IBDZ vs. TLT
IBDZ (iShares iBonds Dec 2034 Term Corporate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBDZ is a Corporate Bonds fund tracking the iBonds Dec 2034 Term 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, IBDZ returned 2.21% vs -2.45% for TLT. Their correlation of 0.84 means they have usually moved in the same direction. IBDZ charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBDZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBDZ achieves a -0.65% return, which is significantly higher than TLT's -3.49% return.
IBDZ
- 1D
- -0.23%
- 1M
- -1.39%
- 6M
- -0.80%
- YTD
- -0.65%
- 1Y
- 2.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.63%
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) |
|---|---|---|---|
| $4.19M | $3.35M | $3.85M | |
| $2.33B | $2.02B | $2.19B |
IBDZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | -0.65% | 8.84% | 4.23% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -1.52% |
Correlation
The correlation between IBDZ and TLT is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 24, 2024 | 0.84 |
The correlation between IBDZ and TLT has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.
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Return for Risk
IBDZ vs. TLT — Risk / Return Rank
IBDZ
TLT
IBDZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) 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.
| IBDZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.99 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.14 | +1.20 |
| Martin ratioReturn relative to average drawdown | 2.96 | -0.30 | +3.26 |
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Drawdowns
IBDZ vs. TLT - Drawdown Comparison
The maximum IBDZ drawdown since its inception was -5.57%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBDZ and TLT.
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Drawdown Indicators
| IBDZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.57% | -48.35% | +42.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -7.74% | +4.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
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 | -2.23% | -42.36% | +40.13% |
Average DrawdownAverage peak-to-trough decline | -1.29% | -13.99% | +12.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 3.57% | -2.48% |
Volatility
IBDZ vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) is 1.13%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBDZ 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
| IBDZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 2.46% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 6.85% | -3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 9.32% | -4.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.14% | 15.74% | -9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.14% | 14.83% | -8.69% |
IBDZ vs. TLT - Expense Ratio Comparison
IBDZ 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
IBDZ vs. TLT - Dividend Comparison
IBDZ's dividend yield for the trailing twelve months is around 4.93%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | 4.51% | 4.85% | 2.50% | 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 | 4.34% | 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
IBDZ and TLT have a correlation of 0.84, 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 IBDZ (1.13%). In terms of maximum drawdown, IBDZ dropped -5.57% vs TLT's -48.35%.
On 1-year performance, IBDZ leads with 2.21% vs -2.45% for TLT. On fees, IBDZ is cheaper at 0.10% per year. On volatility, IBDZ has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBDZ has performed better with a 2.21% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDZ is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
IBDZ has the higher dividend yield at 4.51%, compared with 4.34% for TLT.
IBDZ is categorized as Corporate Bonds, while TLT is Government Bonds. IBDZ tracks iBonds Dec 2034 Term Corporate Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBDZ and 0.15% for TLT.
IBDZ currently has the higher Sharpe Ratio (0.70 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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