CAFX vs. IBTO

Last updated Jun 23, 2026

CAFX (Congress Intermediate Bond ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds. CAFX is actively managed, while IBTO is passively managed. Over the past year, CAFX returned 3.34% vs 3.25% for IBTO. Their correlation of 0.86 suggests significant overlap in exposure. CAFX charges 0.35%/yr vs 0.07%/yr for IBTO.

Performance

CAFX vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Congress Intermediate Bond ETF (CAFX) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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 IBTO's -0.64% return.

CAFX

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

IBTO

• 1D: -0.29%
• 1M: 0.37%
• YTD: -0.64%
• 6M: -0.60%
• 1Y: 3.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAFX vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAFX Congress Intermediate Bond ETF	0.18%	6.46%	-1.50%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.64%	8.23%	-5.04%

Correlation

The correlation between CAFX and IBTO is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.86

The correlation between CAFX and IBTO has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

CAFX vs. IBTO — 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

IBTO

IBTO Risk / Return Rank: 20
IBTO Sharpe Ratio Rank: 22
IBTO Sortino Ratio Rank: 21
IBTO Omega Ratio Rank: 19
IBTO Calmar Ratio Rank: 20
IBTO Martin Ratio Rank: 20

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. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Congress Intermediate Bond ETF (CAFX) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.74	+0.41
Sortino ratio: Return per unit of downside risk	1.77	1.13	+0.64
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	1.88	0.89	+0.99
Martin ratio: Return relative to average drawdown	5.20	2.36	+2.84

CAFX vs. IBTO - Sharpe Ratio Comparison

The current CAFX Sharpe Ratio is 1.16, which is higher than the IBTO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CAFX and IBTO, 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. IBTO - Drawdown Comparison

The maximum CAFX drawdown since its inception was -2.63%, smaller than the maximum IBTO drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for CAFX and IBTO.

Drawdown Indicators

	CAFX	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-8.36%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-3.66%	+1.87%
Current Drawdown Current decline from peak	-1.03%	-2.69%	+1.66%
Average Drawdown Average peak-to-trough decline	-0.74%	-2.37%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	1.38%	-0.74%

Volatility

CAFX vs. IBTO - Volatility Comparison

The current volatility for Congress Intermediate Bond ETF (CAFX) is 0.80%, while iShares iBonds Dec 2033 Term Treasury ETF (IBTO) has a volatility of 1.27%. This indicates that CAFX experiences smaller price fluctuations and is considered to be less risky than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAFX	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.27%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	3.15%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.40%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.16%	6.59%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	6.59%	-3.43%

CAFX vs. IBTO - Expense Ratio Comparison

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

Dividends

CAFX vs. IBTO - Dividend Comparison

CAFX's dividend yield for the trailing twelve months is around 4.01%, less than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023
CAFX Congress Intermediate Bond ETF	4.01%	3.92%	0.96%	0.00%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%

Frequently Asked Questions

Can I hold both CAFX and IBTO in my portfolio?

CAFX and IBTO have a correlation of 0.83, 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 IBTO?

IBTO has higher volatility (1.27%) compared to CAFX (0.80%). In terms of maximum drawdown, CAFX dropped -2.63% vs IBTO's -8.36%.

Which ETF is better, CAFX or IBTO?

On 1-year performance, CAFX leads with 3.34% vs 3.25% for IBTO. On fees, IBTO 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 IBTO?

Over the 1-year period, CAFX has performed better with a 3.34% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAFX or IBTO?

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

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

IBTO has the higher dividend yield at 4.15%, compared with 4.01% for CAFX.

What is the main difference between CAFX and IBTO?

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

Which has better risk-adjusted returns?

CAFX currently has the higher Sharpe Ratio (1.16 vs 0.74), 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.