IBTM vs. IBTO

Last updated Jun 23, 2026

IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds from iShares - IBTM tracks the ICE 2032 Maturity US Treasury Index while IBTO tracks the ICE 2033 Maturity US Treasury Index. Both are passively managed. Over the past year, IBTM returned 3.09% vs 3.25% for IBTO. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.

Performance

IBTM vs. IBTO - 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 iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IBTM having a -0.61% return and IBTO slightly lower at -0.64%.

IBTM

• 1D: -0.31%
• 1M: 0.33%
• YTD: -0.61%
• 6M: -0.56%
• 1Y: 3.09%
• 3Y*: 2.71%
• 5Y*: —
• 10Y*: —

IBTO

• 1D: -0.29%
• 1M: 0.37%
• YTD: -0.64%
• 6M: -0.60%
• 1Y: 3.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTM vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.61%	8.06%	-0.14%	0.77%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.64%	8.23%	-0.87%	1.71%

Correlation

The correlation between IBTM and IBTO is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.99

The correlation between IBTM and IBTO has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

IBTM vs. IBTO — Risk / Return Rank

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

IBTM

IBTM Risk / Return Rank: 21
IBTM Sharpe Ratio Rank: 22
IBTM Sortino Ratio Rank: 21
IBTM Omega Ratio Rank: 19
IBTM Calmar Ratio Rank: 21
IBTM Martin Ratio Rank: 21

IBTO

IBTO Risk / Return Rank: 20
IBTO Sharpe Ratio Rank: 22
IBTO Sortino Ratio Rank: 21
IBTO Omega Ratio Rank: 19
IBTO Calmar Ratio Rank: 20
IBTO Martin Ratio Rank: 20

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. IBTO - 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 2033 Term Treasury ETF (IBTO). 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	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.74	+0.02
Sortino ratio: Return per unit of downside risk	1.16	1.13	+0.03
Omega ratio: Gain probability vs. loss probability	1.13	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	0.95	0.89	+0.06
Martin ratio: Return relative to average drawdown	2.51	2.36	+0.15

IBTM vs. IBTO - Sharpe Ratio Comparison

The current IBTM Sharpe Ratio is 0.77, which is comparable to the IBTO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IBTM and IBTO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBTM vs. IBTO - Drawdown Comparison

The maximum IBTM drawdown since its inception was -13.60%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for IBTM and IBTO.

Drawdown Indicators

	IBTM	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-8.36%	-5.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-3.66%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.86%	—	—
Current Drawdown Current decline from peak	-2.49%	-2.69%	+0.20%
Average Drawdown Average peak-to-trough decline	-4.78%	-2.37%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.38%	-0.15%

Volatility

IBTM vs. IBTO - Volatility Comparison

iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO) have volatilities of 1.23% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTM	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.27%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.15%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	4.40%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	6.59%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.53%	6.59%	+0.94%

IBTM vs. IBTO - Expense Ratio Comparison

Both IBTM and IBTO 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. IBTO - Dividend Comparison

IBTM's dividend yield for the trailing twelve months is around 3.96%, less than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.96%	3.87%	3.96%	3.39%	1.38%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%	0.00%

Frequently Asked Questions

Can I hold both IBTM and IBTO in my portfolio?

With a correlation of 0.99, IBTM and IBTO 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.

Which is riskier, IBTM or IBTO?

IBTO has higher volatility (1.27%) compared to IBTM (1.23%). In terms of maximum drawdown, IBTM dropped -13.60% vs IBTO's -8.36%.

Which ETF is better, IBTM or IBTO?

On 1-year performance, IBTO leads with 3.25% vs 3.09% for IBTM. Both ETFs have the same 0.07% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTM or IBTO?

Over the 1-year period, IBTO has performed better with a 3.25% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTM or IBTO?

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

Which ETF pays a higher dividend yield, IBTM or IBTO?

IBTO has the higher dividend yield at 4.15%, compared with 3.96% for IBTM.

What is the main difference between IBTM and IBTO?

IBTM tracks ICE 2032 Maturity US Treasury Index, while IBTO tracks ICE 2033 Maturity US Treasury Index.

Which has better risk-adjusted returns?

IBTM currently has the higher Sharpe Ratio (0.77 vs 0.74), 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.