IBTH vs. TLT
IBTH (iShares iBonds Dec 2027 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBTH tracks the ICE 2027 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, IBTH returned 0.30%/yr vs -8.18%/yr for TLT. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IBTH charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBTH vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBTH achieves a 1.39% return, which is significantly higher than TLT's -3.49% return.
IBTH
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.14%
- YTD
- 1.39%
- 1Y
- 3.20%
- 3Y*
- 4.41%
- 5Y*
- 0.30%
- 10Y*
- —
- ALL TIME*
- 0.68%
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) |
|---|---|---|---|
| $7.80M | $10.08M | $10.08M | |
| $2.33B | $2.02B | $2.19B |
IBTH vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 1.39% | 5.29% | 3.22% | 4.38% | -9.75% | -3.43% | 4.20% |
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 IBTH and TLT is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020 | 0.72 |
Over the past year, the correlation between IBTH and TLT has dropped to 0.46 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
IBTH vs. TLT — Risk / Return Rank
IBTH
TLT
IBTH vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Treasury ETF (IBTH) 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.
| IBTH | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.91 | ||
| Sortino ratioReturn per unit of downside risk | +7.40 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 0.99 | +1.00 |
| Calmar ratioReturn relative to maximum drawdown | 9.81 | -0.14 | +9.94 |
| Martin ratioReturn relative to average drawdown | 43.35 | -0.30 | +43.65 |
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Drawdowns
IBTH vs. TLT - Drawdown Comparison
The maximum IBTH drawdown since its inception was -16.16%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBTH and TLT.
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Drawdown Indicators
| IBTH | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.16% | -48.35% | +32.19% |
Max Drawdown (1Y)Largest decline over 1 year | -0.38% | -7.74% | +7.36% |
Max Drawdown (3Y)Largest decline over 3 years | -1.92% | -14.79% | +12.87% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -43.70% | +29.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.90% | -42.36% | +41.46% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -13.99% | +7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 3.57% | -3.48% |
Volatility
IBTH vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2027 Term Treasury ETF (IBTH) is 0.21%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IBTH 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
| IBTH | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 2.46% | -2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.59% | 6.85% | -6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 9.32% | -8.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 15.74% | -11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 14.83% | -10.68% |
IBTH vs. TLT - Expense Ratio Comparison
IBTH 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
IBTH vs. TLT - Dividend Comparison
IBTH's dividend yield for the trailing twelve months is around 3.81%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 3.47% | 3.92% | 4.04% | 3.61% | 2.00% | 0.77% | 0.50% | 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
IBTH and TLT have a correlation of 0.46, 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 IBTH (0.21%). In terms of maximum drawdown, IBTH dropped -16.16% vs TLT's -48.35%.
On 5-year performance, IBTH leads with 0.30% vs -8.18% for TLT. On fees, IBTH is cheaper at 0.07% per year. On volatility, IBTH has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBTH has performed better with a 0.30% return vs -8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTH 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 3.47% for IBTH.
IBTH tracks ICE 2027 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBTH and 0.15% for TLT.
IBTH currently has the higher Sharpe Ratio (3.79 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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