IBII vs. TLT
IBII (iShares iBonds Oct 2032 Term TIPS ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBII is a Inflation-Protected Bonds fund tracking the ICE 2032 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, IBII returned 2.15% vs -1.64% for TLT. Their correlation of 0.80 means they have usually moved in the same direction. IBII charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBII vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBII achieves a 1.09% return, which is significantly higher than TLT's -2.43% return.
IBII
- 1D
- 0.12%
- 1M
- -0.24%
- 6M
- 0.47%
- YTD
- 1.09%
- 1Y
- 2.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.48%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $367.88K | $334.54K | $357.95K | |
| $2.59B | $2.11B | $2.22B |
IBII vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 1.09% | 8.65% | 1.21% | 4.85% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 7.61% |
Correlation
The correlation between IBII and TLT is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.80 |
The correlation between IBII and TLT shifts across timeframes, from 0.67 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBII vs. TLT — Risk / Return Rank
IBII
TLT
IBII vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2032 Term TIPS ETF (IBII) 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.
| IBII | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.98 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.21 | +1.30 |
| Martin ratioReturn relative to average drawdown | 2.96 | -0.45 | +3.41 |
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Drawdowns
IBII vs. TLT - Drawdown Comparison
The maximum IBII drawdown since its inception was -4.65%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBII and TLT.
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Drawdown Indicators
| IBII | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.65% | -48.35% | +43.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -7.74% | +5.76% |
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 | -1.17% | -41.73% | +40.56% |
Average DrawdownAverage peak-to-trough decline | -1.12% | -14.00% | +12.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 3.63% | -2.90% |
Volatility
IBII vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Oct 2032 Term TIPS ETF (IBII) is 0.76%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.67%. This indicates that IBII 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
| IBII | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 2.67% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 6.88% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 9.25% | -5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 15.75% | -10.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 14.83% | -9.49% |
IBII vs. TLT - Expense Ratio Comparison
IBII 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
IBII vs. TLT - Dividend Comparison
IBII's dividend yield for the trailing twelve months is around 5.20%, more than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 5.20% | 4.80% | 4.76% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 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
IBII and TLT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.67%) compared to IBII (0.76%). In terms of maximum drawdown, IBII dropped -4.65% vs TLT's -48.35%.
On 1-year performance, IBII leads with 2.15% vs -1.64% for TLT. On fees, IBII is cheaper at 0.10% per year. On volatility, IBII 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 1-year period, IBII has performed better with a 2.15% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBII is cheaper with a 0.10% expense ratio, compared with 0.15% for TLT.
IBII has the higher dividend yield at 5.20%, compared with 4.71% for TLT.
IBII is categorized as Inflation-Protected Bonds, while TLT is Government Bonds. IBII tracks ICE 2032 Maturity US Inflation-Linked Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for IBII and 0.15% for TLT.
IBII currently has the higher Sharpe Ratio (0.65 vs -0.18), 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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