TLT vs LQD — 21-Year Performance Comparison
Long-Term Treasuries vs Investment-Grade Corp Bonds — backtested 2004–2024
LQD wins$22,601 vs $20,150 on $10,000 over 21 years
TLTLong-Term Treasuries
Final value$20,150
CAGR+3.4%
Max drawdown-38.0%
Best year+34% (2011)
Years won9 of 21
LQDInvestment-Grade Corp Bonds
Final value$22,601
CAGR+4.0%
Max drawdown-19.4%
Best year+17% (2019)
Years won12 of 21
Growth of $10,000
2004–2024TLTLQD
TLT$20,150
LQD$22,601
50/50 mix$22,234
50/50 blend: $22,234 (+3.9%/yr CAGR)
Splitting equally between TLT and LQD would have landed between the two — slightly lower CAGR than LQD but less volatility. Try a custom split →
Year-by-year: TLT vs LQD
| Year | TLT | LQD | Winner |
|---|---|---|---|
| 2024 | -8.1% | +0.9% | LQD |
| 2023 | +2.8% | +9.4% | LQD |
| 2022 | -31.2% | -17.9% | LQD |
| 2021 | -4.6% | -1.8% | LQD |
| 2020 | +18.1% | +11.0% | TLT |
| 2019 | +14.1% | +17.4% | LQD |
| 2018 | -1.6% | -3.8% | TLT |
| 2017 | +9.2% | +7.1% | TLT |
| 2016 | +1.2% | +6.2% | LQD |
| 2015 | -1.8% | -1.3% | LQD |
| 2014 | +27.3% | +8.2% | TLT |
| 2013 | -13.4% | -2.0% | LQD |
| 2012 | +2.6% | +10.6% | LQD |
| 2011 | +34.0% | +9.7% | TLT |
| 2010 | +9.1% | +9.3% | LQD |
| 2009 | -21.8% | +8.4% | LQD |
| 2008 | +33.9% | +2.4% | TLT |
| 2007 | +10.3% | +3.7% | TLT |
| 2006 | +0.7% | +4.2% | LQD |
| 2005 | +8.8% | +1.2% | TLT |
| 2004 | +7.9% | +5.7% | TLT |
More comparisons
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