IBCA vs. TLT
IBCA (iShares iBonds Dec 2035 Term Corporate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBCA is a Intermediate Core Bond fund tracking the ICE 2035 Maturity US Corporate 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 year, IBCA returned 6.55% vs 3.48% for TLT. Their correlation of 0.82 suggests significant overlap in exposure. IBCA charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBCA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBCA achieves a 0.20% return, which is significantly higher than TLT's -0.05% return.
IBCA
- 1D
- -0.27%
- 1M
- 0.37%
- YTD
- 0.20%
- 6M
- 0.04%
- 1Y
- 6.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
IBCA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 0.20% | 7.15% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 1.41% |
Correlation
The correlation between IBCA and TLT is 0.85, 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 | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | 0.82 |
The correlation between IBCA and TLT has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.
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Return for Risk
IBCA vs. TLT — Risk / Return Rank
IBCA
TLT
IBCA vs. TLT - 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 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.
| IBCA | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 0.46 | +1.60 |
| Martin ratioReturn relative to average drawdown | 6.57 | 1.14 | +5.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBCA | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 0.36 | +0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.26 | +0.82 |
Drawdowns
IBCA vs. TLT - Drawdown Comparison
The maximum IBCA drawdown since its inception was -3.48%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBCA and TLT.
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Drawdown Indicators
| IBCA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.48% | -48.35% | +44.87% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -7.58% | +4.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.42% | -40.31% | +38.89% |
Average DrawdownAverage peak-to-trough decline | -0.81% | -13.82% | +13.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 3.05% | -2.05% |
Volatility
IBCA vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2035 Term Corporate ETF (IBCA) is 1.62%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that IBCA experiences smaller price fluctuations and is considered to be less risky 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
| IBCA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 2.71% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 6.50% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 9.77% | -4.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 15.86% | -10.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.76% | 14.90% | -9.14% |
IBCA vs. TLT - Expense Ratio Comparison
IBCA has a 0.10% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, 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. TLT - Dividend Comparison
IBCA's dividend yield for the trailing twelve months is around 4.67%, more than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 4.67% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 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
IBCA and TLT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to IBCA (1.62%). In terms of maximum drawdown, IBCA dropped -3.48% vs TLT's -48.35%.
On 1-year performance, IBCA leads with 6.55% vs 3.48% for TLT. On fees, IBCA is cheaper at 0.10% per year. On volatility, IBCA has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBCA has performed better with a 6.55% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBCA is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
IBCA has the higher dividend yield at 4.67%, compared with 4.58% for TLT.
IBCA is categorized as Intermediate Core Bond, while TLT is Government Bonds. IBCA tracks ICE 2035 Maturity US Corporate Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBCA and 0.15% for TLT.
IBCA currently has the higher Sharpe Ratio (1.33 vs 0.36), 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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