TLT Down 52% From Peak: Duration, Not Default, Drove the Loss

The iShares 20+ Year Treasury Bond ETF (TLT) trades at $81.91, about 52% below its all-time high (Benzinga, Aug 14, 2026). These bonds carry zero credit risk — the U.S. doesn't default. The entire loss comes from duration: when rates rise, bond prices fall, and 20+ year maturities amplify the hit. Duration, not default, did the damage.