SCHQ vs. TLT: 同じ米国債のDNA、全く異なるコストと期間

Key Points

SCHQ charges a much lower expense ratio and offers a slightly higher yield than TLT.

SCHQ has outperformed TLT on recent 1-year and 5-year returns, while also showing a smaller maximum drawdown.

TLT is much larger and more liquid, but SCHQ's trading friction is minimal for most investors.

• 10 stocks we like better than Schwab Strategic Trust - Schwab Long-Term U.s. Treasury ETF ›

The Schwab Long-Term U.S. Treasury ETF (NYSEMKT:SCHQ) stands out for its ultra-low fees and marginally higher yield, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) dominates in assets under management.

Both SCHQ and TLT target long-term U.S. Treasury bonds, appealing to investors seeking interest rate sensitivity and government-backed security. This comparison unpacks differences in cost, performance, risk, and structure to help clarify which fund may better align with different investment priorities.

Snapshot (cost & size)

| Metric | TLT | SCHQ | |---|---|---| | Issuer | iShares | Schwab | | Expense ratio | 0.15% | 0.03% | | 1-yr return (as of Apr. 15, 2026) | 2.15% | 3.02% | | Dividend yield | 4.5% | 4.6% | | Beta | 0.55 | 0.53 | | AUM | $42.3 billion | $893.0 million |

Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.

SCHQ looks more affordable with its lower expense ratio and offers a slightly higher yield, providing a small income edge over TLT for cost-conscious investors.

Performance & risk comparison

| Metric | TLT | SCHQ | |---|---|---| | Max drawdown (5 y) | -43.70% | -40.95% | | Growth of $1,000 over 5 years | $735 | $774 |

What's inside

SCHQ tracks long-term U.S. Treasury bonds, holding 98 securities. SCHQ is a pure Treasury ETF that tracks the Bloomberg US Long Treasury Index; its holdings are 100% U.S. government debt. The fund is relatively young at 6.5 years but already boasts over $893 million in assets under management.

TLT, by comparison, is a much larger and longer-tenured fund holding 47 U.S. Treasury bonds. Both ETFs avoid sector tilts and credit risk, but TLT’s scale and liquidity may appeal to those trading in larger volumes or seeking the reassurance of a flagship fund.

For more guidance on ETF investing, check out the full guide at this link.

What this means for investors

Long-term Treasury bond funds like these carry zero credit risk because every bond is backed by the U.S. government. But they do carry significant interest rate risk. When rates rise, long-term bond prices fall sharply, and vice versa. That sensitivity cuts both ways: These funds can be powerful portfolio diversifiers when stocks tumble, but they can lose substantial value when rates climb, as investors learned painfully from 2022 through 2024.

SCHQ and TLT are both pure Treasury funds but differ in two important ways. SCHQ holds Treasuries maturing in 10 or more years, while TLT holds only bonds with 20 or more years remaining, making it more sensitive to rate moves in both directions. TLT also charges five times more than SCHQ — a gap that compounds meaningfully for long-term holders.

What TLT offers in return is scale and liquidity. With roughly $42 billion in assets compared to SCHQ's $893 million, TLT is one of the most widely followed bond funds in existence. It’s a benchmark that financial advisors, institutions, and individual investors alike use to gauge the long-term Treasury market. For those who simply want to own it and hold it, SCHQ delivers nearly identical exposure at a fraction of the cost.

Should you buy stock in Schwab Strategic Trust - Schwab Long-Term U.s. Treasury ETF right now?

Before you buy stock in Schwab Strategic Trust - Schwab Long-Term U.s. Treasury ETF, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Schwab Strategic Trust - Schwab Long-Term U.s. Treasury ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $581,304! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,215,992!

Now, it’s worth noting Stock Advisor’s total average return is 1,016% — a market-crushing outperformance compared to 197% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

**Stock Advisor returns as of April 17, 2026. *

Sara Appino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.