CM vs. TLT
CM (Canadian Imperial Bank of Commerce) is a stock, while TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, CM returned 17.61%/yr vs -1.75%/yr for TLT. At a correlation of -0.19, they often move in opposite directions.
Performance
CM vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, CM achieves a 26.85% return, which is significantly higher than TLT's 0.64% return. Over the past 10 years, CM has outperformed TLT with an annualized return of 17.61%, while TLT has yielded a comparatively lower -1.75% annualized return.
CM
- 1D
- 2.07%
- 1M
- -1.29%
- YTD
- 26.85%
- 6M
- 25.53%
- 1Y
- 71.46%
- 3Y*
- 46.66%
- 5Y*
- 20.02%
- 10Y*
- 17.61%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
CM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 26.85% | 49.02% | 37.83% | 27.23% | -25.71% | 42.29% | 9.25% | 19.22% | -19.75% | 26.58% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between CM and TLT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.19 |
The correlation between CM and TLT shifts across timeframes, from -0.19 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CM vs. TLT — Risk / Return Rank
CM
TLT
CM vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| CM | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.33 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.08 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 6.66 | 0.54 | +6.12 |
| Martin ratioReturn relative to average drawdown | 26.04 | 1.29 | +24.76 |
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Drawdowns
CM vs. TLT - Drawdown Comparison
The maximum CM drawdown since its inception was -71.70%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CM and TLT.
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Drawdown Indicators
| CM | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.70% | -48.35% | -23.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -7.58% | -3.21% |
Max Drawdown (3Y)Largest decline over 3 years | -19.47% | -19.18% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -43.70% | +3.09% |
Max Drawdown (10Y)Largest decline over 10 years | -47.82% | -48.35% | +0.53% |
Current DrawdownCurrent decline from peak | -1.54% | -39.89% | +38.35% |
Average DrawdownAverage peak-to-trough decline | -14.65% | -13.87% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.17% | -0.42% |
Volatility
CM vs. TLT - Volatility Comparison
Canadian Imperial Bank of Commerce (CM) has a higher volatility of 7.83% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.21%. This indicates that CM's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.83% | 2.21% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 16.03% | 6.63% | +9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.14% | 9.50% | +9.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.42% | 15.82% | +5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 14.91% | +7.71% |
Dividends
CM vs. TLT - Dividend Comparison
CM's dividend yield for the trailing twelve months is around 2.60%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 2.60% | 3.17% | 4.21% | 5.88% | 7.77% | 4.08% | 5.06% | 6.47% | 5.48% | 5.28% | 5.93% | 6.71% |
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CM and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CM has higher volatility (7.83%) compared to TLT (2.21%). In terms of maximum drawdown, CM dropped -71.70% vs TLT's -48.35%.
CM currently has the higher Sharpe Ratio (3.76 vs 0.43), 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.
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