ICVT vs. TLT
ICVT (iShares Convertible Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICVT is a Convertible Bonds fund tracking the Bloomberg 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 12.80%/yr vs -2.38%/yr for TLT. Their -0.04 correlation means they have often moved in opposite directions in the past. 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 15.73% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, ICVT has outperformed TLT with an annualized return of 12.80%, while TLT has yielded a comparatively lower -2.38% annualized return.
ICVT
- 1D
- -0.13%
- 1M
- -3.58%
- 6M
- 10.12%
- YTD
- 15.73%
- 1Y
- 25.68%
- 3Y*
- 15.44%
- 5Y*
- 5.74%
- 10Y*
- 12.80%
- ALL TIME*
- 11.03%
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) |
|---|---|---|---|
| $56.37M | $69.08M | $90.45M | |
| $2.33B | $2.02B | $2.19B |
ICVT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 15.73% | 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 | -3.49% | 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 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | -0.04 |
The correlation between ICVT and TLT shifts across timeframes, from -0.04 (all time) to 0.15 (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.
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.
| ICVT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.99 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | -0.14 | +2.22 |
| Martin ratioReturn relative to average drawdown | 7.79 | -0.30 | +8.09 |
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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 | -11.65% | -7.74% | -3.91% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -14.79% | +3.14% |
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 | -8.79% | -42.36% | +33.57% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -13.99% | +4.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 3.57% | -0.46% |
Volatility
ICVT vs. TLT - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 6.39% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. 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 | 6.39% | 2.46% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 6.85% | +7.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 9.32% | +7.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 15.74% | -1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 14.83% | +0.90% |
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 1.39%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.29% | 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 | 4.34% | 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
ICVT and TLT have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.39%) compared to TLT (2.46%). In terms of maximum drawdown, ICVT dropped -33.25% vs TLT's -48.35%.
On 10-year performance, ICVT leads with 12.80% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 12.80% return vs -2.38%. 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 4.34%, compared with 1.29% for ICVT.
ICVT is categorized as Convertible Bonds, while TLT is Government Bonds. ICVT tracks Bloomberg 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 (1.41 vs -0.11), 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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