IBTL vs. IBTJ
IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and IBTJ (iShares iBonds Dec 2029 Term Treasury ETF) are both Government Bonds funds from iShares - IBTL tracks the ICE 2031 Maturity US Treasury Index while IBTJ tracks the ICE 2029 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, IBTL returned 2.83%/yr vs 3.51%/yr for IBTJ. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
IBTL vs. IBTJ - Performance Comparison
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Returns By Period
In the year-to-date period, IBTL achieves a -0.47% return, which is significantly lower than IBTJ's -0.10% return.
IBTL
- 1D
- -0.15%
- 1M
- -0.21%
- YTD
- -0.47%
- 6M
- -0.69%
- 1Y
- 3.77%
- 3Y*
- 2.83%
- 5Y*
- —
- 10Y*
- —
IBTJ
- 1D
- -0.14%
- 1M
- -0.10%
- YTD
- -0.10%
- 6M
- 0.01%
- 1Y
- 3.49%
- 3Y*
- 3.51%
- 5Y*
- 0.06%
- 10Y*
- —
IBTL vs. IBTJ - 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% |
IBTJ iShares iBonds Dec 2029 Term Treasury ETF | -0.10% | 6.89% | 1.82% | 4.49% | -12.45% | -1.70% |
Correlation
The correlation between IBTL and IBTJ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021 | 0.93 |
The correlation between IBTL and IBTJ has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
IBTL vs. IBTJ — Risk / Return Rank
IBTL
IBTJ
IBTL vs. IBTJ - 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 2029 Term Treasury ETF (IBTJ). 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 | IBTJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 2.17 | -0.83 |
| Martin ratioReturn relative to average drawdown | 3.90 | 6.23 | -2.34 |
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
| IBTL | IBTJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.44 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | -0.02 | -0.19 |
Drawdowns
IBTL vs. IBTJ - Drawdown Comparison
The maximum IBTL drawdown since its inception was -20.93%, roughly equal to the maximum IBTJ drawdown of -20.19%. Use the drawdown chart below to compare losses from any high point for IBTL and IBTJ.
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Drawdown Indicators
| IBTL | IBTJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.93% | -20.19% | -0.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.62% | -1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.38% | -4.47% | -2.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.21% | — |
Current DrawdownCurrent decline from peak | -7.25% | -6.30% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -11.47% | -9.73% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.56% | +0.41% |
Volatility
IBTL vs. IBTJ - Volatility Comparison
iShares iBonds Dec 2031 Term Treasury ETF (IBTL) has a higher volatility of 1.08% compared to iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) at 0.64%. This indicates that IBTL's price experiences larger fluctuations and is considered to be riskier than IBTJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTL | IBTJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.64% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.56% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 2.43% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.46% | 5.74% | +1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.46% | 5.99% | +1.47% |
IBTL vs. IBTJ - Expense Ratio Comparison
Both IBTL and IBTJ 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. IBTJ - Dividend Comparison
IBTL's dividend yield for the trailing twelve months is around 3.97%, more than IBTJ's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBTJ iShares iBonds Dec 2029 Term Treasury ETF | 3.81% | 3.78% | 3.95% | 3.48% | 1.86% | 0.74% | 0.61% |
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
With a correlation of 0.96, IBTL and IBTJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IBTL has higher volatility (1.08%) compared to IBTJ (0.64%). In terms of maximum drawdown, IBTL dropped -20.93% vs IBTJ's -20.19%.
On 3-year performance, IBTJ leads with 3.51% vs 2.83% for IBTL. Both ETFs have the same 0.07% expense ratio. On volatility, IBTJ has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBTJ has performed better with a 3.51% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTL and IBTJ have the same expense ratio: 0.07% per year.
IBTL has the higher dividend yield at 3.97%, compared with 3.81% for IBTJ.
IBTL tracks ICE 2031 Maturity US Treasury Index, while IBTJ tracks ICE 2029 Maturity US Treasury Index.
IBTJ currently has the higher Sharpe Ratio (1.44 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.
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