.0% | +1.9% | |
| 2010 | +9.0% | +15.1% | |
| 2009 | -21.8% | +26.4% | |
| 2008 | +34.0% | -36.8% | Investors fled to Treasuries and long-term bonds rallied while stocks crashed. |
| 2007 | +10.3% | +5.1% |
TLT: all at once or every month?
Take $12,000: all of it on day one, or $1,000 a month for a year. Across every starting month since 2002 (281 of them), the lump sum was ahead after 12 months in 173 (62%). The lump sum won more often than not, but not by much: big swings meant the start month mattered a lot. The best case for monthly investing was a start in December 2021, when it finished the year 24% ahead.
Worst drop
TLT's worst fall in this history was -47.6%, a deep bear-market fall, from July 2020 to October 2023. It is still below that high today, 6.3 years later. $1,000 invested at that peak shrank to about $524 at the low.
TLT dividends
TLT paid $3.25 per share over the last 12 months, monthly. At $81.93 that is 3.97%, a moderate yield. From 2020 to 2025 the yearly payout grew +10.3% a year, well ahead of inflation. The yearly total fell in 2019, 2020, 2021. Fund payouts move around with what the holdings pay, so a lower year is not a cut in the usual sense.
| Year | Dividends / share | Change | Yield |
|---|---|---|---|
| 2025 | $3.86 | +2.8% | 4.43% |
| 2024 | $3.76 | +12.3% | 4.30% |
| 2023 | $3.34 | +25.9% | 3.38% |
| 2022 | $2.66 | +19.8% | 2.67% |
| 2021 | $2.22 | -6.3% | 1.50% |
| 2020 | $2.36 | -23.1% | 1.50% |
| 2019 | $3.07 | -3.8% | 2.27% |
| 2018 | $3.20 | +3.5% | 2.63% |
| 2017 | $3.09 | -0.5% | 2.43% |
| 2016 | $3.10 | -1.5% | 2.60% |
Yield = each year’s dividends divided by the price at the end of the year.
TLT dividend history: last 12 payments
| Ex-dividend date | Amount | Change |
|---|---|---|
| Sep 01, 2026 | $0.3150 | -4.5% |
| Aug 03, 2026 | $0.3300 | +3.8% |
| Jul 01, 2026 | $0.3180 | -5.4% |
| Jun 01, 2026 | $0.3360 | +6.7% |
| May 01, 2026 | $0.3150 | -8.7% |
| Apr 01, 2026 | $0.3450 | +14.6% |
| Mar 02, 2026 | $0.3010 | -9.3% |
| Feb 02, 2026 | $0.3320 | -2.9% |
| Dec 19, 2025 | $0.3420 | +6.5% |
| Dec 01, 2025 | $0.3210 | -1.2% |
| Nov 03, 2025 | $0.3250 | +4.8% |
| Oct 01, 2025 | $0.3100 | — |
About TLT
| Issuer | BlackRock (iShares) |
| Launched | July 2002 |
| Tracks | ICE U.S. Treasury 20+ Year |
| Expense ratio | 0.15% |
| Holdings | About 40 long-term U.S. Treasury bonds |
Fund details as of 2025. Check the issuer for the current expense ratio and holdings.
TLT holds only long-term U.S. Treasury bonds, more than 20 years to maturity. That makes it very sensitive to interest rates: its price can move as much as a stock fund's.
TLT rallied when rates fell during crises such as 2008 and early 2020, which made it a popular hedge. When rates climbed from 2021 to 2023 it lost close to half its value, one of the largest drawdowns ever for U.S. Treasuries.
Questions about TLT
How much would $10,000 invested in TLT 20 years ago be worth today?
About $16,710 with dividends reinvested, invested at the November 2006 close: 67.1% in total, or 2.6% a year.
When does TLT pay dividends?
In the last 12 months the payments went out every month, $3.25 per share in total.
Did TLT beat the S&P 500?
No. Over the last 20 years it trailed by 8.0 percentage points a year: +2.6% a year for TLT against +10.6% for SPY, dividends reinvested. Its worst fall was about the same as SPY's.