IBB vs. TLT
IBB (iShares Nasdaq Biotechnology ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBB is a Health & Biotech Equities fund tracking the NASDAQ Biotechnology 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, IBB returned 6.89%/yr vs -2.38%/yr for TLT. Their -0.15 correlation means they have often moved in opposite directions in the past. IBB charges 0.47%/yr vs 0.15%/yr for TLT.
Performance
IBB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBB achieves a 10.55% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IBB has outperformed TLT with an annualized return of 6.89%, while TLT has yielded a comparatively lower -2.38% annualized return.
IBB
- 1D
- -1.87%
- 1M
- -4.75%
- 6M
- 8.20%
- YTD
- 10.55%
- 1Y
- 40.47%
- 3Y*
- 13.65%
- 5Y*
- 2.65%
- 10Y*
- 6.89%
- ALL TIME*
- 7.16%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $252.83M | $308.82M | $278.87M | |
| $2.33B | $2.02B | $2.19B |
IBB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBB iShares Nasdaq Biotechnology ETF | 10.55% | 27.98% | -2.41% | 3.76% | -13.69% | 0.95% | 26.01% | 25.42% | -9.53% | 21.08% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IBB and TLT is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.15 |
The correlation between IBB and TLT shifts across timeframes, from -0.15 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBB vs. TLT — Risk / Return Rank
IBB
TLT
IBB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq Biotechnology ETF (IBB) 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.
| IBB | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.99 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 4.25 | -0.14 | +4.39 |
| Martin ratioReturn relative to average drawdown | 12.35 | -0.30 | +12.65 |
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Drawdowns
IBB vs. TLT - Drawdown Comparison
The maximum IBB drawdown since its inception was -62.85%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBB and TLT.
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Drawdown Indicators
| IBB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.85% | -48.35% | -14.50% |
Max Drawdown (1Y)Largest decline over 1 year | -9.63% | -7.74% | -1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -24.85% | -14.79% | -10.06% |
Max Drawdown (5Y)Largest decline over 5 years | -39.82% | -43.70% | +3.88% |
Max Drawdown (10Y)Largest decline over 10 years | -39.82% | -48.35% | +8.53% |
Current DrawdownCurrent decline from peak | -5.96% | -42.36% | +36.40% |
Average DrawdownAverage peak-to-trough decline | -21.06% | -13.99% | -7.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 3.57% | -0.26% |
Volatility
IBB vs. TLT - Volatility Comparison
iShares Nasdaq Biotechnology ETF (IBB) has a higher volatility of 6.14% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IBB'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
| IBB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 2.46% | +3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 15.87% | 6.85% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 9.32% | +11.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.12% | 15.74% | +6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.12% | 14.83% | +8.29% |
IBB vs. TLT - Expense Ratio Comparison
IBB has a 0.47% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IBB vs. TLT - Dividend Comparison
IBB's dividend yield for the trailing twelve months is around 0.22%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBB iShares Nasdaq Biotechnology ETF | 0.22% | 0.23% | 0.29% | 0.26% | 0.31% | 0.21% | 0.21% | 0.33% | 0.20% | 0.30% | 0.19% | 0.03% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
IBB and TLT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBB has higher volatility (6.14%) compared to TLT (2.46%). In terms of maximum drawdown, IBB dropped -62.85% vs TLT's -48.35%.
On 10-year performance, IBB leads with 6.89% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IBB has performed better with a 6.89% return vs -2.38%. 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 0.47% for IBB.
TLT has the higher dividend yield at 4.34%, compared with 0.22% for IBB.
IBB is categorized as Health & Biotech Equities, while TLT is Government Bonds. IBB tracks NASDAQ Biotechnology Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.47% for IBB and 0.15% for TLT.
IBB currently has the higher Sharpe Ratio (2.00 vs -0.11), 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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