IBTQ vs. TLT
IBTQ (iShares iBonds Dec 2035 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBTQ tracks the ICE 2035 Maturity US Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, IBTQ returned 3.71% vs 3.48% for TLT. Their correlation of 0.91 suggests significant overlap in exposure. IBTQ charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBTQ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBTQ achieves a -0.52% return, which is significantly lower than TLT's -0.05% return.
IBTQ
- 1D
- 0.16%
- 1M
- -0.07%
- YTD
- -0.52%
- 6M
- -0.70%
- 1Y
- 3.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
IBTQ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBTQ iShares iBonds Dec 2035 Term Treasury ETF | -0.52% | 5.09% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 1.41% |
Correlation
The correlation between IBTQ and TLT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | 0.91 |
The correlation between IBTQ and TLT has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
IBTQ vs. TLT — Risk / Return Rank
IBTQ
TLT
IBTQ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| IBTQ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.46 | +0.41 |
| Martin ratioReturn relative to average drawdown | 2.60 | 1.14 | +1.45 |
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
| IBTQ | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.36 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.26 | +0.43 |
Drawdowns
IBTQ vs. TLT - Drawdown Comparison
The maximum IBTQ drawdown since its inception was -4.27%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBTQ and TLT.
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Drawdown Indicators
| IBTQ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.27% | -48.35% | +44.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.27% | -7.58% | +3.31% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -2.76% | -40.31% | +37.55% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -13.82% | +12.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 3.05% | -1.61% |
Volatility
IBTQ vs. TLT - Volatility Comparison
The current volatility for iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) is 1.60%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that IBTQ experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTQ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 2.71% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 6.50% | -3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.02% | 9.77% | -4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 15.86% | -10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.61% | 14.90% | -9.29% |
IBTQ vs. TLT - Expense Ratio Comparison
IBTQ has a 0.07% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBTQ vs. TLT - Dividend Comparison
IBTQ's dividend yield for the trailing twelve months is around 3.72%, less than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTQ iShares iBonds Dec 2035 Term Treasury ETF | 3.72% | 2.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
With a correlation of 0.93, IBTQ and TLT 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.
TLT has higher volatility (2.71%) compared to IBTQ (1.60%). In terms of maximum drawdown, IBTQ dropped -4.27% vs TLT's -48.35%.
On 1-year performance, IBTQ leads with 3.71% vs 3.48% for TLT. On fees, IBTQ is cheaper at 0.07% per year. On volatility, IBTQ has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBTQ has performed better with a 3.71% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTQ is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.58%, compared with 3.72% for IBTQ.
IBTQ tracks ICE 2035 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBTQ and 0.15% for TLT.
IBTQ currently has the higher Sharpe Ratio (0.75 vs 0.36), 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.
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