IBTM vs. IBTO
Compare and contrast key facts about iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO).
IBTM and IBTO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBTM is a passively managed fund by iShares that tracks the performance of the ICE 2032 Maturity US Treasury Index. It was launched on Jul 6, 2022. IBTO is a passively managed fund by iShares that tracks the performance of the ICE 2033 Maturity US Treasury Index. It was launched on Jun 27, 2023. Both IBTM and IBTO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IBTM vs. IBTO - Performance Comparison
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IBTM vs. IBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.01% | 8.06% | -0.14% | 1.77% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | -0.02% | 8.23% | -0.87% | 1.71% |
Returns By Period
In the year-to-date period, IBTM achieves a -0.01% return, which is significantly higher than IBTO's -0.02% return.
IBTM
- 1D
- 0.24%
- 1M
- -1.91%
- YTD
- -0.01%
- 6M
- 1.01%
- 1Y
- 4.15%
- 3Y*
- 2.45%
- 5Y*
- —
- 10Y*
- —
IBTO
- 1D
- 0.27%
- 1M
- -2.09%
- YTD
- -0.02%
- 6M
- 0.95%
- 1Y
- 4.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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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%.
Return for Risk
IBTM vs. IBTO — Risk / Return Rank
IBTM
IBTO
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.
| IBTM | IBTO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | 0.80 | +0.08 |
Sortino ratioReturn per unit of downside risk | 1.29 | 1.19 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.46 | +0.10 |
Martin ratioReturn relative to average drawdown | 4.42 | 3.82 | +0.60 |
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
| IBTM | IBTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.80 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.48 | -0.26 |
Correlation
The correlation between IBTM and IBTO is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IBTM vs. IBTO - Dividend Comparison
IBTM's dividend yield for the trailing twelve months is around 3.91%, less than IBTO's 4.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.91% | 3.87% | 3.96% | 3.39% | 1.38% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.10% | 4.05% | 4.23% | 1.66% | 0.00% |
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.
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Drawdown Indicators
| IBTM | IBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -8.36% | -5.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -3.08% | +0.23% |
Current DrawdownCurrent decline from peak | -1.91% | -2.09% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -2.37% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.18% | -0.17% |
Volatility
IBTM vs. IBTO - Volatility Comparison
The current volatility for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) is 1.54%, while iShares iBonds Dec 2033 Term Treasury ETF (IBTO) has a volatility of 1.75%. This indicates that IBTM experiences smaller price fluctuations and is considered to be less risky than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTM | IBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.75% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 3.01% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 5.19% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.69% | 6.74% | +0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.69% | 6.74% | +0.95% |