IBMM vs. TLT

Last updated Jun 5, 2026

IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBMM is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Dec 2024 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. IBMM charges 0.18%/yr vs 0.15%/yr for TLT.

Performance

IBMM vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBMM vs. TLT - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
TLT iShares 20+ Year Treasury Bond ETF	-0.86%

Return for Risk

IBMM vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLT

TLT Risk / Return Rank: 14
TLT Sharpe Ratio Rank: 15
TLT Sortino Ratio Rank: 14
TLT Omega Ratio Rank: 13
TLT Calmar Ratio Rank: 15
TLT Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IBMM vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IBMM	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.36	—
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	—	0.26	—

Drawdowns

IBMM vs. TLT - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBMM and TLT.

Drawdown Indicators

	IBMM	TLT	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-48.35%	+48.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.58%	—
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 Drawdown Current decline from peak	0.00%	-40.31%	+40.31%
Average Drawdown Average peak-to-trough decline	0.00%	-13.82%	+13.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.05%	—

Volatility

Volatility by Period

	IBMM	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	9.77%	-9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	15.86%	-15.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	14.90%	-14.90%

IBMM vs. TLT - Expense Ratio Comparison

IBMM has a 0.18% 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

IBMM vs. TLT - Dividend Comparison

IBMM has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBMM iShares iBonds Dec 2024 Term Muni Bond 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	4.58%	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

Which ETF is better, IBMM or TLT?

On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBMM or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.18% for IBMM.

Which ETF pays a higher dividend yield, IBMM or TLT?

TLT has the higher dividend yield at 4.58%, compared with 0.00% for IBMM.

What is the main difference between IBMM and TLT?

IBMM is categorized as Municipal Bonds, while TLT is Government Bonds. IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IBMM and 0.15% for TLT.