IBHI vs. TLT
IBHI (iShares iBonds 2029 Term High Yield and Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBHI is a High Yield Bonds fund tracking the Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, IBHI returned 9.00%/yr vs -1.67%/yr for TLT. At a 0.43 correlation, their price movements are largely independent. IBHI charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
IBHI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBHI achieves a 1.61% return, which is significantly higher than TLT's -0.05% return.
IBHI
- 1D
- 0.09%
- 1M
- 0.50%
- YTD
- 1.61%
- 6M
- 2.21%
- 1Y
- 6.99%
- 3Y*
- 9.00%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
IBHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 1.61% | 7.88% | 8.33% | 14.21% | -8.52% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -24.42% |
Correlation
The correlation between IBHI and TLT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2022 | 0.43 |
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Return for Risk
IBHI vs. TLT — Risk / Return Rank
IBHI
TLT
IBHI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2029 Term High Yield and Income ETF (IBHI) 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.
| IBHI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.07 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 0.46 | +2.86 |
| Martin ratioReturn relative to average drawdown | 14.61 | 1.14 | +13.46 |
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
| IBHI | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 0.36 | +1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.26 | +0.40 |
Drawdowns
IBHI vs. TLT - Drawdown Comparison
The maximum IBHI drawdown since its inception was -13.65%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBHI and TLT.
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Drawdown Indicators
| IBHI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.65% | -48.35% | +34.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -7.58% | +5.47% |
Max Drawdown (3Y)Largest decline over 3 years | -5.73% | -19.18% | +13.45% |
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 | -0.09% | -40.31% | +40.22% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -13.82% | +10.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.05% | -2.57% |
Volatility
IBHI vs. TLT - Volatility Comparison
The current volatility for iShares iBonds 2029 Term High Yield and Income ETF (IBHI) is 0.92%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that IBHI 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
| IBHI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 2.71% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 6.50% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 9.77% | -5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.98% | 15.86% | -7.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.98% | 14.90% | -6.92% |
IBHI vs. TLT - Expense Ratio Comparison
IBHI has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IBHI vs. TLT - Dividend Comparison
IBHI's dividend yield for the trailing twelve months is around 6.69%, more than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHI iShares iBonds 2029 Term High Yield and Income ETF | 6.69% | 6.79% | 6.66% | 6.48% | 5.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 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
IBHI and TLT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to IBHI (0.92%). In terms of maximum drawdown, IBHI dropped -13.65% vs TLT's -48.35%.
On 3-year performance, IBHI leads with 9.00% vs -1.67% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IBHI has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBHI has performed better with a 9.00% return vs -1.67%. 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 IBHI.
IBHI has the higher dividend yield at 6.69%, compared with 4.58% for TLT.
IBHI is categorized as High Yield Bonds, while TLT is Government Bonds. IBHI tracks Bloomberg 2029 Term High Yield and Income Index - Benchmark TR Gross, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.35% for IBHI and 0.15% for TLT.
IBHI currently has the higher Sharpe Ratio (1.85 vs 0.36), 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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