IBGK vs. TLH
IBGK (iShares iBonds Dec 2054 Term Treasury ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury Index, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past year, IBGK returned -1.96% vs -0.65% for TLH. Their 0.98 correlation means they have historically moved very closely together. IBGK charges 0.07%/yr vs 0.15%/yr for TLH.
Performance
IBGK vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, IBGK achieves a -3.18% return, which is significantly lower than TLH's -2.55% return.
IBGK
- 1D
- 0.42%
- 1M
- -3.43%
- 6M
- -2.71%
- YTD
- -3.18%
- 1Y
- -1.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.45%
TLH
- 1D
- 0.37%
- 1M
- -2.68%
- 6M
- -2.20%
- YTD
- -2.55%
- 1Y
- -0.65%
- 3Y*
- 1.21%
- 5Y*
- -5.49%
- 10Y*
- -1.23%
- ALL TIME*
- 2.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.80K | $17.29K | $31.57K | |
| $117.64M | $94.20M | $123.44M |
IBGK vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | -3.18% | 3.66% | -3.44% |
TLH iShares 10-20 Year Treasury Bond ETF | -2.55% | 6.47% | -0.56% |
Correlation
The correlation between IBGK and TLH 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 IBGK and TLH has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
IBGK vs. TLH — Risk / Return Rank
IBGK
TLH
IBGK vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.
| IBGK | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.99 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.10 | -0.16 |
| Martin ratioReturn relative to average drawdown | -0.57 | -0.23 | -0.35 |
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Drawdowns
IBGK vs. TLH - Drawdown Comparison
The maximum IBGK drawdown since its inception was -14.62%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for IBGK and TLH.
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Drawdown Indicators
| IBGK | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.62% | -41.14% | +26.52% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -6.50% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.14% | — |
Current DrawdownCurrent decline from peak | -11.76% | -31.26% | +19.50% |
Average DrawdownAverage peak-to-trough decline | -8.15% | -10.91% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 2.88% | +0.56% |
Volatility
IBGK vs. TLH - Volatility Comparison
iShares iBonds Dec 2054 Term Treasury ETF (IBGK) has a higher volatility of 2.45% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.08%. This indicates that IBGK's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGK | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 2.08% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 6.58% | 5.87% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.86% | 7.59% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.62% | 12.61% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.62% | 11.19% | +0.43% |
IBGK vs. TLH - Expense Ratio Comparison
IBGK has a 0.07% expense ratio, which is lower than TLH'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
IBGK vs. TLH - Dividend Comparison
IBGK's dividend yield for the trailing twelve months is around 4.84%, more than TLH's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 4.84% | 4.59% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.61% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.98, IBGK and TLH 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.
IBGK has higher volatility (2.45%) compared to TLH (2.08%). In terms of maximum drawdown, IBGK dropped -14.62% vs TLH's -41.14%.
On 1-year performance, TLH leads with -0.65% vs -1.96% for IBGK. On fees, IBGK is cheaper at 0.07% per year. On volatility, TLH has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLH has performed better with a -0.65% return vs -1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGK is cheaper with a 0.07% expense ratio, compared with 0.15% for TLH.
IBGK has the higher dividend yield at 4.84%, compared with 4.61% for TLH.
IBGK is categorized as Long-Term Bond, while TLH is Government Bonds. IBGK tracks ICE 2054 Maturity US Treasury Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. Their fees differ too: 0.07% for IBGK and 0.15% for TLH.
TLH currently has the higher Sharpe Ratio (-0.09 vs -0.22), 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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