IBTL vs. IBTH
IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and IBTH (iShares iBonds Dec 2027 Term Treasury ETF) are both Government Bonds funds from iShares - IBTL tracks the ICE 2031 Maturity US Treasury Index while IBTH tracks the ICE 2027 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, IBTL returned 3.19%/yr vs 4.16%/yr for IBTH. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
IBTL vs. IBTH - Performance Comparison
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Returns By Period
In the year-to-date period, IBTL achieves a -0.37% return, which is significantly lower than IBTH's 1.03% return.
IBTL
- 1D
- -0.15%
- 1M
- 0.59%
- YTD
- -0.37%
- 6M
- -0.06%
- 1Y
- 3.51%
- 3Y*
- 3.19%
- 5Y*
- —
- 10Y*
- —
IBTH
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 1.03%
- 6M
- 1.29%
- 1Y
- 3.81%
- 3Y*
- 4.16%
- 5Y*
- 0.42%
- 10Y*
- —
IBTL vs. IBTH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBTL iShares iBonds Dec 2031 Term Treasury ETF | -0.37% | 7.85% | 0.36% | 3.60% | -15.60% | -1.22% |
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 1.03% | 5.29% | 3.22% | 4.38% | -9.75% | -1.78% |
Correlation
The correlation between IBTL and IBTH is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021 | 0.85 |
The correlation between IBTL and IBTH shifts across timeframes, from 0.75 (1 year) to 0.86 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL vs. IBTH — Risk / Return Rank
IBTL
IBTH
IBTL vs. IBTH - 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 2027 Term Treasury ETF (IBTH). 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.
| IBTL | IBTH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.79 | ||
| Sortino ratioReturn per unit of downside risk | -5.80 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.96 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 10.03 | -8.87 |
| Martin ratioReturn relative to average drawdown | 3.19 | 41.28 | -38.09 |
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Drawdowns
IBTL vs. IBTH - Drawdown Comparison
The maximum IBTL drawdown since its inception was -20.93%, which is greater than IBTH's maximum drawdown of -16.16%. Use the drawdown chart below to compare losses from any high point for IBTL and IBTH.
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Drawdown Indicators
| IBTL | IBTH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.93% | -16.16% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.38% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -7.38% | -2.09% | -5.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.41% | — |
Current DrawdownCurrent decline from peak | -7.16% | -1.25% | -5.91% |
Average DrawdownAverage peak-to-trough decline | -11.43% | -6.69% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.09% | +0.94% |
Volatility
IBTL vs. IBTH - Volatility Comparison
iShares iBonds Dec 2031 Term Treasury ETF (IBTL) has a higher volatility of 1.11% compared to iShares iBonds Dec 2027 Term Treasury ETF (IBTH) at 0.20%. This indicates that IBTL's price experiences larger fluctuations and is considered to be riskier than IBTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTL | IBTH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 0.20% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 0.54% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 1.03% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 4.19% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.44% | 4.20% | +3.24% |
IBTL vs. IBTH - Expense Ratio Comparison
Both IBTL and IBTH 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. IBTH - Dividend Comparison
IBTL's dividend yield for the trailing twelve months is around 3.97%, more than IBTH's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBTH iShares iBonds Dec 2027 Term Treasury ETF | 3.82% | 3.92% | 4.04% | 3.61% | 2.00% | 0.77% | 0.50% |
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
IBTL and IBTH have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBTL has higher volatility (1.11%) compared to IBTH (0.20%). In terms of maximum drawdown, IBTL dropped -20.93% vs IBTH's -16.16%.
On 3-year performance, IBTH leads with 4.16% vs 3.19% for IBTL. Both ETFs have the same 0.07% expense ratio. On volatility, IBTH has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBTH has performed better with a 4.16% return vs 3.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTL and IBTH have the same expense ratio: 0.07% per year.
IBTL has the higher dividend yield at 3.97%, compared with 3.82% for IBTH.
IBTL tracks ICE 2031 Maturity US Treasury Index, while IBTH tracks ICE 2027 Maturity US Treasury Index.
IBTH currently has the higher Sharpe Ratio (3.74 vs 0.94), 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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