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 3.96% vs 4.08% for TLT. Their correlation of 0.81 suggests significant overlap in exposure. IBII charges 0.10%/yr vs 0.15%/yr for TLT.
Performance
IBII vs. TLT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IBII having a 0.67% return and TLT slightly lower at 0.64%.
IBII
- 1D
- -0.40%
- 1M
- -0.44%
- YTD
- 0.67%
- 6M
- 0.73%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
IBII vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 0.67% | 8.65% | 1.21% | 4.85% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 7.61% |
Correlation
The correlation between IBII and TLT is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.81 |
The correlation between IBII and TLT shifts across timeframes, from 0.71 (1 year) to 0.81 (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 | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.08 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 0.54 | +1.46 |
| Martin ratioReturn relative to average drawdown | 6.47 | 1.29 | +5.18 |
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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% | -7.58% | +5.60% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
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 | -1.58% | -39.89% | +38.31% |
Average DrawdownAverage peak-to-trough decline | -1.12% | -13.87% | +12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 3.17% | -2.56% |
Volatility
IBII vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Oct 2032 Term TIPS ETF (IBII) is 1.36%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.21%. 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 | 1.36% | 2.21% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 6.63% | -4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 9.50% | -6.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.42% | 15.82% | -10.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 14.91% | -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 4.09%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBII iShares iBonds Oct 2032 Term TIPS ETF | 4.09% | 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 | 4.55% | 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 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.21%) compared to IBII (1.36%). In terms of maximum drawdown, IBII dropped -4.65% vs TLT's -48.35%.
On 1-year performance, TLT leads with 4.08% vs 3.96% for IBII. On fees, IBII is cheaper at 0.10% per year. On volatility, IBII has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLT has performed better with a 4.08% return vs 3.96%. 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.
TLT has the higher dividend yield at 4.55%, compared with 4.09% for IBII.
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 (1.14 vs 0.43), 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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