IAT vs. TLT
IAT (iShares U.S. Regional Banks ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IAT is a Financials Equities fund tracking the Dow Jones U.S. Select Regional Banks 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, IAT returned 9.38%/yr vs -2.33%/yr for TLT. Their -0.31 correlation means they have often moved in opposite directions in the past. IAT charges 0.42%/yr vs 0.15%/yr for TLT.
Performance
IAT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IAT achieves a 17.93% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, IAT has outperformed TLT with an annualized return of 9.38%, while TLT has yielded a comparatively lower -2.33% annualized return.
IAT
- 1D
- 1.19%
- 1M
- 2.49%
- 6M
- 9.97%
- YTD
- 17.93%
- 1Y
- 34.96%
- 3Y*
- 22.54%
- 5Y*
- 6.16%
- 10Y*
- 9.38%
- ALL TIME*
- 3.84%
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) |
|---|---|---|---|
| $7.95M | $9.88M | $9.64M | |
| $2.39B | $2.06B | $2.20B |
IAT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAT iShares U.S. Regional Banks ETF | 17.93% | 13.05% | 24.36% | -8.53% | -20.61% | 38.89% | -7.60% | 31.38% | -17.45% | 10.42% |
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 IAT and TLT is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.23 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | -0.31 |
The correlation between IAT and TLT shifts across timeframes, from -0.31 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IAT vs. TLT — Risk / Return Rank
IAT
TLT
IAT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) 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.
| IAT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.97 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | -0.28 | +2.28 |
| Martin ratioReturn relative to average drawdown | 5.18 | -0.59 | +5.77 |
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Drawdowns
IAT vs. TLT - Drawdown Comparison
The maximum IAT drawdown since its inception was -77.22%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IAT and TLT.
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Drawdown Indicators
| IAT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.22% | -48.35% | -28.87% |
Max Drawdown (1Y)Largest decline over 1 year | -17.49% | -7.74% | -9.75% |
Max Drawdown (3Y)Largest decline over 3 years | -29.29% | -14.79% | -14.50% |
Max Drawdown (5Y)Largest decline over 5 years | -55.55% | -43.70% | -11.85% |
Max Drawdown (10Y)Largest decline over 10 years | -55.55% | -48.35% | -7.20% |
Current DrawdownCurrent decline from peak | -1.37% | -42.17% | +40.80% |
Average DrawdownAverage peak-to-trough decline | -26.77% | -14.00% | -12.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.77% | 3.60% | +3.17% |
Volatility
IAT vs. TLT - Volatility Comparison
iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 5.50% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IAT'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
| IAT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 2.51% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 16.05% | 6.84% | +9.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.84% | 9.24% | +12.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.76% | 15.74% | +13.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.68% | 14.83% | +15.85% |
IAT vs. TLT - Expense Ratio Comparison
IAT has a 0.42% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IAT vs. TLT - Dividend Comparison
IAT's dividend yield for the trailing twelve months is around 2.51%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAT iShares U.S. Regional Banks ETF | 2.51% | 2.94% | 2.95% | 3.56% | 3.12% | 1.88% | 2.87% | 2.49% | 2.48% | 1.55% | 1.52% | 1.78% |
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
IAT and TLT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAT has higher volatility (5.50%) compared to TLT (2.51%). In terms of maximum drawdown, IAT dropped -77.22% vs TLT's -48.35%.
On 10-year performance, IAT leads with 9.38% 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, IAT has performed better with a 9.38% 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 0.42% for IAT.
TLT has the higher dividend yield at 4.75%, compared with 2.51% for IAT.
IAT is categorized as Financials Equities, while TLT is Government Bonds. IAT tracks Dow Jones U.S. Select Regional Banks Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.42% for IAT and 0.15% for TLT.
IAT currently has the higher Sharpe Ratio (1.61 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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