IBTM vs. VTG

Last updated Jul 17, 2026

IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and VTG (Vanguard Total Treasury ETF) are both exchange-traded funds - IBTM is a Intermediate Core Bond fund tracking the ICE 2032 Maturity US Treasury Index, while VTG is a Government Bonds fund tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index. Both are passively managed. Over the past year, IBTM returned 3.34% vs 3.29% for VTG. With a 0.96 correlation, they move nearly in lockstep. IBTM charges 0.07%/yr vs 0.03%/yr for VTG.

Performance

IBTM vs. VTG - Performance Comparison

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

Returns By Period

In the year-to-date period, IBTM achieves a -0.31% return, which is significantly lower than VTG's -0.10% return.

IBTM

• 1D: -0.04%
• 1M: -0.29%
• 6M: -0.35%
• YTD: -0.31%
• 1Y: 3.34%
• 3Y*: 2.89%
• 5Y*: —
• 10Y*: —

VTG

• 1D: -0.04%
• 1M: -0.48%
• 6M: -0.27%
• YTD: -0.10%
• 1Y: 3.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTM vs. VTG - Yearly Performance Comparison

	2026 (YTD)	2025
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.31%	3.59%
VTG Vanguard Total Treasury ETF	-0.10%	3.07%

Correlation

The correlation between IBTM and VTG is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.96

The correlation between IBTM and VTG has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

IBTM vs. VTG — 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: 28
IBTM Sortino Ratio Rank: 28
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 26
IBTM Martin Ratio Rank: 25

VTG

VTG Risk / Return Rank: 29
VTG Sharpe Ratio Rank: 31
VTG Sortino Ratio Rank: 31
VTG Omega Ratio Rank: 28
VTG Calmar Ratio Rank: 28
VTG Martin Ratio Rank: 27

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. VTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) and Vanguard Total Treasury ETF (VTG). 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	VTG	Difference
Sharpe ratio: Return per unit of total volatility	0.84	0.94	-0.10
Sortino ratio: Return per unit of downside risk	1.27	1.41	-0.14
Omega ratio: Gain probability vs. loss probability	1.15	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	1.03	1.14	-0.11
Martin ratio: Return relative to average drawdown	2.52	2.94	-0.42

IBTM vs. VTG - Sharpe Ratio Comparison

The current IBTM Sharpe Ratio is 0.84, which is comparable to the VTG Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of IBTM and VTG, 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. VTG - Drawdown Comparison

The maximum IBTM drawdown since its inception was -13.60%, which is greater than VTG's maximum drawdown of -2.89%. Use the drawdown chart below to compare losses from any high point for IBTM and VTG.

Drawdown Indicators

	IBTM	VTG	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-2.89%	-10.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-2.89%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-7.86%	—	—
Current Drawdown Current decline from peak	-2.19%	-1.88%	-0.31%
Average Drawdown Average peak-to-trough decline	-4.74%	-0.84%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.12%	+0.21%

Volatility

IBTM vs. VTG - Volatility Comparison

iShares iBonds Dec 2032 Term Treasury ETF (IBTM) has a higher volatility of 1.25% compared to Vanguard Total Treasury ETF (VTG) at 1.05%. This indicates that IBTM's price experiences larger fluctuations and is considered to be riskier than VTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTM	VTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.05%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	2.65%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	3.52%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.48%	3.52%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	3.52%	+3.96%

IBTM vs. VTG - Expense Ratio Comparison

IBTM has a 0.07% expense ratio, which is higher than VTG's 0.03% expense ratio. However, 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. VTG - Dividend Comparison

IBTM's dividend yield for the trailing twelve months is around 3.94%, more than VTG's 3.54% yield.

Position	TTM	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.94%	3.87%	3.96%	3.39%	1.38%
VTG Vanguard Total Treasury ETF	3.54%	1.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTM and VTG in my portfolio?

With a correlation of 0.96, IBTM and VTG 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 VTG?

IBTM has higher volatility (1.25%) compared to VTG (1.05%). In terms of maximum drawdown, IBTM dropped -13.60% vs VTG's -2.89%.

Which ETF is better, IBTM or VTG?

On 1-year performance, IBTM leads with 3.34% vs 3.29% for VTG. On fees, VTG is cheaper at 0.03% per year. On volatility, VTG has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTM or VTG?

Over the 1-year period, IBTM has performed better with a 3.34% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTM or VTG?

VTG is cheaper with a 0.03% expense ratio, compared with 0.07% for IBTM.

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

IBTM has the higher dividend yield at 3.94%, compared with 3.54% for VTG.

What is the main difference between IBTM and VTG?

IBTM is categorized as Intermediate Core Bond, while VTG is Government Bonds. IBTM tracks ICE 2032 Maturity US Treasury Index, while VTG tracks Bloomberg U.S. Treasury Total Return Unhedged USD Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.07% for IBTM and 0.03% for VTG.

Which has better risk-adjusted returns?

VTG currently has the higher Sharpe Ratio (0.94 vs 0.84), 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.