ICPI vs. TLT
ICPI (iShares 0-1 Year TIPS Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICPI is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. At a correlation of -0.32, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.15%/yr for TLT.
Performance
ICPI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ICPI achieves a 2.42% return, which is significantly higher than TLT's 2.15% return.
ICPI
- 1D
- -0.06%
- 1M
- -0.07%
- YTD
- 2.42%
- 6M
- 2.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 1.37%
- 1M
- 3.59%
- YTD
- 2.15%
- 6M
- 1.14%
- 1Y
- 4.54%
- 3Y*
- -1.45%
- 5Y*
- -6.14%
- 10Y*
- -1.61%
ICPI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 2.42% | 0.32% |
TLT iShares 20+ Year Treasury Bond ETF | 2.15% | -1.20% |
Correlation
The correlation between ICPI and TLT is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | -0.32 |
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Return for Risk
ICPI vs. TLT — Risk / Return Rank
ICPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TLT
ICPI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) 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.
| ICPI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.08 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.60 | — |
| Martin ratioReturn relative to average drawdown | — | 1.43 | — |
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Drawdowns
ICPI vs. TLT - Drawdown Comparison
The maximum ICPI drawdown since its inception was -0.34%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICPI and TLT.
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Drawdown Indicators
| ICPI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.34% | -48.35% | +48.01% |
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 DrawdownCurrent decline from peak | -0.34% | -38.99% | +38.65% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -13.87% | +13.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.19% | — |
Volatility
ICPI vs. TLT - Volatility Comparison
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Volatility by Period
| ICPI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.49% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.74% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 9.57% | -8.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 15.83% | -14.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.96% | 14.89% | -13.93% |
ICPI vs. TLT - Expense Ratio Comparison
ICPI has a 0.09% 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
ICPI vs. TLT - Dividend Comparison
ICPI's dividend yield for the trailing twelve months is around 1.80%, less than TLT's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICPI iShares 0-1 Year TIPS Bond ETF | 1.80% | 0.54% | 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 | 4.48% | 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
ICPI and TLT have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICPI is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICPI is cheaper with a 0.09% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.48%, compared with 1.80% for ICPI.
ICPI is categorized as Inflation-Protected Bonds, while TLT is Government Bonds. ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.09% for ICPI and 0.15% for TLT.
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