TLT Down 52% From Peak: How "Risk-Free" Treasuries Lost Half Their Value

The iShares 20+ Year Treasury Bond ETF (TLT) trades at $81.91, roughly 52% below its all-time high (Benzinga, Aug 14, 2026). These are U.S. Treasuries — securities with no credit risk. The entire loss stems from duration: when long-term interest rates rise, bond prices fall, and 20+ year maturities amplify the hit. Duration, not default, did the damage.