IBGA vs. TLT
IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBGA is a Intermediate Core Bond fund tracking the ICE 2044 Maturity US Treasury 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, IBGA returned -1.15% vs -2.45% for TLT. Their 0.98 correlation means they have historically moved very closely together. IBGA charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBGA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBGA achieves a -2.95% return, which is significantly higher than TLT's -3.49% return.
IBGA
- 1D
- -0.67%
- 1M
- -3.25%
- 6M
- -3.11%
- YTD
- -2.95%
- 1Y
- -1.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.33%
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) |
|---|---|---|---|
| $314.51K | $271.73K | $362.95K | |
| $2.33B | $2.02B | $2.19B |
IBGA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | -2.95% | 6.09% | -2.18% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -2.62% |
Correlation
The correlation between IBGA and TLT is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.98 |
The correlation between IBGA and TLT has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
IBGA vs. TLT — Risk / Return Rank
IBGA
TLT
IBGA vs. TLT - 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 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.
| IBGA | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.14 | +0.16 |
| Martin ratioReturn relative to average drawdown | 0.05 | -0.30 | +0.35 |
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Drawdowns
IBGA vs. TLT - Drawdown Comparison
The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBGA and TLT.
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Drawdown Indicators
| IBGA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -48.35% | +36.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -7.74% | +1.14% |
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 | -7.14% | -42.36% | +35.22% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -13.99% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 3.57% | -0.67% |
Volatility
IBGA vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) is 2.09%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBGA 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
| IBGA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.46% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 6.05% | 6.85% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.88% | 9.32% | -1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.74% | 15.74% | -6.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 14.83% | -5.09% |
IBGA vs. TLT - Expense Ratio Comparison
IBGA has a 0.07% 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
IBGA vs. TLT - Dividend Comparison
IBGA's dividend yield for the trailing twelve months is around 4.80%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.39% | 4.49% | 2.03% | 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
With a correlation of 0.98, IBGA and TLT 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.
TLT has higher volatility (2.46%) compared to IBGA (2.09%). In terms of maximum drawdown, IBGA dropped -11.69% vs TLT's -48.35%.
On 1-year performance, IBGA leads with -1.15% vs -2.45% for TLT. On fees, IBGA is cheaper at 0.07% per year. On volatility, IBGA has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBGA has performed better with a -1.15% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
IBGA has the higher dividend yield at 4.39%, compared with 4.34% for TLT.
IBGA is categorized as Intermediate Core Bond, while TLT is Government Bonds. IBGA tracks ICE 2044 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBGA and 0.15% for TLT.
IBGA currently has the higher Sharpe Ratio (0.02 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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