IBTL vs. IBTF

Last updated Jun 4, 2026

IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and IBTF (iShares iBonds Dec 2025 Term Treasury ETF) are both Government Bonds funds from iShares - IBTL tracks the ICE 2031 Maturity US Treasury Index while IBTF tracks the ICE 2025 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, IBTL returned 2.83%/yr vs 3.66%/yr for IBTF. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

IBTL vs. IBTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2031 Term Treasury ETF (IBTL) and iShares iBonds Dec 2025 Term Treasury ETF (IBTF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBTL

• 1D: -0.15%
• 1M: -0.21%
• YTD: -0.47%
• 6M: -0.69%
• 1Y: 3.77%
• 3Y*: 2.83%
• 5Y*: —
• 10Y*: —

IBTF

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.09%
• 1Y: 2.14%
• 3Y*: 3.66%
• 5Y*: 0.90%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBTL vs. IBTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBTL iShares iBonds Dec 2031 Term Treasury ETF	-0.47%	7.85%	0.36%	3.60%	-15.60%	-1.37%
IBTF iShares iBonds Dec 2025 Term Treasury ETF	0.00%	3.81%	4.60%	4.12%	-6.39%	-1.46%

Correlation

The correlation between IBTL and IBTF is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021	0.61

The correlation between IBTL and IBTF shifts across timeframes, from -0.01 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBTL vs. IBTF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBTL

IBTL Risk / Return Rank: 28
IBTL Sharpe Ratio Rank: 28
IBTL Sortino Ratio Rank: 29
IBTL Omega Ratio Rank: 27
IBTL Calmar Ratio Rank: 27
IBTL Martin Ratio Rank: 28

IBTF

IBTF Risk / Return Rank: 99
IBTF Sharpe Ratio Rank: 99
IBTF Sortino Ratio Rank: 99
IBTF Omega Ratio Rank: 100
IBTF Calmar Ratio Rank: 100
IBTF Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IBTL vs. IBTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) and iShares iBonds Dec 2025 Term Treasury ETF (IBTF). 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.

	IBTL	IBTF	Difference
Sharpe ratio Return per unit of total volatility	1.05	7.08	-6.03
Sortino ratio Return per unit of downside risk	1.60	20.07	-18.47
Omega ratio Gain probability vs. loss probability	1.18	6.23	-5.05
Calmar ratio Return relative to maximum drawdown	1.34	59.41	-58.07
Martin ratio Return relative to average drawdown	3.90	269.70	-265.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL vs. IBTF - Sharpe Ratio Comparison

The current IBTL Sharpe Ratio is 1.05, which is lower than the IBTF Sharpe Ratio of 7.08. The chart below compares the historical Sharpe Ratios of IBTL and IBTF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBTL	IBTF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	7.08	-6.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.44	-0.65

Drawdowns

IBTL vs. IBTF - Drawdown Comparison

The maximum IBTL drawdown since its inception was -20.93%, which is greater than IBTF's maximum drawdown of -10.45%. Use the drawdown chart below to compare losses from any high point for IBTL and IBTF.

Drawdown Indicators

	IBTL	IBTF	Difference
Max Drawdown Largest peak-to-trough decline	-20.93%	-10.45%	-10.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-0.04%	-2.79%
Max Drawdown (3Y) Largest decline over 3 years	-7.38%	-0.67%	-6.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.53%	—
Current Drawdown Current decline from peak	-7.25%	0.00%	-7.25%
Average Drawdown Average peak-to-trough decline	-11.47%	-3.33%	-8.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.01%	+0.96%

Volatility

IBTL vs. IBTF - Volatility Comparison

iShares iBonds Dec 2031 Term Treasury ETF (IBTL) has a higher volatility of 1.08% compared to iShares iBonds Dec 2025 Term Treasury ETF (IBTF) at 0.00%. This indicates that IBTL's price experiences larger fluctuations and is considered to be riskier than IBTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL	IBTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.00%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	0.19%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	0.36%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	2.38%	+5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	2.56%	+4.90%

IBTL vs. IBTF - Expense Ratio Comparison

Both IBTL and IBTF have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IBTL vs. IBTF - Dividend Comparison

IBTL's dividend yield for the trailing twelve months is around 3.97%, more than IBTF's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
IBTF iShares iBonds Dec 2025 Term Treasury ETF	2.08%	3.83%	4.32%	4.03%	1.93%	0.57%	0.59%
IBTL iShares iBonds Dec 2031 Term Treasury ETF	3.97%	3.93%	4.07%	3.04%	2.36%	0.70%	0.00%

Frequently Asked Questions

Can I hold both IBTL and IBTF in my portfolio?

IBTL and IBTF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTL or IBTF?

IBTL has higher volatility (1.08%) compared to IBTF (0.00%). In terms of maximum drawdown, IBTL dropped -20.93% vs IBTF's -10.45%.

Which ETF is better, IBTL or IBTF?

On 3-year performance, IBTF leads with 3.66% vs 2.83% for IBTL. Both ETFs have the same 0.07% expense ratio. 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.

Which ETF has performed better, IBTL or IBTF?

Over the 3-year period, IBTF has performed better with a 3.66% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTL or IBTF?

IBTL and IBTF have the same expense ratio: 0.07% per year.

Which ETF pays a higher dividend yield, IBTL or IBTF?

IBTL has the higher dividend yield at 3.97%, compared with 2.08% for IBTF.

What is the main difference between IBTL and IBTF?

IBTL tracks ICE 2031 Maturity US Treasury Index, while IBTF tracks ICE 2025 Maturity US Treasury Index.

Which has better risk-adjusted returns?

IBTF currently has the higher Sharpe Ratio (7.08 vs 1.05), 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.