IAI vs. TLT
IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IAI is a Financials Equities fund tracking the Dow Jones U.S. Select Investment Services Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IAI returned 18.54%/yr vs -2.33%/yr for TLT. Their -0.30 correlation means they have often moved in opposite directions in the past. IAI charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
IAI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IAI achieves a 5.15% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, IAI has outperformed TLT with an annualized return of 18.54%, while TLT has yielded a comparatively lower -2.33% annualized return.
IAI
- 1D
- 0.57%
- 1M
- 1.65%
- 6M
- 1.99%
- YTD
- 5.15%
- 1Y
- 10.86%
- 3Y*
- 26.32%
- 5Y*
- 14.47%
- 10Y*
- 18.54%
- ALL TIME*
- 8.25%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.94M | $13.67M | $19.10M | |
| $2.39B | $2.06B | $2.20B |
IAI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 5.15% | 25.80% | 34.37% | 15.27% | -10.87% | 40.48% | 18.61% | 24.26% | -9.47% | 28.86% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IAI and TLT is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | -0.30 |
The correlation between IAI and TLT shifts across timeframes, from -0.30 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IAI vs. TLT — Risk / Return Rank
IAI
TLT
IAI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) 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.
| IAI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.97 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.28 | +0.94 |
| Martin ratioReturn relative to average drawdown | 1.83 | -0.59 | +2.42 |
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Drawdowns
IAI vs. TLT - Drawdown Comparison
The maximum IAI drawdown since its inception was -75.46%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IAI and TLT.
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Drawdown Indicators
| IAI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.46% | -48.35% | -27.11% |
Max Drawdown (1Y)Largest decline over 1 year | -16.52% | -7.74% | -8.78% |
Max Drawdown (3Y)Largest decline over 3 years | -23.14% | -14.79% | -8.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -43.70% | +14.86% |
Max Drawdown (10Y)Largest decline over 10 years | -40.38% | -48.35% | +7.97% |
Current DrawdownCurrent decline from peak | -4.58% | -42.17% | +37.59% |
Average DrawdownAverage peak-to-trough decline | -22.50% | -14.00% | -8.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 3.60% | +2.36% |
Volatility
IAI vs. TLT - Volatility Comparison
iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 6.40% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IAI'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
| IAI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 2.51% | +3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 16.12% | 6.84% | +9.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.14% | 9.24% | +10.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.52% | 15.74% | +5.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.76% | 14.83% | +7.93% |
IAI vs. TLT - Expense Ratio Comparison
IAI has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IAI vs. TLT - Dividend Comparison
IAI's dividend yield for the trailing twelve months is around 1.09%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 1.09% | 0.95% | 1.05% | 1.80% | 2.14% | 1.31% | 1.55% | 1.52% | 1.58% | 1.37% | 1.49% | 1.31% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
IAI and TLT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAI has higher volatility (6.40%) compared to TLT (2.51%). In terms of maximum drawdown, IAI dropped -75.46% vs TLT's -48.35%.
On 10-year performance, IAI leads with 18.54% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAI has performed better with a 18.54% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.38% for IAI.
TLT has the higher dividend yield at 4.75%, compared with 1.09% for IAI.
IAI is categorized as Financials Equities, while TLT is Government Bonds. IAI tracks Dow Jones U.S. Select Investment Services Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.38% for IAI and 0.15% for TLT.
IAI currently has the higher Sharpe Ratio (0.54 vs -0.23), 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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