IBDT vs. TLT
IBDT (iShares iBonds Dec 2028 Term Corporate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBDT is a Corporate Bonds fund tracking the Bloomberg December 2028 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, IBDT returned 1.07%/yr vs -8.18%/yr for TLT. Their 0.65 correlation means they have sometimes moved together and sometimes differently. IBDT charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBDT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBDT achieves a 1.18% return, which is significantly higher than TLT's -3.49% return.
IBDT
- 1D
- -0.06%
- 1M
- 0.02%
- 6M
- 0.85%
- YTD
- 1.18%
- 1Y
- 3.43%
- 3Y*
- 5.62%
- 5Y*
- 1.07%
- 10Y*
- —
- ALL TIME*
- 3.89%
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) |
|---|---|---|---|
| $16.99M | $16.78M | $15.59M | |
| $2.33B | $2.02B | $2.19B |
IBDT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBDT iShares iBonds Dec 2028 Term Corporate ETF | 1.18% | 7.02% | 3.97% | 7.72% | -11.42% | -1.90% | 9.62% | 15.15% | 1.47% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | 5.18% |
Correlation
The correlation between IBDT and TLT is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018 | 0.65 |
The correlation between IBDT and TLT shifts across timeframes, from 0.58 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBDT vs. TLT — Risk / Return Rank
IBDT
TLT
IBDT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Corporate ETF (IBDT) 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.
| IBDT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.99 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | -0.14 | +3.99 |
| Martin ratioReturn relative to average drawdown | 17.60 | -0.30 | +17.90 |
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Drawdowns
IBDT vs. TLT - Drawdown Comparison
The maximum IBDT drawdown since its inception was -17.79%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBDT and TLT.
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Drawdown Indicators
| IBDT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.79% | -48.35% | +30.56% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -7.74% | +6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -2.94% | -14.79% | +11.85% |
Max Drawdown (5Y)Largest decline over 5 years | -17.61% | -43.70% | +26.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.06% | -42.36% | +42.30% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -13.99% | +9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 3.57% | -3.35% |
Volatility
IBDT vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2028 Term Corporate ETF (IBDT) is 0.44%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBDT 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
| IBDT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 2.46% | -2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.15% | 6.85% | -5.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.59% | 9.32% | -7.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.03% | 15.74% | -10.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.31% | 14.83% | -8.52% |
IBDT vs. TLT - Expense Ratio Comparison
IBDT 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
IBDT vs. TLT - Dividend Comparison
IBDT's dividend yield for the trailing twelve months is around 4.52%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBDT iShares iBonds Dec 2028 Term Corporate ETF | 4.14% | 4.56% | 4.67% | 4.10% | 3.25% | 2.45% | 2.80% | 3.32% | 1.47% | 0.00% | 0.00% | 0.00% |
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
IBDT and TLT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to IBDT (0.44%). In terms of maximum drawdown, IBDT dropped -17.79% vs TLT's -48.35%.
On 5-year performance, IBDT leads with 1.07% vs -8.18% for TLT. On fees, IBDT is cheaper at 0.10% per year. On volatility, IBDT has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBDT has performed better with a 1.07% return vs -8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDT is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 4.14% for IBDT.
IBDT is categorized as Corporate Bonds, while TLT is Government Bonds. IBDT tracks Bloomberg December 2028 Maturity Corporate Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBDT and 0.15% for TLT.
IBDT currently has the higher Sharpe Ratio (2.50 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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