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 6.65% vs 4.93% for TLT. Their correlation of 0.84 suggests significant overlap in exposure. 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 0.34% return, which is significantly higher than TLT's -0.27% return.
IBDZ
- 1D
- -0.19%
- 1M
- 0.37%
- YTD
- 0.34%
- 6M
- 0.33%
- 1Y
- 6.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
IBDZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | 0.34% | 8.84% | 4.23% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -1.81% |
Correlation
The correlation between IBDZ and TLT is 0.83, 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 | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 28, 2024 | 0.84 |
The correlation between IBDZ and TLT has been stable across timeframes, ranging from 0.83 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.
| IBDZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.09 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 0.65 | +1.54 |
| Martin ratioReturn relative to average drawdown | 7.12 | 1.63 | +5.49 |
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
| IBDZ | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 0.51 | +0.90 |
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 | 1.06 | 0.26 | +0.81 |
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% | -7.58% | +4.54% |
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 | -1.26% | -40.44% | +39.18% |
Average DrawdownAverage peak-to-trough decline | -1.28% | -13.82% | +12.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 3.04% | -2.10% |
Volatility
IBDZ vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) is 1.43%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. 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 | 1.43% | 2.76% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | 6.50% | -3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 9.77% | -5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 15.87% | -9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.27% | 14.91% | -8.64% |
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 4.86%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | 4.86% | 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 | 4.59% | 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 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to IBDZ (1.43%). In terms of maximum drawdown, IBDZ dropped -5.57% vs TLT's -48.35%.
On 1-year performance, IBDZ leads with 6.65% vs 4.93% for TLT. On fees, IBDZ is cheaper at 0.10% per year. On volatility, IBDZ has been the lower-risk option at 1.43%. 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 6.65% return vs 4.93%. 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 4.86%, compared with 4.59% 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 (1.41 vs 0.51), 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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