IBTR vs. TLT

Last updated Jun 6, 2026

IBTR (iShares iBonds Dec 2036 Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IBTR tracks the ICE 2036 Maturity US Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. IBTR charges 0.07%/yr vs 0.15%/yr for TLT.

Performance

IBTR vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2036 Term Treasury ETF (IBTR) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBTR

• 1D: -0.48%
• 1M: -1.04%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLT

• 1D: -0.51%
• 1M: -0.80%
• YTD: -0.56%
• 6M: -1.32%
• 1Y: 2.88%
• 3Y*: -2.03%
• 5Y*: -6.37%
• 10Y*: -1.63%

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

IBTR vs. TLT - Yearly Performance Comparison

	2026 (YTD)
IBTR iShares iBonds Dec 2036 Term Treasury ETF	-0.01%
TLT iShares 20+ Year Treasury Bond ETF	-0.07%

Correlation

The correlation between IBTR and TLT is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 27, 2026	0.91

Return for Risk

IBTR vs. TLT — Risk / Return Rank

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

TLT

TLT Risk / Return Rank: 13
TLT Sharpe Ratio Rank: 14
TLT Sortino Ratio Rank: 13
TLT Omega Ratio Rank: 12
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 14

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.

IBTR vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2036 Term Treasury ETF (IBTR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IBTR	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.30	—
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	-0.01	0.25	-0.26

Drawdowns

IBTR vs. TLT - Drawdown Comparison

The maximum IBTR drawdown since its inception was -2.88%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IBTR and TLT.

Drawdown Indicators

	IBTR	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-48.35%	+45.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.58%	—
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 Drawdown Current decline from peak	-1.69%	-40.61%	+38.92%
Average Drawdown Average peak-to-trough decline	-0.89%	-13.82%	+12.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.07%	—

Volatility

Volatility by Period

	IBTR	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	9.66%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.39%	15.85%	-10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	14.90%	-9.51%

IBTR vs. TLT - Expense Ratio Comparison

IBTR 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

IBTR vs. TLT - Dividend Comparison

IBTR's dividend yield for the trailing twelve months is around 0.67%, less than TLT's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTR iShares iBonds Dec 2036 Term Treasury ETF	0.67%	0.00%	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	4.60%	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

Can I hold both IBTR and TLT in my portfolio?

With a correlation of 0.91, IBTR 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.

Which ETF is better, IBTR or TLT?

On fees, IBTR is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBTR or TLT?

IBTR is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.

Which ETF pays a higher dividend yield, IBTR or TLT?

TLT has the higher dividend yield at 4.60%, compared with 0.67% for IBTR.

What is the main difference between IBTR and TLT?

IBTR tracks ICE 2036 Maturity US Treasury Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.07% for IBTR and 0.15% for TLT.