IBIE vs. TLT
IBIE (iShares iBonds Oct 2028 Term TIPS ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBIE is a Inflation-Protected Bonds fund tracking the ICE 2028 Maturity US Inflation-Linked 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, IBIE returned 3.00% vs -2.12% for TLT. Their 0.55 correlation means they have sometimes moved together and sometimes differently. IBIE charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBIE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBIE achieves a 1.87% return, which is significantly higher than TLT's -3.18% return.
IBIE
- 1D
- -0.03%
- 1M
- 0.26%
- 6M
- 1.43%
- YTD
- 1.87%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.30%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $740.01K | $732.57K | $770.84K | |
| $2.39B | $2.06B | $2.20B |
IBIE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBIE iShares iBonds Oct 2028 Term TIPS ETF | 1.87% | 6.46% | 3.95% | 2.93% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 7.10% |
Correlation
The correlation between IBIE and TLT is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.55 |
Over the past year, the correlation between IBIE and TLT has dropped to 0.29 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
IBIE vs. TLT — Risk / Return Rank
IBIE
TLT
IBIE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2028 Term TIPS ETF (IBIE) 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.
| IBIE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.60 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.97 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 4.19 | -0.28 | +4.47 |
| Martin ratioReturn relative to average drawdown | 12.84 | -0.59 | +13.43 |
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Drawdowns
IBIE vs. TLT - Drawdown Comparison
The maximum IBIE drawdown since its inception was -1.70%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBIE and TLT.
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Drawdown Indicators
| IBIE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.70% | -48.35% | +46.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.72% | -7.74% | +7.02% |
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 | -0.23% | -42.17% | +41.94% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -14.00% | +13.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 3.60% | -3.37% |
Volatility
IBIE vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Oct 2028 Term TIPS ETF (IBIE) is 0.30%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that IBIE 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
| IBIE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 2.51% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 6.84% | -5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.47% | 9.24% | -7.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 15.74% | -12.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.80% | 14.83% | -12.03% |
IBIE vs. TLT - Expense Ratio Comparison
IBIE has a 0.10% 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
IBIE vs. TLT - Dividend Comparison
IBIE's dividend yield for the trailing twelve months is around 4.96%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIE iShares iBonds Oct 2028 Term TIPS ETF | 4.96% | 4.09% | 4.23% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
IBIE and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to IBIE (0.30%). In terms of maximum drawdown, IBIE dropped -1.70% vs TLT's -48.35%.
On 1-year performance, IBIE leads with 3.00% vs -2.12% for TLT. On fees, IBIE is cheaper at 0.10% per year. On volatility, IBIE has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIE has performed better with a 3.00% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIE is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
IBIE has the higher dividend yield at 4.96%, compared with 4.75% for TLT.
IBIE is categorized as Inflation-Protected Bonds, while TLT is Government Bonds. IBIE tracks ICE 2028 Maturity US Inflation-Linked Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBIE and 0.15% for TLT.
IBIE currently has the higher Sharpe Ratio (2.05 vs -0.23), 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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