IBTR vs. TLT
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 means they have usually moved in the same direction. IBTR charges 0.07%/yr vs 0.15%/yr for TLT.
Performance
IBTR vs. TLT - Performance Comparison
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Returns By Period
IBTR
- 1D
- -0.38%
- 1M
- -1.56%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $481.12K | $362.65K | $277.01K | |
| $2.33B | $2.02B | $2.19B |
IBTR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IBTR iShares iBonds Dec 2036 Term Treasury ETF | -1.13% |
TLT iShares 20+ Year Treasury Bond ETF | -3.83% |
Correlation
The correlation between IBTR and TLT is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026 | 0.91 |
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Return for Risk
IBTR vs. TLT — Risk / Return Rank
IBTR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TLT
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.
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.
| IBTR | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.99 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.14 | — |
| Martin ratioReturn relative to average drawdown | — | -0.30 | — |
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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.
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Drawdown Indicators
| IBTR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.88% | -48.35% | +45.47% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.74% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
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 | -2.36% | -42.36% | +40.00% |
Average DrawdownAverage peak-to-trough decline | -1.07% | -13.99% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.57% | — |
Volatility
IBTR vs. TLT - Volatility Comparison
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Volatility by Period
| IBTR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.46% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.85% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.28% | 9.32% | -4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.28% | 15.74% | -10.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 14.83% | -9.55% |
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 1.01%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTR iShares iBonds Dec 2036 Term Treasury ETF | 1.01% | 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 | 4.34% | 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 0.91, 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.
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.
IBTR is cheaper with a 0.07% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 1.01% for IBTR.
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.
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