IBTM vs. IBCA
IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and IBCA (iShares iBonds Dec 2035 Term Corporate ETF) are both Intermediate Core Bond funds from iShares - IBTM tracks the ICE 2032 Maturity US Treasury Index while IBCA tracks the ICE 2035 Maturity US Corporate Index. Both are passively managed. Over the past year, IBTM returned 3.09% vs 5.53% for IBCA. Their correlation of 0.83 suggests significant overlap in exposure. IBTM charges 0.07%/yr vs 0.10%/yr for IBCA.
Performance
IBTM vs. IBCA - Performance Comparison
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Returns By Period
In the year-to-date period, IBTM achieves a -0.61% return, which is significantly lower than IBCA's 0.24% return.
IBTM
- 1D
- -0.31%
- 1M
- 0.33%
- YTD
- -0.61%
- 6M
- -0.56%
- 1Y
- 3.09%
- 3Y*
- 2.71%
- 5Y*
- —
- 10Y*
- —
IBCA
- 1D
- -0.23%
- 1M
- 0.56%
- YTD
- 0.24%
- 6M
- 0.43%
- 1Y
- 5.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBTM vs. IBCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.61% | 5.04% |
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 0.24% | 7.16% |
Correlation
The correlation between IBTM and IBCA is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025 | 0.83 |
The correlation between IBTM and IBCA has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.
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Return for Risk
IBTM vs. IBCA — Risk / Return Rank
IBTM
IBCA
IBTM vs. IBCA - 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 iBonds Dec 2035 Term Corporate ETF (IBCA). 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.
| IBTM | IBCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.74 | -0.79 |
| Martin ratioReturn relative to average drawdown | 2.51 | 5.32 | -2.81 |
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Drawdowns
IBTM vs. IBCA - Drawdown Comparison
The maximum IBTM drawdown since its inception was -13.60%, which is greater than IBCA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for IBTM and IBCA.
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Drawdown Indicators
| IBTM | IBCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -3.48% | -10.12% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -3.19% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.86% | — | — |
Current DrawdownCurrent decline from peak | -2.49% | -1.38% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -0.83% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.04% | +0.19% |
Volatility
IBTM vs. IBCA - Volatility Comparison
The current volatility for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) is 1.23%, while iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a volatility of 1.35%. This indicates that IBTM experiences smaller price fluctuations and is considered to be less risky than IBCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTM | IBCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.35% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 3.72% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 4.90% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 5.74% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.53% | 5.74% | +1.79% |
IBTM vs. IBCA - Expense Ratio Comparison
IBTM has a 0.07% expense ratio, which is lower than IBCA's 0.10% 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
IBTM vs. IBCA - Dividend Comparison
IBTM's dividend yield for the trailing twelve months is around 3.96%, less than IBCA's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 4.67% | 3.19% | 0.00% | 0.00% | 0.00% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.96% | 3.87% | 3.96% | 3.39% | 1.38% |
Frequently Asked Questions
IBTM and IBCA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBCA has higher volatility (1.35%) compared to IBTM (1.23%). In terms of maximum drawdown, IBTM dropped -13.60% vs IBCA's -3.48%.
On 1-year performance, IBCA leads with 5.53% vs 3.09% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, IBTM has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBCA has performed better with a 5.53% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTM is cheaper with a 0.07% expense ratio, compared with 0.10% for IBCA.
IBCA has the higher dividend yield at 4.67%, compared with 3.96% for IBTM.
IBTM tracks ICE 2032 Maturity US Treasury Index, while IBCA tracks ICE 2035 Maturity US Corporate Index. Their fees differ too: 0.07% for IBTM and 0.10% for IBCA.
IBCA currently has the higher Sharpe Ratio (1.14 vs 0.77), 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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