IBIT vs. TLT
IBIT (iShares Bitcoin Trust ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, 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, IBIT returned -44.19% vs -1.64% for TLT. Their 0.03 correlation means their historical movements had little consistent relationship. IBIT charges 0.25%/yr vs 0.15%/yr for TLT.
Performance
IBIT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -26.71% return, which is significantly lower than TLT's -2.43% return.
IBIT
- 1D
- 0.64%
- 1M
- 4.36%
- 6M
- -15.96%
- YTD
- -26.71%
- 1Y
- -44.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.86%
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) |
|---|---|---|---|
| $1.29B | $1.33B | $1.64B | |
| $2.59B | $2.11B | $2.22B |
IBIT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -26.71% | -6.41% | 89.87% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -5.46% |
Correlation
The correlation between IBIT and TLT is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.03 |
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Return for Risk
IBIT vs. TLT — Risk / Return Rank
IBIT
TLT
IBIT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.98 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.21 | -0.62 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.45 | -0.81 |
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Drawdowns
IBIT vs. TLT - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBIT and TLT.
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Drawdown Indicators
| IBIT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -48.35% | -4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -7.74% | -45.56% |
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 | -48.95% | -41.73% | -7.22% |
Average DrawdownAverage peak-to-trough decline | -18.34% | -14.00% | -4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.94% | 3.63% | +31.31% |
Volatility
IBIT vs. TLT - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 8.29% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that IBIT's price experiences larger fluctuations and is considered to be riskier 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
| IBIT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 2.67% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 33.07% | 6.88% | +26.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 9.25% | +35.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.53% | 15.75% | +33.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.53% | 14.83% | +34.70% |
IBIT vs. TLT - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBIT vs. TLT - Dividend Comparison
IBIT has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 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
IBIT and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.29%) compared to TLT (2.67%). In terms of maximum drawdown, IBIT dropped -53.30% vs TLT's -48.35%.
On 1-year performance, TLT leads with -1.64% vs -44.19% for IBIT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. 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 -1.64% return vs -44.19%. 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 0.25% for IBIT.
TLT has the higher dividend yield at 4.71%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while TLT is Government Bonds. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.25% for IBIT and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.18 vs -1.00), 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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