IBMQ vs. TLT
IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IBMQ is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 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, IBMQ returned 0.35%/yr vs -8.18%/yr for TLT. Their 0.55 correlation means they have sometimes moved together and sometimes differently. IBMQ charges 0.18%/yr vs 0.15%/yr for TLT.
Performance
IBMQ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBMQ achieves a 0.90% return, which is significantly higher than TLT's -3.49% return.
IBMQ
- 1D
- 0.04%
- 1M
- -0.16%
- 6M
- 0.41%
- YTD
- 0.90%
- 1Y
- 2.02%
- 3Y*
- 2.88%
- 5Y*
- 0.35%
- 10Y*
- —
- ALL TIME*
- 1.95%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.97M | $1.98M | $1.89M | |
| $2.33B | $2.02B | $2.19B |
IBMQ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 0.90% | 4.09% | 0.71% | 4.00% | -6.73% | -0.26% | 6.93% | 5.24% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 12.67% |
Correlation
The correlation between IBMQ and TLT is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2019 | 0.55 |
Over the past year, the correlation between IBMQ and TLT has dropped to 0.30 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
IBMQ vs. TLT — Risk / Return Rank
IBMQ
TLT
IBMQ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) 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.
| IBMQ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.99 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | -0.14 | +2.23 |
| Martin ratioReturn relative to average drawdown | 5.46 | -0.30 | +5.75 |
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Drawdowns
IBMQ vs. TLT - Drawdown Comparison
The maximum IBMQ drawdown since its inception was -15.85%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBMQ and TLT.
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Drawdown Indicators
| IBMQ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -48.35% | +32.50% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -7.74% | +6.61% |
Max Drawdown (3Y)Largest decline over 3 years | -2.64% | -14.79% | +12.15% |
Max Drawdown (5Y)Largest decline over 5 years | -11.45% | -43.70% | +32.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.25% | -42.36% | +42.11% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -13.99% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 3.57% | -3.14% |
Volatility
IBMQ vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) is 0.37%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBMQ 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
| IBMQ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 2.46% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 6.85% | -5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.22% | 9.32% | -8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.94% | 15.74% | -12.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 14.83% | -9.34% |
IBMQ vs. TLT - Expense Ratio Comparison
IBMQ 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
IBMQ vs. TLT - Dividend Comparison
IBMQ's dividend yield for the trailing twelve months is around 2.45%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 2.24% | 2.43% | 2.33% | 1.93% | 1.25% | 1.05% | 1.24% | 1.03% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
IBMQ and TLT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to IBMQ (0.37%). In terms of maximum drawdown, IBMQ dropped -15.85% vs TLT's -48.35%.
On 5-year performance, IBMQ leads with 0.35% vs -8.18% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IBMQ has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMQ has performed better with a 0.35% return vs -8.18%. 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 IBMQ.
TLT has the higher dividend yield at 4.34%, compared with 2.24% for IBMQ.
IBMQ is categorized as Municipal Bonds, while TLT is Government Bonds. IBMQ tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IBMQ and 0.15% for TLT.
IBMQ currently has the higher Sharpe Ratio (1.95 vs -0.11), 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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