IBGA vs. IBTO

Last updated Jun 23, 2026

IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds from iShares - IBGA tracks the ICE 2044 Maturity US Treasury Index while IBTO tracks the ICE 2033 Maturity US Treasury Index. Both are passively managed. Over the past year, IBGA returned 4.43% vs 3.25% for IBTO. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.

Performance

IBGA vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBGA achieves a 0.28% return, which is significantly higher than IBTO's -0.64% return.

IBGA

• 1D: -0.61%
• 1M: 1.69%
• YTD: 0.28%
• 6M: 0.30%
• 1Y: 4.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTO

• 1D: -0.29%
• 1M: 0.37%
• YTD: -0.64%
• 6M: -0.60%
• 1Y: 3.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBGA vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBGA iShares iBonds Dec 2044 Term Treasury ETF	0.28%	6.09%	-2.18%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.64%	8.23%	1.36%

Correlation

The correlation between IBGA and IBTO is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024	0.93

The correlation between IBGA and IBTO has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

IBGA vs. IBTO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBGA

IBGA Risk / Return Rank: 16
IBGA Sharpe Ratio Rank: 17
IBGA Sortino Ratio Rank: 16
IBGA Omega Ratio Rank: 15
IBGA Calmar Ratio Rank: 17
IBGA Martin Ratio Rank: 17

IBTO

IBTO Risk / Return Rank: 20
IBTO Sharpe Ratio Rank: 22
IBTO Sortino Ratio Rank: 21
IBTO Omega Ratio Rank: 19
IBTO Calmar Ratio Rank: 20
IBTO Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IBGA vs. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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.

	IBGA	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.74	-0.19
Sortino ratio: Return per unit of downside risk	0.85	1.13	-0.28
Omega ratio: Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	0.68	0.89	-0.22
Martin ratio: Return relative to average drawdown	1.76	2.36	-0.60

IBGA vs. IBTO - Sharpe Ratio Comparison

The current IBGA Sharpe Ratio is 0.56, which is comparable to the IBTO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IBGA and IBTO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBGA vs. IBTO - Drawdown Comparison

The maximum IBGA drawdown since its inception was -11.69%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for IBGA and IBTO.

Drawdown Indicators

	IBGA	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-8.36%	-3.33%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-3.66%	-2.94%
Current Drawdown Current decline from peak	-4.04%	-2.69%	-1.35%
Average Drawdown Average peak-to-trough decline	-5.03%	-2.37%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.38%	+1.15%

Volatility

IBGA vs. IBTO - Volatility Comparison

iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a higher volatility of 1.97% compared to iShares iBonds Dec 2033 Term Treasury ETF (IBTO) at 1.27%. This indicates that IBGA's price experiences larger fluctuations and is considered to be riskier than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBGA	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.27%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	3.15%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	4.40%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	6.59%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	6.59%	+3.24%

IBGA vs. IBTO - Expense Ratio Comparison

Both IBGA and IBTO have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IBGA vs. IBTO - Dividend Comparison

IBGA's dividend yield for the trailing twelve months is around 4.63%, more than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.63%	4.49%	2.03%	0.00%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%

Frequently Asked Questions

Can I hold both IBGA and IBTO in my portfolio?

With a correlation of 0.93, IBGA and IBTO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IBGA or IBTO?

IBGA has higher volatility (1.97%) compared to IBTO (1.27%). In terms of maximum drawdown, IBGA dropped -11.69% vs IBTO's -8.36%.

Which ETF is better, IBGA or IBTO?

On 1-year performance, IBGA leads with 4.43% vs 3.25% for IBTO. Both ETFs have the same 0.07% expense ratio. On volatility, IBTO has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBGA or IBTO?

Over the 1-year period, IBGA has performed better with a 4.43% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGA or IBTO?

IBGA and IBTO have the same expense ratio: 0.07% per year.

Which ETF pays a higher dividend yield, IBGA or IBTO?

IBGA has the higher dividend yield at 4.63%, compared with 4.15% for IBTO.

What is the main difference between IBGA and IBTO?

IBGA tracks ICE 2044 Maturity US Treasury Index, while IBTO tracks ICE 2033 Maturity US Treasury Index.

Which has better risk-adjusted returns?

IBTO currently has the higher Sharpe Ratio (0.74 vs 0.56), 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.