IBCA vs. IBTO

Last updated Jun 5, 2026

IBCA (iShares iBonds Dec 2035 Term Corporate ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds from iShares - IBCA tracks the ICE 2035 Maturity US Corporate Index while IBTO tracks the ICE 2033 Maturity US Treasury Index. Both are passively managed. Over the past year, IBCA returned 6.02% vs 3.44% for IBTO. Their correlation of 0.84 suggests significant overlap in exposure. IBCA charges 0.10%/yr vs 0.07%/yr for IBTO.

Performance

IBCA vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2035 Term Corporate ETF (IBCA) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBCA achieves a 0.39% return, which is significantly higher than IBTO's -0.45% return.

IBCA

• 1D: 0.20%
• 1M: 0.33%
• YTD: 0.39%
• 6M: 0.35%
• 1Y: 6.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTO

• 1D: 0.12%
• 1M: -0.11%
• YTD: -0.45%
• 6M: -0.59%
• 1Y: 3.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBCA vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025
IBCA iShares iBonds Dec 2035 Term Corporate ETF	0.39%	7.15%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.45%	5.26%

Correlation

The correlation between IBCA and IBTO 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 Mar 27, 2025	0.84

The correlation between IBCA and IBTO has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

IBCA vs. IBTO — Risk / Return Rank

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

IBCA

IBCA Risk / Return Rank: 36
IBCA Sharpe Ratio Rank: 35
IBCA Sortino Ratio Rank: 35
IBCA Omega Ratio Rank: 33
IBCA Calmar Ratio Rank: 40
IBCA Martin Ratio Rank: 39

IBTO

IBTO Risk / Return Rank: 22
IBTO Sharpe Ratio Rank: 23
IBTO Sortino Ratio Rank: 23
IBTO Omega Ratio Rank: 21
IBTO Calmar Ratio Rank: 21
IBTO Martin Ratio Rank: 22

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.

IBCA vs. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Corporate ETF (IBCA) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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.

	IBCA	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.78	+0.45
Sortino ratio: Return per unit of downside risk	1.82	1.18	+0.64
Omega ratio: Gain probability vs. loss probability	1.22	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	1.90	0.94	+0.95
Martin ratio: Return relative to average drawdown	6.04	2.72	+3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBCA vs. IBTO - Sharpe Ratio Comparison

The current IBCA Sharpe Ratio is 1.23, which is higher than the IBTO Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IBCA and IBTO, 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

	IBCA	IBTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	0.78	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.44	+0.67

Drawdowns

IBCA vs. IBTO - Drawdown Comparison

The maximum IBCA drawdown since its inception was -3.48%, smaller than the maximum IBTO drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for IBCA and IBTO.

Drawdown Indicators

	IBCA	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-8.36%	+4.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-3.66%	+0.47%
Current Drawdown Current decline from peak	-1.23%	-2.51%	+1.28%
Average Drawdown Average peak-to-trough decline	-0.81%	-2.37%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.27%	-0.27%

Volatility

IBCA vs. IBTO - Volatility Comparison

iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a higher volatility of 1.62% compared to iShares iBonds Dec 2033 Term Treasury ETF (IBTO) at 1.32%. This indicates that IBCA's price experiences larger fluctuations and is considered to be riskier than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBCA	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	1.32%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	3.02%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	4.46%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	6.61%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	6.61%	-0.86%

IBCA vs. IBTO - Expense Ratio Comparison

IBCA has a 0.10% expense ratio, which is higher than IBTO's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBCA vs. IBTO - Dividend Comparison

IBCA's dividend yield for the trailing twelve months is around 4.66%, more than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023
IBCA iShares iBonds Dec 2035 Term Corporate ETF	4.66%	3.19%	0.00%	0.00%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%

Frequently Asked Questions

Can I hold both IBCA and IBTO in my portfolio?

IBCA and IBTO 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, IBCA or IBTO?

IBCA has higher volatility (1.62%) compared to IBTO (1.32%). In terms of maximum drawdown, IBCA dropped -3.48% vs IBTO's -8.36%.

Which ETF is better, IBCA or IBTO?

On 1-year performance, IBCA leads with 6.02% vs 3.44% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, IBTO has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBCA or IBTO?

Over the 1-year period, IBCA has performed better with a 6.02% return vs 3.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBCA or IBTO?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.10% for IBCA.

Which ETF pays a higher dividend yield, IBCA or IBTO?

IBCA has the higher dividend yield at 4.66%, compared with 4.15% for IBTO.

What is the main difference between IBCA and IBTO?

IBCA tracks ICE 2035 Maturity US Corporate Index, while IBTO tracks ICE 2033 Maturity US Treasury Index. Their fees differ too: 0.10% for IBCA and 0.07% for IBTO.

Which has better risk-adjusted returns?

IBCA currently has the higher Sharpe Ratio (1.23 vs 0.78), 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.