IBTF vs. TLT
IBTF (iShares iBonds Dec 2025 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBTF tracks the ICE 2025 Maturity US Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, IBTF returned 0.81%/yr vs -8.18%/yr for TLT. Their 0.52 correlation means they have sometimes moved together and sometimes differently. IBTF charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBTF vs. TLT - Performance Comparison
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Returns By Period
IBTF
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 1.44%
- 3Y*
- 3.75%
- 5Y*
- 0.81%
- 10Y*
- —
- ALL TIME*
- 1.12%
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) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.33B | $2.02B | $2.19B |
IBTF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 0.00% | 3.81% | 4.60% | 4.12% | -6.39% | -2.31% | 3.85% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 5.22% |
Correlation
The correlation between IBTF and TLT is -0.06, 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. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020 | 0.52 |
The correlation between IBTF and TLT shifts across timeframes, from -0.06 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTF vs. TLT — Risk / Return Rank
IBTF
TLT
IBTF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2025 Term Treasury ETF (IBTF) 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.
| IBTF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.14 | ||
| Sortino ratioReturn per unit of downside risk | +20.63 | ||
| Omega ratioGain probability vs. loss probability | 7.18 | 0.99 | +6.20 |
| Calmar ratioReturn relative to maximum drawdown | 40.36 | -0.14 | +40.49 |
| Martin ratioReturn relative to average drawdown | 261.59 | -0.30 | +261.89 |
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Drawdowns
IBTF vs. TLT - Drawdown Comparison
The maximum IBTF drawdown since its inception was -10.45%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBTF and TLT.
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Drawdown Indicators
| IBTF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.45% | -48.35% | +37.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -7.74% | +7.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.43% | -14.79% | +14.36% |
Max Drawdown (5Y)Largest decline over 5 years | -9.49% | -43.70% | +34.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.36% | +42.36% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -13.99% | +10.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.57% | -3.56% |
Volatility
IBTF vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2025 Term Treasury ETF (IBTF) is 0.00%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBTF 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
| IBTF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 2.46% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 0.06% | 6.85% | -6.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 9.32% | -9.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.35% | 15.74% | -13.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.53% | 14.83% | -12.30% |
IBTF vs. TLT - Expense Ratio Comparison
IBTF has a 0.07% 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
IBTF vs. TLT - Dividend Comparison
IBTF's dividend yield for the trailing twelve months is around 1.72%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 1.37% | 3.83% | 4.32% | 4.03% | 1.93% | 0.57% | 0.59% | 0.00% | 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
IBTF and TLT have a correlation of -0.06, 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 IBTF (0.00%). In terms of maximum drawdown, IBTF dropped -10.45% vs TLT's -48.35%.
On 5-year performance, IBTF leads with 0.81% vs -8.18% for TLT. On fees, IBTF is cheaper at 0.07% per year. On volatility, IBTF has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBTF has performed better with a 0.81% return vs -8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTF is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 1.37% for IBTF.
IBTF tracks ICE 2025 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBTF and 0.15% for TLT.
IBTF currently has the higher Sharpe Ratio (6.02 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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