ICVT vs. TLT
ICVT (iShares Convertible Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM 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, ICVT returned 13.99%/yr vs -1.66%/yr for TLT. At a correlation of -0.04, they often move in opposite directions. ICVT charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
ICVT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 25.28% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ICVT has outperformed TLT with an annualized return of 13.99%, while TLT has yielded a comparatively lower -1.66% annualized return.
ICVT
- 1D
- -0.97%
- 1M
- 7.16%
- YTD
- 25.28%
- 6M
- 24.31%
- 1Y
- 42.20%
- 3Y*
- 21.04%
- 5Y*
- 7.79%
- 10Y*
- 13.99%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
ICVT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 25.28% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ICVT and TLT is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015 | -0.04 |
The correlation between ICVT and TLT shifts across timeframes, from -0.04 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. TLT — Risk / Return Rank
ICVT
TLT
ICVT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) 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.
| ICVT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.09 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | 0.65 | +4.97 |
| Martin ratioReturn relative to average drawdown | 20.48 | 1.63 | +18.85 |
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
| ICVT | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 0.51 | +2.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | -0.40 | +0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | -0.11 | +1.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.26 | +0.53 |
Drawdowns
ICVT vs. TLT - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICVT and TLT.
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Drawdown Indicators
| ICVT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -48.35% | +15.10% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -7.58% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -19.18% | +7.96% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -43.70% | +13.75% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -48.35% | +15.10% |
Current DrawdownCurrent decline from peak | -0.97% | -40.44% | +39.47% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -13.82% | +4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 3.04% | -0.97% |
Volatility
ICVT vs. TLT - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that ICVT'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
| ICVT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 2.76% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 6.50% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 9.77% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.23% | 15.87% | -2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 14.91% | +0.59% |
ICVT vs. TLT - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ICVT vs. TLT - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 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
ICVT and TLT have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (5.53%) compared to TLT (2.76%). In terms of maximum drawdown, ICVT dropped -33.25% vs TLT's -48.35%.
On 10-year performance, ICVT leads with 13.99% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 13.99% return vs -1.66%. 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 0.20% for ICVT.
TLT has the higher dividend yield at 4.59%, compared with 1.30% for ICVT.
ICVT is categorized as Preferred Stock/Convertible Bonds, while TLT is Government Bonds. ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for ICVT and 0.15% for TLT.
ICVT currently has the higher Sharpe Ratio (2.95 vs 0.51), 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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