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IAT vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. TLT

Last updated Jun 4, 2026

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 7.95%/yr vs -1.66%/yr for TLT. At a correlation of -0.31, they often move in opposite directions. IAT charges 0.42%/yr vs 0.15%/yr for TLT.

Performance

IAT vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAT achieves a 2.80% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IAT has outperformed TLT with an annualized return of 7.95%, while TLT has yielded a comparatively lower -1.66% annualized return.

IAT

1D
-1.71%
1M
-1.74%
YTD
2.80%
6M
7.09%
1Y
22.99%
3Y*
22.20%
5Y*
1.35%
10Y*
7.95%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAT vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		2.80%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		-0.27%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 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

-0.04

Correlation (10Y)
Calculated over the trailing 10-year period

-0.24

Correlation (All Time)
Calculated using the full available price history since May 8, 2006

-0.31

The correlation between IAT and TLT shifts across timeframes, from -0.31 (all time) to 0.09 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares U.S. Regional Banks ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IAT:
IAT vs. KREIAT vs. KCEIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPY
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IAT vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAT
IAT Risk / Return Rank: 2727
Overall Rank
IAT Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 2828
Sortino Ratio Rank
IAT Omega Ratio Rank: 2929
Omega Ratio Rank
IAT Calmar Ratio Rank: 2727
Calmar Ratio Rank
IAT Martin Ratio Rank: 2525
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
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.

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.

IATTLTDifference
Sharpe ratioReturn per unit of total volatility
1.06
0.51

+0.55

Sortino ratioReturn per unit of downside risk
1.52
0.80

+0.72

Omega ratioGain probability vs. loss probability

1.20

1.09

+0.11

Calmar ratioReturn relative to maximum drawdown

1.32

0.65

+0.67

Martin ratioReturn relative to average drawdown

3.38

1.63

+1.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAT vs. TLT - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.06, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IAT and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IATTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.06

0.51

+0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.05

-0.40

+0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

-0.11

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

0.26

-0.16

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

IATTLTDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-48.35%

-28.87%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-7.58%

-9.91%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-19.18%

-10.11%

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 Drawdown

Current decline from peak

-9.75%

-40.44%

+30.69%

Average Drawdown

Average peak-to-trough decline

-26.97%

-13.82%

-13.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.81%

3.04%

+3.77%

Volatility

IAT vs. TLT - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.12% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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

IATTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.12%

2.76%

+3.36%

Volatility (6M)

Calculated over the trailing 6-month period

15.74%

6.50%

+9.24%

Volatility (1Y)

Calculated over the trailing 1-year period

21.86%

9.77%

+12.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.03%

15.87%

+13.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.78%

14.91%

+15.87%

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 2.88%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.88%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		4.59%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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAT has higher volatility (6.12%) compared to TLT (2.76%). In terms of maximum drawdown, IAT dropped -77.22% vs TLT's -48.35%.

On 10-year performance, IAT leads with 7.95% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 7.95% return vs -1.66%. 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 4.59%, compared with 2.88% 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 (1.06 vs 0.51), 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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