IBGM vs. TLT

Last updated Jul 21, 2026

IBGM (iShares iBonds Dec 2056 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBGM tracks the ICE 2056 Maturity US Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. IBGM charges 0.07%/yr vs 0.15%/yr for TLT.

Performance

IBGM vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2056 Term Treasury ETF (IBGM) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBGM

• 1D: -0.67%
• 1M: -2.81%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TLT

• 1D: -0.75%
• 1M: -2.94%
• 6M: -2.29%
• YTD: -1.57%
• 1Y: 2.90%
• 3Y*: -2.24%
• 5Y*: -7.64%
• 10Y*: -2.20%
• ALL TIME*: 3.56%

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

IBGM vs. TLT - Yearly Performance Comparison

	2026 (YTD)
IBGM iShares iBonds Dec 2056 Term Treasury ETF	-1.12%
TLT iShares 20+ Year Treasury Bond ETF	-1.91%

Correlation

The correlation between IBGM and TLT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.97

Return for Risk

IBGM vs. TLT — Risk / Return Rank

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

IBGM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TLT

TLT Risk / Return Rank: 15
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 16
TLT Martin Ratio Rank: 15

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.

IBGM vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2056 Term Treasury ETF (IBGM) 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.

	IBGM	TLT	Difference
Sharpe ratio: Return per unit of total volatility	—	0.31	—
Sortino ratio: Return per unit of downside risk	—	0.52	—
Omega ratio: Gain probability vs. loss probability	—	1.06	—
Calmar ratio: Return relative to maximum drawdown	—	0.38	—
Martin ratio: Return relative to average drawdown	—	0.87	—

Drawdowns

IBGM vs. TLT - Drawdown Comparison

The maximum IBGM drawdown since its inception was -4.36%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBGM and TLT.

Drawdown Indicators

	IBGM	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-4.36%	-48.35%	+43.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-3.66%	-41.21%	+37.55%
Average Drawdown Average peak-to-trough decline	-1.40%	-13.95%	+12.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.35%	—

Volatility

Volatility by Period

	IBGM	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.38%	9.41%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.38%	15.75%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.38%	14.84%	-6.46%

IBGM vs. TLT - Expense Ratio Comparison

IBGM 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

IBGM vs. TLT - Dividend Comparison

IBGM's dividend yield for the trailing twelve months is around 1.23%, less than TLT's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBGM iShares iBonds Dec 2056 Term Treasury ETF	1.23%	0.00%	0.00%	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	4.65%	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

Can I hold both IBGM and TLT in my portfolio?

With a correlation of 0.97, IBGM 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.

Which ETF is better, IBGM or TLT?

On fees, IBGM is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBGM or TLT?

IBGM is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.

Which ETF pays a higher dividend yield, IBGM or TLT?

TLT has the higher dividend yield at 4.65%, compared with 1.23% for IBGM.

What is the main difference between IBGM and TLT?

IBGM tracks ICE 2056 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBGM and 0.15% for TLT.