SCHQ vs TLT: Holdings Overlap
SCHQSchwab Long-Term U.S. Treasury ETF
Schwab · 97 holdings · $793M · as of 2026-03-31
TLTiShares 20+ Year Treasury Bond ETF
iShares · 46 holdings · $41.6B · as of 2026-05-31
Holdings snapshots are 61 days apart (SCHQ: 2026-03-31, TLT: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are SCHQ and TLT?
Schwab Long-Term U.S. Treasury ETF (SCHQ, by Schwab) holds 97 positions; iShares 20+ Year Treasury Bond ETF (TLT, by iShares) holds 46. They have 45 holdings in common, and by portfolio weight the two funds are 51.2% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 51.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 45SCHQ holds 97 · TLT holds 46
- Weight in Shared Holdings
- SCHQ 59%·TLT 98%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in SCHQ
52 of 97 positions (40.3% of the fund) are not held by TLT. Showing the top 30 by weight.
- U.S. Treasury Bonds1.59%
- U.S. Treasury Bonds1.47%
- U.S. Treasury Bonds1.45%
- U.S. Treasury Bonds1.42%
- U.S. Treasury Bonds1.41%
- U.S. Treasury Bonds1.39%
Only in TLT
1 of 46 positions (0.5% of the fund) are not held by SCHQ.
- U.S. Treasury Bonds0.54%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| SCHQ | -1.5% | -2.3% | -0.6% | +0.4% | -6.7% | — | 4.90% |
| TLT | -1.7% | -2.5% | -1.3% | -0.6% | -7.8% | -2.3% | 4.72% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in SCHQ vs TLT →
Shared Holdings(45)
The top 10 shared positions account for 42% of the overlap, led by U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds.
| U.S. Treasury Bonds | 2.29% | 2.90% | 2.29% |
|---|---|---|---|
| U.S. Treasury Bonds | 2.28% | 4.46% | 2.28% |
| U.S. Treasury Bonds | 2.24% | 2.54% | 2.24% |
| U.S. Treasury Bonds | 2.24% | 4.40% | 2.24% |
| U.S. Treasury Bonds | 2.24% | 3.80% | 2.24% |
| U.S. Treasury Bonds | 2.19% | 3.46% | 2.19% |
| U.S. Treasury Bonds | 2.18% | 4.50% | 2.18% |
| U.S. Treasury Bonds | 2.10% | 4.03% | 2.10% |
| U.S. Treasury Bonds | 2.10% | 3.94% | 2.10% |
| U.S. Treasury Bonds | 1.88% | 4.58% | 1.88% |
| U.S. Treasury Bonds | 1.66% | 3.62% | 1.66% |
| U.S. Treasury Bonds | 1.55% | 3.86% | 1.55% |
| U.S. Treasury Bonds | 1.55% | 2.97% | 1.55% |
| U.S. Treasury Bonds | 1.43% | 4.15% | 1.43% |
| U.S. Treasury Bonds | 1.40% | 2.73% | 1.40% |
| U.S. Treasury Bonds | 1.37% | 1.33% | 1.33% |
| U.S. Treasury Bonds | 1.29% | 4.04% | 1.29% |
| U.S. Treasury Bonds | 1.18% | 2.42% | 1.18% |
| U.S. Treasury Bonds | 1.15% | 2.81% | 1.15% |
| U.S. Treasury Bonds | 1.15% | 2.35% | 1.15% |
| U.S. Treasury Bonds | 1.12% | 2.55% | 1.12% |
| U.S. Treasury Bonds | 1.29% | 1.09% | 1.09% |
| U.S. Treasury Bonds | 1.09% | 2.73% | 1.09% |
| U.S. Treasury Bonds | 1.07% | 1.06% | 1.06% |
| U.S. Treasury Bonds | 1.40% | 1.03% | 1.03% |
Frequently Asked Questions
How much do SCHQ and TLT overlap?
SCHQ and TLT overlap by 51.2% of portfolio weight. They share 45 holdings (SCHQ holds 97 positions and TLT holds 46), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SCHQ and TLT?
The two portfolios are 51.2% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of SCHQ and TLT?
The largest positions held by both funds are U.S. Treasury Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds. Together the top 10 shared positions account for 42% of the total overlap.
What does SCHQ own that TLT doesn't?
52 positions (40.3% of SCHQ) are unique to SCHQ, led by U.S. Treasury Bonds, U.S. Treasury Bonds and U.S. Treasury Bonds. In the other direction, 1 positions (0.5% of TLT) are unique to TLT.