IBTO vs. IBTM

Last updated Jun 4, 2026

IBTO (iShares iBonds Dec 2033 Term Treasury ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds from iShares - IBTO tracks the ICE 2033 Maturity US Treasury Index while IBTM tracks the ICE 2032 Maturity US Treasury Index. Both are passively managed. Over the past year, IBTO returned 4.04% vs 3.93% for IBTM. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.

Performance

IBTO vs. IBTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTO achieves a -0.58% return, which is significantly lower than IBTM's -0.50% return.

IBTO

• 1D: -0.21%
• 1M: -0.17%
• YTD: -0.58%
• 6M: -1.02%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTM

• 1D: -0.18%
• 1M: -0.15%
• YTD: -0.50%
• 6M: -0.81%
• 1Y: 3.93%
• 3Y*: 2.68%
• 5Y*: —
• 10Y*: —

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

IBTO vs. IBTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.58%	8.23%	-0.87%	1.71%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.50%	8.06%	-0.14%	1.77%

Correlation

The correlation between IBTO and IBTM 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 30, 2023	0.99

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

Return for Risk

IBTO vs. IBTM — Risk / Return Rank

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

IBTO

IBTO Risk / Return Rank: 25
IBTO Sharpe Ratio Rank: 26
IBTO Sortino Ratio Rank: 26
IBTO Omega Ratio Rank: 24
IBTO Calmar Ratio Rank: 24
IBTO Martin Ratio Rank: 25

IBTM

IBTM Risk / Return Rank: 26
IBTM Sharpe Ratio Rank: 27
IBTM Sortino Ratio Rank: 27
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 26
IBTM Martin Ratio Rank: 26

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.

IBTO vs. IBTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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.

	IBTO	IBTM	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.96	-0.06
Sortino ratio: Return per unit of downside risk	1.38	1.46	-0.09
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	1.11	1.21	-0.10
Martin ratio: Return relative to average drawdown	3.21	3.51	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTO vs. IBTM - Sharpe Ratio Comparison

The current IBTO Sharpe Ratio is 0.91, which is comparable to the IBTM Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of IBTO and IBTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBTO	IBTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.96	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.20	+0.23

Drawdowns

IBTO vs. IBTM - Drawdown Comparison

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

Drawdown Indicators

	IBTO	IBTM	Difference
Max Drawdown Largest peak-to-trough decline	-8.36%	-13.60%	+5.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-3.26%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.86%	—
Current Drawdown Current decline from peak	-2.63%	-2.38%	-0.25%
Average Drawdown Average peak-to-trough decline	-2.37%	-4.82%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.12%	+0.14%

Volatility

IBTO vs. IBTM - Volatility Comparison

iShares iBonds Dec 2033 Term Treasury ETF (IBTO) has a higher volatility of 1.32% compared to iShares iBonds Dec 2032 Term Treasury ETF (IBTM) at 1.20%. This indicates that IBTO's price experiences larger fluctuations and is considered to be riskier than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTO	IBTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.20%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	2.75%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	4.09%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	7.56%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	7.56%	-0.95%

IBTO vs. IBTM - Expense Ratio Comparison

Both IBTO and IBTM 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

IBTO vs. IBTM - Dividend Comparison

IBTO's dividend yield for the trailing twelve months is around 4.15%, more than IBTM's 3.95% yield.

Position	TTM	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.95%	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 IBTO and IBTM in my portfolio?

With a correlation of 0.99, IBTO and IBTM 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, IBTO or IBTM?

IBTO has higher volatility (1.32%) compared to IBTM (1.20%). In terms of maximum drawdown, IBTO dropped -8.36% vs IBTM's -13.60%.

Which ETF is better, IBTO or IBTM?

On 1-year performance, IBTO leads with 4.04% vs 3.93% for IBTM. Both ETFs have the same 0.07% expense ratio. On volatility, IBTM has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTO or IBTM?

Over the 1-year period, IBTO has performed better with a 4.04% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTO or IBTM?

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

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

IBTO has the higher dividend yield at 4.15%, compared with 3.95% for IBTM.

What is the main difference between IBTO and IBTM?

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

Which has better risk-adjusted returns?

IBTM currently has the higher Sharpe Ratio (0.96 vs 0.91), 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.