IBDR vs. TLT
IBDR (iShares iBonds Dec 2026 Term Corporate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBDR is a Corporate Bonds fund tracking the Barclays December 2026 Maturity 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 5 years, IBDR returned 1.47%/yr vs -8.33%/yr for TLT. Their 0.55 correlation means they have sometimes moved together and sometimes differently. IBDR charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBDR vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBDR achieves a 2.11% return, which is significantly higher than TLT's -3.18% return.
IBDR
- 1D
- 0.04%
- 1M
- 0.29%
- 6M
- 1.89%
- YTD
- 2.11%
- 1Y
- 4.12%
- 3Y*
- 5.19%
- 5Y*
- 1.47%
- 10Y*
- —
- ALL TIME*
- 2.97%
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) |
|---|---|---|---|
| $13.88M | $13.13M | $14.02M | |
| $2.39B | $2.06B | $2.20B |
IBDR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBDR iShares iBonds Dec 2026 Term Corporate ETF | 2.11% | 4.99% | 4.98% | 5.96% | -8.28% | -1.79% | 8.88% | 14.81% | -2.80% | 5.96% |
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 IBDR and TLT is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2016 | 0.55 |
Over the past year, the correlation between IBDR and TLT has dropped to 0.02 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
IBDR vs. TLT — Risk / Return Rank
IBDR
TLT
IBDR vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Corporate ETF (IBDR) 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.
| IBDR | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.26 | ||
| Sortino ratioReturn per unit of downside risk | +14.60 | ||
| Omega ratioGain probability vs. loss probability | 3.32 | 0.97 | +2.35 |
| Calmar ratioReturn relative to maximum drawdown | 50.12 | -0.28 | +50.39 |
| Martin ratioReturn relative to average drawdown | 191.75 | -0.59 | +192.34 |
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Drawdowns
IBDR vs. TLT - Drawdown Comparison
The maximum IBDR drawdown since its inception was -16.06%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBDR and TLT.
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Drawdown Indicators
| IBDR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.06% | -48.35% | +32.29% |
Max Drawdown (1Y)Largest decline over 1 year | -0.08% | -7.74% | +7.66% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -14.79% | +13.71% |
Max Drawdown (5Y)Largest decline over 5 years | -12.95% | -43.70% | +30.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -14.00% | +11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 3.60% | -3.58% |
Volatility
IBDR vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Corporate ETF (IBDR) is 0.20%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that IBDR 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
| IBDR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 2.51% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.39% | 6.84% | -6.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 9.24% | -8.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.38% | 15.74% | -12.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 14.83% | -10.01% |
IBDR vs. TLT - Expense Ratio Comparison
IBDR 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
IBDR vs. TLT - Dividend Comparison
IBDR's dividend yield for the trailing twelve months is around 4.09%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBDR iShares iBonds Dec 2026 Term Corporate ETF | 4.09% | 4.20% | 4.13% | 3.41% | 2.44% | 2.11% | 2.61% | 3.25% | 3.56% | 3.22% | 0.86% | 0.00% |
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
IBDR and TLT have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to IBDR (0.20%). In terms of maximum drawdown, IBDR dropped -16.06% vs TLT's -48.35%.
On 5-year performance, IBDR leads with 1.47% vs -8.33% for TLT. On fees, IBDR is cheaper at 0.10% per year. On volatility, IBDR has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBDR has performed better with a 1.47% return vs -8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDR is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.75%, compared with 4.09% for IBDR.
IBDR is categorized as Corporate Bonds, while TLT is Government Bonds. IBDR tracks Barclays December 2026 Maturity Corporate Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBDR and 0.15% for TLT.
IBDR currently has the higher Sharpe Ratio (7.03 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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