ETF Comparison
TLT vs IEF: Which Is the Better Pick in 2026?
A head-to-head comparison of iShares 20+ Year Treasury Bond ETF and iShares 7-10 Year Treasury Bond ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| TLT | IEF | |
|---|---|---|
| Full name | iShares 20+ Year Treasury Bond ETF | iShares 7-10 Year Treasury Bond ETF |
| Issuer | BlackRock | BlackRock |
| Price | $86.26 | $95.04 |
| Distribution yield | 4.28% | 3.72% |
| Expense ratio | 0.15% | 0.15% |
| AUM | $45.4B | $48.7B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | ICE U.S. Treasury 20+ Year Bond Index | ICE U.S. Treasury 7-10 Year Bond Index |
| Objective | Provide exposure to the fund's underlying index or strategy per issuer materials. | Provide exposure to the fund's underlying index or strategy per issuer materials. |
| Asset class | Fixed Income | Fixed Income |
| Inception date | 07/22/2002 | 07/22/2002 |
| Beta | 2.38 | 1.18 |
| Last dividend | $0.34 | $0.32 |
| Ex-dividend date | 04/01/2026 | 04/01/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
TLT (iShares 20+ Year Treasury Bond ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both popular monthly-pay provide exposure to the fund's underlying index or strategy per issuer materials. ETFs, but they take different approaches.
TLT offers the higher yield at 4.28% vs 3.72% for IEF. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They track different benchmarks: TLT is linked to ICE U.S. Treasury 20+ Year Bond Index while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, which means their performance drivers differ.
IEF is the larger fund by assets ($48.7B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, TLT would generate roughly $35.67/month while IEF would produce $31.00/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, TLT would cost approximately $150 in fees vs $150 for IEF (simplified, not compounded). Both charge the same expense ratio.
Strategy & risk
TLT tracks ICE U.S. Treasury 20+ Year Bond Index with a provide exposure to the fund's underlying index or strategy per issuer materials. approach, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index using a provide exposure to the fund's underlying index or strategy per issuer materials. strategy. Beta is 2.38 for TLT and 1.18 for IEF, indicating IEF is less volatile relative to the market.
Fund details
TLT is managed by BlackRock (launched 07/22/2002) with $45.4B in assets. IEF is managed by BlackRock (launched 07/22/2002) with $48.7B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is TLT or IEF better for dividend income?
It depends on your goals. TLT currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between TLT and IEF?
TLT (iShares 20+ Year Treasury Bond ETF) tracks ICE U.S. Treasury 20+ Year Bond Index with a provide exposure to the fund's underlying index or strategy per issuer materials. strategy, while IEF (iShares 7-10 Year Treasury Bond ETF) tracks ICE U.S. Treasury 7-10 Year Bond Index with a provide exposure to the fund's underlying index or strategy per issuer materials. approach. They are issued by BlackRock and BlackRock respectively.
Can I hold both TLT and IEF?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, TLT or IEF?
TLT has an expense ratio of 0.15% while IEF charges 0.15%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in TLT vs IEF generate?
At current yields, $10,000 in TLT would generate roughly $35.67 per month ($428.00 annually). The same in IEF would produce about $31.00 per month ($372.00 annually).
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