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 0.76%/yr vs -8.33%/yr for TLT. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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 2.08% return, which is significantly higher than TLT's -3.18% return.
IBTG
- 1D
- 0.06%
- 1M
- 0.34%
- 6M
- 1.80%
- YTD
- 2.08%
- 1Y
- 3.85%
- 3Y*
- 4.40%
- 5Y*
- 0.76%
- 10Y*
- —
- ALL TIME*
- 1.10%
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) |
|---|---|---|---|
| $8.66M | $9.15M | $9.76M | |
| $2.39B | $2.06B | $2.20B |
IBTG vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 2.08% | 4.40% | 3.97% | 4.34% | -8.18% | -3.04% | 4.23% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 5.22% |
Correlation
The correlation between IBTG 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. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020 | 0.64 |
Over the past year, the correlation between IBTG and TLT has dropped to 0.15 - 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.
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.
| IBTG | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.69 | ||
| Sortino ratioReturn per unit of downside risk | +20.57 | ||
| Omega ratioGain probability vs. loss probability | 4.38 | 0.97 | +3.41 |
| Calmar ratioReturn relative to maximum drawdown | 59.17 | -0.28 | +59.45 |
| Martin ratioReturn relative to average drawdown | 264.06 | -0.59 | +264.65 |
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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% | -7.74% | +7.67% |
Max Drawdown (3Y)Largest decline over 3 years | -1.11% | -14.79% | +13.68% |
Max Drawdown (5Y)Largest decline over 5 years | -12.07% | -43.70% | +31.63% |
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 | -4.77% | -14.00% | +9.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.60% | -3.59% |
Volatility
IBTG vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Treasury ETF (IBTG) is 0.11%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. 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 | 0.11% | 2.51% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 0.29% | 6.84% | -6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.46% | 9.24% | -8.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.23% | 15.74% | -12.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 14.83% | -11.42% |
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 3.90%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 3.90% | 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 | 4.75% | 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
IBTG 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 IBTG (0.11%). In terms of maximum drawdown, IBTG dropped -13.62% vs TLT's -48.35%.
On 5-year performance, IBTG leads with 0.76% vs -8.33% for TLT. On fees, IBTG is cheaper at 0.07% per year. On volatility, IBTG has been the lower-risk option at 0.11%. 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 0.76% return vs -8.33%. 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 4.75%, compared with 3.90% 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 (8.46 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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