ICF vs. TLT
ICF (iShares Cohen & Steers REIT ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICF is a REIT fund tracking the Cohen & Steers Realty Majors Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, ICF returned 5.21%/yr vs -2.23%/yr for TLT. Their -0.05 correlation means they have often moved in opposite directions in the past. ICF charges 0.34%/yr vs 0.15%/yr for TLT.
Performance
ICF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 16.55% return, which is significantly higher than TLT's -2.22% return. Over the past 10 years, ICF has outperformed TLT with an annualized return of 5.21%, while TLT has yielded a comparatively lower -2.23% annualized return.
ICF
- 1D
- -0.16%
- 1M
- 1.43%
- 6M
- 12.80%
- YTD
- 16.55%
- 1Y
- 16.46%
- 3Y*
- 10.97%
- 5Y*
- 2.64%
- 10Y*
- 5.21%
- ALL TIME*
- 8.83%
TLT
- 1D
- 0.22%
- 1M
- -2.48%
- 6M
- -1.90%
- YTD
- -2.22%
- 1Y
- -1.73%
- 3Y*
- -0.82%
- 5Y*
- -7.75%
- 10Y*
- -2.23%
- ALL TIME*
- 3.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.80M | $10.18M | $9.97M | |
| $2.70B | $2.15B | $2.23B |
ICF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 16.55% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
TLT iShares 20+ Year Treasury Bond ETF | -2.22% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ICF and TLT is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.05 |
The correlation between ICF and TLT shifts across timeframes, from -0.05 (all time) to 0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICF vs. TLT — Risk / Return Rank
ICF
TLT
ICF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) 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.
| ICF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.98 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | -0.22 | +2.24 |
| Martin ratioReturn relative to average drawdown | 6.52 | -0.48 | +7.00 |
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Drawdowns
ICF vs. TLT - Drawdown Comparison
The maximum ICF drawdown since its inception was -76.74%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICF and TLT.
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Drawdown Indicators
| ICF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.74% | -48.35% | -28.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -7.74% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -14.79% | -2.46% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -43.70% | +8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -48.35% | +8.13% |
Current DrawdownCurrent decline from peak | -2.10% | -41.60% | +39.50% |
Average DrawdownAverage peak-to-trough decline | -14.09% | -14.00% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 3.65% | -1.11% |
Volatility
ICF vs. TLT - Volatility Comparison
iShares Cohen & Steers REIT ETF (ICF) has a higher volatility of 4.08% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that ICF's price experiences larger fluctuations and is considered to be riskier 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
| ICF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 2.51% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 10.97% | 6.88% | +4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.03% | 9.25% | +4.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 15.74% | +3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 14.83% | +5.81% |
ICF vs. TLT - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ICF vs. TLT - Dividend Comparison
ICF's dividend yield for the trailing twelve months is around 2.41%, less than TLT's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.41% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
TLT iShares 20+ Year Treasury Bond ETF | 4.70% | 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
ICF and TLT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICF has higher volatility (4.08%) compared to TLT (2.51%). In terms of maximum drawdown, ICF dropped -76.74% vs TLT's -48.35%.
On 10-year performance, ICF leads with 5.21% vs -2.23% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICF has performed better with a 5.21% return vs -2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.34% for ICF.
TLT has the higher dividend yield at 4.70%, compared with 2.41% for ICF.
ICF is categorized as REIT, while TLT is Government Bonds. ICF tracks Cohen & Steers Realty Majors Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.34% for ICF and 0.15% for TLT.
ICF currently has the higher Sharpe Ratio (1.18 vs -0.19), 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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