IBHF vs. TLT
IBHF (iShares iBonds 2026 Term High Yield and Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBHF is a Corporate Bonds fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. IBHF is actively managed, while TLT is passively managed. Over the past 5 years, IBHF returned 4.05%/yr vs -6.31%/yr for TLT. At a 0.26 correlation, their price movements are largely independent. IBHF charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
IBHF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBHF achieves a 0.41% return, which is significantly higher than TLT's -0.27% return.
IBHF
- 1D
- -0.04%
- 1M
- -0.05%
- YTD
- 0.41%
- 6M
- 0.86%
- 1Y
- 4.76%
- 3Y*
- 7.23%
- 5Y*
- 4.05%
- 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%
IBHF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 0.41% | 6.60% | 8.55% | 10.40% | -6.66% | 4.43% | 2.97% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -0.20% |
Correlation
The correlation between IBHF and TLT is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020 | 0.26 |
The correlation between IBHF and TLT shifts across timeframes, from 0.21 (1 year) to 0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBHF vs. TLT — Risk / Return Rank
IBHF
TLT
IBHF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2026 Term High Yield and Income ETF (IBHF) 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.
| IBHF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.09 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 7.48 | 0.65 | +6.83 |
| Martin ratioReturn relative to average drawdown | 23.36 | 1.63 | +21.74 |
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
| IBHF | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 0.51 | +1.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | -0.40 | +1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.26 | +0.57 |
Drawdowns
IBHF vs. TLT - Drawdown Comparison
The maximum IBHF drawdown since its inception was -11.19%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBHF and TLT.
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Drawdown Indicators
| IBHF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.19% | -48.35% | +37.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.64% | -7.58% | +6.94% |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | -19.18% | +16.65% |
Max Drawdown (5Y)Largest decline over 5 years | -11.19% | -43.70% | +32.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.58% | -40.44% | +39.86% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -13.82% | +12.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 3.04% | -2.84% |
Volatility
IBHF vs. TLT - Volatility Comparison
The current volatility for iShares iBonds 2026 Term High Yield and Income ETF (IBHF) is 0.76%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that IBHF 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
| IBHF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 2.76% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 6.50% | -5.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.03% | 9.77% | -7.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 15.87% | -10.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 14.91% | -9.25% |
IBHF vs. TLT - Expense Ratio Comparison
IBHF has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IBHF vs. TLT - Dividend Comparison
IBHF's dividend yield for the trailing twelve months is around 6.54%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHF iShares iBonds 2026 Term High Yield and Income ETF | 6.54% | 6.73% | 7.17% | 7.33% | 6.01% | 4.55% | 0.61% | 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
IBHF and TLT have a correlation of 0.21, 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 IBHF (0.76%). In terms of maximum drawdown, IBHF dropped -11.19% vs TLT's -48.35%.
On 5-year performance, IBHF leads with 4.05% vs -6.31% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IBHF has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBHF has performed better with a 4.05% return vs -6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.35% for IBHF.
IBHF has the higher dividend yield at 6.54%, compared with 4.59% for TLT.
IBHF is categorized as Corporate Bonds, while TLT is Government Bonds. Their fees differ too: 0.35% for IBHF and 0.15% for TLT.
IBHF currently has the higher Sharpe Ratio (2.36 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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