CAFX vs. IBTM

Last updated Jun 23, 2026

CAFX (Congress Intermediate Bond ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds. CAFX is actively managed, while IBTM is passively managed. Over the past year, CAFX returned 3.34% vs 3.09% for IBTM. Their correlation of 0.86 suggests significant overlap in exposure. CAFX charges 0.35%/yr vs 0.07%/yr for IBTM.

Performance

CAFX vs. IBTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Congress Intermediate Bond ETF (CAFX) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAFX achieves a 0.18% return, which is significantly higher than IBTM's -0.61% return.

CAFX

• 1D: -0.19%
• 1M: 0.20%
• YTD: 0.18%
• 6M: 0.34%
• 1Y: 3.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTM

• 1D: -0.31%
• 1M: 0.33%
• YTD: -0.61%
• 6M: -0.56%
• 1Y: 3.09%
• 3Y*: 2.71%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAFX vs. IBTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAFX Congress Intermediate Bond ETF	0.18%	6.46%	-1.50%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.61%	8.06%	-4.59%

Correlation

The correlation between CAFX and IBTM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.86

The correlation between CAFX and IBTM has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

CAFX vs. IBTM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAFX

CAFX Risk / Return Rank: 35
CAFX Sharpe Ratio Rank: 33
CAFX Sortino Ratio Rank: 35
CAFX Omega Ratio Rank: 32
CAFX Calmar Ratio Rank: 39
CAFX Martin Ratio Rank: 36

IBTM

IBTM Risk / Return Rank: 21
IBTM Sharpe Ratio Rank: 22
IBTM Sortino Ratio Rank: 21
IBTM Omega Ratio Rank: 19
IBTM Calmar Ratio Rank: 21
IBTM Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAFX vs. IBTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Congress Intermediate Bond ETF (CAFX) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CAFX	IBTM	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.77	+0.39
Sortino ratio: Return per unit of downside risk	1.77	1.16	+0.61
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	1.88	0.95	+0.93
Martin ratio: Return relative to average drawdown	5.20	2.51	+2.69

CAFX vs. IBTM - Sharpe Ratio Comparison

The current CAFX Sharpe Ratio is 1.16, which is higher than the IBTM Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of CAFX and IBTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CAFX vs. IBTM - Drawdown Comparison

The maximum CAFX drawdown since its inception was -2.63%, smaller than the maximum IBTM drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for CAFX and IBTM.

Drawdown Indicators

	CAFX	IBTM	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-13.60%	+10.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-3.26%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.86%	—
Current Drawdown Current decline from peak	-1.03%	-2.49%	+1.46%
Average Drawdown Average peak-to-trough decline	-0.74%	-4.78%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	1.23%	-0.59%

Volatility

CAFX vs. IBTM - Volatility Comparison

The current volatility for Congress Intermediate Bond ETF (CAFX) is 0.80%, while iShares iBonds Dec 2032 Term Treasury ETF (IBTM) has a volatility of 1.23%. This indicates that CAFX experiences smaller price fluctuations and is considered to be less risky than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAFX	IBTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.23%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	2.89%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.05%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.16%	7.53%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	7.53%	-4.37%

CAFX vs. IBTM - Expense Ratio Comparison

CAFX has a 0.35% expense ratio, which is higher than IBTM's 0.07% expense ratio.

Dividends

CAFX vs. IBTM - Dividend Comparison

CAFX's dividend yield for the trailing twelve months is around 4.01%, more than IBTM's 3.96% yield.

Position	TTM	2025	2024	2023	2022
CAFX Congress Intermediate Bond ETF	4.01%	3.92%	0.96%	0.00%	0.00%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.96%	3.87%	3.96%	3.39%	1.38%

Frequently Asked Questions

Can I hold both CAFX and IBTM in my portfolio?

CAFX and IBTM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAFX or IBTM?

IBTM has higher volatility (1.23%) compared to CAFX (0.80%). In terms of maximum drawdown, CAFX dropped -2.63% vs IBTM's -13.60%.

Which ETF is better, CAFX or IBTM?

On 1-year performance, CAFX leads with 3.34% vs 3.09% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, CAFX has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAFX or IBTM?

Over the 1-year period, CAFX has performed better with a 3.34% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAFX or IBTM?

IBTM is cheaper with a 0.07% expense ratio, compared with 0.35% for CAFX.

Which ETF pays a higher dividend yield, CAFX or IBTM?

CAFX has the higher dividend yield at 4.01%, compared with 3.96% for IBTM.

What is the main difference between CAFX and IBTM?

They also come from different issuers: Congress and iShares. Their fees differ too: 0.35% for CAFX and 0.07% for IBTM.

Which has better risk-adjusted returns?

CAFX currently has the higher Sharpe Ratio (1.16 vs 0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.