IBTG vs. TLT
IBTG (iShares iBonds Dec 2026 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBTG tracks the ICE 2026 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, IBTG returned 0.84%/yr vs -6.31%/yr for TLT. A 0.64 correlation means they provide meaningful diversification when combined. IBTG charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBTG vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBTG achieves a 1.44% return, which is significantly higher than TLT's -0.27% return.
IBTG
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.44%
- 6M
- 1.80%
- 1Y
- 4.14%
- 3Y*
- 4.11%
- 5Y*
- 0.84%
- 10Y*
- —
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
IBTG vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 1.44% | 4.40% | 3.97% | 4.34% | -8.18% | -3.04% | 3.99% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 2.90% |
Correlation
The correlation between IBTG and TLT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020 | 0.64 |
Over the past year, the correlation between IBTG and TLT has dropped to 0.18 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
IBTG vs. TLT — Risk / Return Rank
IBTG
TLT
IBTG vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Treasury ETF (IBTG) 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.
| IBTG | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 8.02 | 0.51 | +7.51 |
Sortino ratioReturn per unit of downside risk | 20.36 | 0.80 | +19.56 |
Omega ratioGain probability vs. loss probability | 4.40 | 1.09 | +3.31 |
Calmar ratioReturn relative to maximum drawdown | 63.59 | 0.65 | +62.94 |
Martin ratioReturn relative to average drawdown | 256.63 | 1.63 | +255.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBTG | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.02 | 0.51 | +7.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | -0.40 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.26 | +0.03 |
Drawdowns
IBTG vs. TLT - Drawdown Comparison
The maximum IBTG drawdown since its inception was -13.62%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBTG and TLT.
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Drawdown Indicators
| IBTG | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -48.35% | +34.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -7.58% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | -19.18% | +17.85% |
Max Drawdown (5Y)Largest decline over 5 years | -12.31% | -43.70% | +31.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -40.44% | +40.44% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -13.82% | +8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 3.04% | -3.02% |
Volatility
IBTG vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Treasury ETF (IBTG) is 0.12%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that IBTG 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
| IBTG | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 2.76% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 6.50% | -6.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 9.77% | -9.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 15.87% | -12.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.45% | 14.91% | -11.46% |
IBTG vs. TLT - Expense Ratio Comparison
IBTG 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
IBTG vs. TLT - Dividend Comparison
IBTG's dividend yield for the trailing twelve months is around 3.96%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 3.96% | 4.03% | 4.08% | 3.61% | 2.06% | 0.66% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 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
IBTG and TLT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to IBTG (0.12%). In terms of maximum drawdown, IBTG dropped -13.62% vs TLT's -48.35%.
On 5-year performance, IBTG leads with 0.84% vs -6.31% for TLT. On fees, IBTG is cheaper at 0.07% per year. On volatility, IBTG has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBTG has performed better with a 0.84% return vs -6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTG is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.59%, compared with 3.96% for IBTG.
IBTG tracks ICE 2026 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBTG and 0.15% for TLT.
IBTG currently has the higher Sharpe Ratio (8.02 vs 0.51), 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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