IBMP vs. TLT
IBMP (iShares iBonds Dec 2027 Term Muni Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBMP is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series 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 5 years, IBMP returned 0.54%/yr vs -8.33%/yr for TLT. Their 0.49 correlation means their historical movements had little consistent relationship. IBMP charges 0.18%/yr vs 0.15%/yr for TLT.
Performance
IBMP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBMP achieves a 1.40% return, which is significantly higher than TLT's -3.18% return.
IBMP
- 1D
- 0.17%
- 1M
- 0.19%
- 6M
- 0.95%
- YTD
- 1.40%
- 1Y
- 2.33%
- 3Y*
- 3.13%
- 5Y*
- 0.54%
- 10Y*
- —
- ALL TIME*
- 1.92%
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) |
|---|---|---|---|
| $2.19M | $2.05M | $2.04M | |
| $2.39B | $2.06B | $2.20B |
IBMP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 1.40% | 3.52% | 1.26% | 3.49% | -6.09% | -0.16% | 6.22% | 4.86% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 10.84% |
Correlation
The correlation between IBMP and TLT is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2019 | 0.49 |
Over the past year, the correlation between IBMP and TLT has dropped to 0.15 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
IBMP vs. TLT — Risk / Return Rank
IBMP
TLT
IBMP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) 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.
| IBMP | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.42 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.97 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | -0.28 | +4.22 |
| Martin ratioReturn relative to average drawdown | 10.86 | -0.59 | +11.45 |
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Drawdowns
IBMP vs. TLT - Drawdown Comparison
The maximum IBMP drawdown since its inception was -15.24%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBMP and TLT.
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Drawdown Indicators
| IBMP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -48.35% | +33.11% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -7.74% | +7.15% |
Max Drawdown (3Y)Largest decline over 3 years | -1.94% | -14.79% | +12.85% |
Max Drawdown (5Y)Largest decline over 5 years | -9.97% | -43.70% | +33.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -14.00% | +11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 3.60% | -3.38% |
Volatility
IBMP vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) is 0.28%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that IBMP 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
| IBMP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 2.51% | -2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 0.75% | 6.84% | -6.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 9.24% | -8.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.55% | 15.74% | -13.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.95% | 14.83% | -9.88% |
IBMP vs. TLT - Expense Ratio Comparison
IBMP 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
IBMP vs. TLT - Dividend Comparison
IBMP's dividend yield for the trailing twelve months is around 2.51%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 2.51% | 2.47% | 2.35% | 2.05% | 1.26% | 0.86% | 1.16% | 1.06% | 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
IBMP and TLT have a correlation of 0.15, 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 IBMP (0.28%). In terms of maximum drawdown, IBMP dropped -15.24% vs TLT's -48.35%.
On 5-year performance, IBMP leads with 0.54% vs -8.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IBMP has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMP has performed better with a 0.54% return vs -8.33%. 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 0.18% for IBMP.
TLT has the higher dividend yield at 4.75%, compared with 2.51% for IBMP.
IBMP is categorized as Municipal Bonds, while TLT is Government Bonds. IBMP tracks S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IBMP and 0.15% for TLT.
IBMP currently has the higher Sharpe Ratio (2.18 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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