IBTM vs. MAGG

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Madison Aggregate Bond ETF (MAGG).

IBTM and MAGG 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. MAGG is an actively managed fund by Madison. It was launched on Aug 28, 2023.

Performance

IBTM vs. MAGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Madison Aggregate Bond ETF (MAGG). The values are adjusted to include any dividend payments, if applicable.

IBTM vs. MAGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.01%	8.06%	-0.14%	3.25%
MAGG Madison Aggregate Bond ETF	-0.07%	7.28%	1.81%	4.42%

Returns By Period

In the year-to-date period, IBTM achieves a -0.01% return, which is significantly higher than MAGG's -0.07% return.

IBTM

• 1D: 0.24%
• 1M: -1.91%
• YTD: -0.01%
• 6M: 1.01%
• 1Y: 4.15%
• 3Y*: 2.45%
• 5Y*: —
• 10Y*: —

MAGG

• 1D: 0.24%
• 1M: -1.74%
• YTD: -0.07%
• 6M: 1.21%
• 1Y: 4.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTM vs. MAGG - Expense Ratio Comparison

IBTM has a 0.07% expense ratio, which is lower than MAGG's 0.40% expense ratio.

MAGG

Madison Aggregate Bond ETF

IBTM

iShares iBonds Dec 2032 Term Treasury ETF

Return for Risk

IBTM vs. MAGG — Risk / Return Rank

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

IBTM

IBTM Risk / Return Rank: 47
IBTM Sharpe Ratio Rank: 46
IBTM Sortino Ratio Rank: 45
IBTM Omega Ratio Rank: 37
IBTM Calmar Ratio Rank: 60
IBTM Martin Ratio Rank: 45

MAGG

MAGG Risk / Return Rank: 58
MAGG Sharpe Ratio Rank: 58
MAGG Sortino Ratio Rank: 58
MAGG Omega Ratio Rank: 50
MAGG Calmar Ratio Rank: 74
MAGG Martin Ratio Rank: 52

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. MAGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Madison Aggregate Bond ETF (MAGG). 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	MAGG	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.06	-0.19
Sortino ratio Return per unit of downside risk	1.29	1.54	-0.25
Omega ratio Gain probability vs. loss probability	1.15	1.19	-0.04
Calmar ratio Return relative to maximum drawdown	1.57	1.98	-0.41
Martin ratio Return relative to average drawdown	4.42	5.09	-0.68
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. MAGG - Sharpe Ratio Comparison

The current IBTM Sharpe Ratio is 0.88, which is comparable to the MAGG Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IBTM and MAGG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBTM	MAGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.06	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.08	-0.86

Correlation

The correlation between IBTM and MAGG is 0.88, 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. MAGG - Dividend Comparison

IBTM's dividend yield for the trailing twelve months is around 3.91%, less than MAGG's 4.74% yield.

	TTM	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.91%	3.87%	3.96%	3.39%	1.38%
MAGG Madison Aggregate Bond ETF	4.74%	4.80%	5.13%	1.49%	0.00%

Drawdowns

IBTM vs. MAGG - Drawdown Comparison

The maximum IBTM drawdown since its inception was -13.60%, which is greater than MAGG's maximum drawdown of -4.56%. Use the drawdown chart below to compare losses from any high point for IBTM and MAGG.

Drawdown Indicators

	IBTM	MAGG	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-4.56%	-9.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-2.53%	-0.32%
Current Drawdown Current decline from peak	-1.91%	-1.74%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.95%	-1.24%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.98%	+0.03%

Volatility

IBTM vs. MAGG - Volatility Comparison

iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Madison Aggregate Bond ETF (MAGG) have volatilities of 1.54% and 1.54%, 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	MAGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.54%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.99%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	4.50%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.69%	4.82%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.69%	4.82%	+2.87%