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 18.29%/yr vs -2.22%/yr for TLT. At a correlation of -0.19, they often move in opposite directions.
Performance
CM vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CM achieves a 31.93% return, which is significantly higher than TLT's -0.89% return. Over the past 10 years, CM has outperformed TLT with an annualized return of 18.29%, while TLT has yielded a comparatively lower -2.22% annualized return.
CM
- 1D
- 2.11%
- 1M
- 4.50%
- 6M
- 31.73%
- YTD
- 31.93%
- 1Y
- 66.43%
- 3Y*
- 47.64%
- 5Y*
- 21.75%
- 10Y*
- 18.29%
TLT
- 1D
- -0.02%
- 1M
- -1.15%
- 6M
- -1.76%
- YTD
- -0.89%
- 1Y
- 2.95%
- 3Y*
- -1.36%
- 5Y*
- -7.32%
- 10Y*
- -2.22%
CM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 31.93% | 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 | -0.89% | 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 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
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 0.19 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +3.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.03 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.11 | 0.20 | +5.91 |
| Martin ratioReturn relative to average drawdown | 23.83 | 0.47 | +23.35 |
Loading charts...
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.
Loading charts...
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% | -18.88% | -0.59% |
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 | 0.00% | -40.81% | +40.81% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -13.92% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 3.25% | -0.49% |
Volatility
CM vs. TLT - Volatility Comparison
Canadian Imperial Bank of Commerce (CM) has a higher volatility of 5.42% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.88%. 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.
Loading charts...
Volatility by Period
| CM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 2.88% | +2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 16.27% | 6.82% | +9.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.39% | 9.47% | +9.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.43% | 15.79% | +5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 14.85% | +7.74% |
Dividends
CM vs. TLT - Dividend Comparison
CM's dividend yield for the trailing twelve months is around 2.55%, less than TLT's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 2.55% | 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 | 4.62% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CM has higher volatility (5.42%) compared to TLT (2.88%). In terms of maximum drawdown, CM dropped -71.70% vs TLT's -48.35%.
CM currently has the higher Sharpe Ratio (3.40 vs 0.16), 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.
Find the right allocation for CM and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer