FTCB vs. IBTM

Last updated Jun 3, 2026

FTCB (First Trust Core Investment Grade ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds. FTCB is actively managed, while IBTM is passively managed. Over the past year, FTCB returned 6.13% vs 4.02% for IBTM. Their correlation of 0.91 suggests significant overlap in exposure. FTCB charges 0.55%/yr vs 0.07%/yr for IBTM.

Performance

FTCB vs. IBTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Core Investment Grade ETF (FTCB) 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, FTCB achieves a 0.36% return, which is significantly higher than IBTM's -0.32% return.

FTCB

• 1D: 0.00%
• 1M: -0.02%
• YTD: 0.36%
• 6M: 0.52%
• 1Y: 6.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTM

• 1D: 0.04%
• 1M: -0.24%
• YTD: -0.32%
• 6M: -0.47%
• 1Y: 4.02%
• 3Y*: 2.74%
• 5Y*: —
• 10Y*: —

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

FTCB vs. IBTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTCB First Trust Core Investment Grade ETF	0.36%	8.12%	2.57%	5.74%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.32%	8.06%	-0.14%	5.44%

Correlation

The correlation between FTCB and IBTM is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.91

The correlation between FTCB and IBTM has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

FTCB vs. IBTM — Risk / Return Rank

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

FTCB

FTCB Risk / Return Rank: 41
FTCB Sharpe Ratio Rank: 43
FTCB Sortino Ratio Rank: 45
FTCB Omega Ratio Rank: 41
FTCB Calmar Ratio Rank: 38
FTCB Martin Ratio Rank: 37

IBTM

IBTM Risk / Return Rank: 26
IBTM Sharpe Ratio Rank: 27
IBTM Sortino Ratio Rank: 27
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 24
IBTM Martin Ratio Rank: 25

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.

FTCB vs. IBTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Core Investment Grade ETF (FTCB) 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.

	FTCB	IBTM	Difference
Sharpe ratio Return per unit of total volatility	1.52	0.99	+0.54
Sortino ratio Return per unit of downside risk	2.26	1.50	+0.76
Omega ratio Gain probability vs. loss probability	1.27	1.17	+0.10
Calmar ratio Return relative to maximum drawdown	1.91	1.13	+0.78
Martin ratio Return relative to average drawdown	5.99	3.32	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTCB vs. IBTM - Sharpe Ratio Comparison

The current FTCB Sharpe Ratio is 1.52, which is higher than the IBTM Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FTCB 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.

Sharpe Ratios by Period

	FTCB	IBTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	0.99	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	0.21	+1.07

Drawdowns

FTCB vs. IBTM - Drawdown Comparison

The maximum FTCB drawdown since its inception was -4.99%, smaller than the maximum IBTM drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for FTCB and IBTM.

Drawdown Indicators

	FTCB	IBTM	Difference
Max Drawdown Largest peak-to-trough decline	-4.99%	-13.60%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-3.26%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.86%	—
Current Drawdown Current decline from peak	-1.53%	-2.21%	+0.68%
Average Drawdown Average peak-to-trough decline	-1.26%	-4.82%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.11%	-0.14%

Volatility

FTCB vs. IBTM - Volatility Comparison

First Trust Core Investment Grade ETF (FTCB) has a higher volatility of 1.36% compared to iShares iBonds Dec 2032 Term Treasury ETF (IBTM) at 1.22%. This indicates that FTCB's price experiences larger fluctuations and is considered to be riskier than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCB	IBTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.22%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	2.77%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	4.10%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	7.56%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.20%	7.56%	-2.36%

FTCB vs. IBTM - Expense Ratio Comparison

FTCB has a 0.55% expense ratio, which is higher than IBTM's 0.07% expense ratio.

Dividends

FTCB vs. IBTM - Dividend Comparison

FTCB's dividend yield for the trailing twelve months is around 5.30%, more than IBTM's 3.94% yield.

Position	TTM	2025	2024	2023	2022
FTCB First Trust Core Investment Grade ETF	5.30%	4.99%	5.19%	0.35%	0.00%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.94%	3.87%	3.96%	3.39%	1.38%

Frequently Asked Questions

Can I hold both FTCB and IBTM in my portfolio?

FTCB and IBTM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCB or IBTM?

FTCB has higher volatility (1.36%) compared to IBTM (1.22%). In terms of maximum drawdown, FTCB dropped -4.99% vs IBTM's -13.60%.

Which ETF is better, FTCB or IBTM?

On 1-year performance, FTCB leads with 6.13% vs 4.02% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, IBTM has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTCB or IBTM?

Over the 1-year period, FTCB has performed better with a 6.13% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTCB or IBTM?

IBTM is cheaper with a 0.07% expense ratio, compared with 0.55% for FTCB.

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

FTCB has the higher dividend yield at 5.30%, compared with 3.94% for IBTM.

What is the main difference between FTCB and IBTM?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.55% for FTCB and 0.07% for IBTM.

Which has better risk-adjusted returns?

FTCB currently has the higher Sharpe Ratio (1.52 vs 0.99), 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.