IBTM vs. DTLA.L

Last updated Jun 4, 2026

IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and DTLA.L (iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc)) are both exchange-traded funds - IBTM is a Intermediate Core Bond fund tracking the ICE 2032 Maturity US Treasury Index, while DTLA.L is a Government Bonds fund tracking the ICE US Treasury 20+ Year Index. Both are passively managed. Over the past 3 years, IBTM returned 2.68%/yr vs -1.81%/yr for DTLA.L. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

IBTM vs. DTLA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc) (DTLA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTM achieves a -0.50% return, which is significantly higher than DTLA.L's -1.45% return.

IBTM

• 1D: -0.18%
• 1M: -0.15%
• YTD: -0.50%
• 6M: -0.81%
• 1Y: 3.93%
• 3Y*: 2.68%
• 5Y*: —
• 10Y*: —

DTLA.L

• 1D: -0.64%
• 1M: -0.14%
• YTD: -1.45%
• 6M: -1.73%
• 1Y: 4.77%
• 3Y*: -1.81%
• 5Y*: -6.15%
• 10Y*: —

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

IBTM vs. DTLA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.50%	8.06%	-0.14%	3.48%	-4.63%
DTLA.L iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc)	-1.45%	4.47%	-6.97%	1.69%	-8.89%

Correlation

The correlation between IBTM and DTLA.L is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 11, 2022	0.70

The correlation between IBTM and DTLA.L shifts across timeframes, from 0.59 (1 year) to 0.72 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IBTM vs. DTLA.L — Risk / Return Rank

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

IBTM

IBTM Risk / Return Rank: 26
IBTM Sharpe Ratio Rank: 27
IBTM Sortino Ratio Rank: 27
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 26
IBTM Martin Ratio Rank: 26

DTLA.L

DTLA.L Risk / Return Rank: 16
DTLA.L Sharpe Ratio Rank: 16
DTLA.L Sortino Ratio Rank: 15
DTLA.L Omega Ratio Rank: 14
DTLA.L Calmar Ratio Rank: 17
DTLA.L Martin Ratio Rank: 16

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.

IBTM vs. DTLA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc) (DTLA.L). 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.

	IBTM	DTLA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.48	+0.48
Sortino ratio: Return per unit of downside risk	1.46	0.77	+0.70
Omega ratio: Gain probability vs. loss probability	1.17	1.09	+0.08
Calmar ratio: Return relative to maximum drawdown	1.21	0.63	+0.58
Martin ratio: Return relative to average drawdown	3.51	1.61	+1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTM vs. DTLA.L - Sharpe Ratio Comparison

The current IBTM Sharpe Ratio is 0.96, which is higher than the DTLA.L Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of IBTM and DTLA.L, 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

	IBTM	DTLA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.48	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.08	+0.28

Drawdowns

IBTM vs. DTLA.L - Drawdown Comparison

The maximum IBTM drawdown since its inception was -13.60%, smaller than the maximum DTLA.L drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for IBTM and DTLA.L.

Drawdown Indicators

	IBTM	DTLA.L	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-48.47%	+34.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-7.52%	+4.26%
Max Drawdown (3Y) Largest decline over 3 years	-7.86%	-18.61%	+10.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-42.87%	—
Current Drawdown Current decline from peak	-2.38%	-40.80%	+38.42%
Average Drawdown Average peak-to-trough decline	-4.82%	-24.06%	+19.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.95%	-1.83%

Volatility

IBTM vs. DTLA.L - Volatility Comparison

The current volatility for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) is 1.20%, while iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc) (DTLA.L) has a volatility of 3.36%. This indicates that IBTM experiences smaller price fluctuations and is considered to be less risky than DTLA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTM	DTLA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	3.36%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	6.58%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	9.82%	-5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.56%	14.93%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.56%	14.78%	-7.22%

IBTM vs. DTLA.L - Expense Ratio Comparison

Both IBTM and DTLA.L 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

IBTM vs. DTLA.L - Dividend Comparison

IBTM's dividend yield for the trailing twelve months is around 3.95%, while DTLA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
DTLA.L iShares USD Treasury Bond 20+yr UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.95%	3.87%	3.96%	3.39%	1.38%

Frequently Asked Questions

Can I hold both IBTM and DTLA.L in my portfolio?

IBTM and DTLA.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTM or DTLA.L?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBTM or DTLA.L?

IBTM and DTLA.L have the same expense ratio: 0.07% per year.

What is the main difference between IBTM and DTLA.L?

IBTM is categorized as Intermediate Core Bond, while DTLA.L is Government Bonds. IBTM tracks ICE 2032 Maturity US Treasury Index, while DTLA.L tracks ICE US Treasury 20+ Year Index.