Which Is the Better Long-Term Bond ETF: Vanguard's Higher-Yielding VCLT or iShares' Treasury Giant TLT?

Vanguard Long-Term Corporate Bond ETF is presented as offering a higher dividend yield and lower expense ratio than the iShares 20+ Year Treasury Bond ETF. While iShares' Treasury fund has larger AUM, it has recorded a steeper maximum drawdown over the past five years, highlighting a trade-off between scale and historical downside performance.