IEF vs. TLT
IEF (iShares 7-10 Year Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IEF returned 0.40%/yr vs -2.38%/yr for TLT. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.
Performance
IEF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -1.44% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IEF has outperformed TLT with an annualized return of 0.40%, while TLT has yielded a comparatively lower -2.38% annualized return.
IEF
- 1D
- -0.28%
- 1M
- -1.24%
- 6M
- -1.22%
- YTD
- -1.44%
- 1Y
- 0.62%
- 3Y*
- 2.88%
- 5Y*
- -1.80%
- 10Y*
- 0.40%
- ALL TIME*
- 3.34%
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) |
|---|---|---|---|
| $422.02M | $484.34M | $621.73M | |
| $2.33B | $2.02B | $2.19B |
IEF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -1.44% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
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 IEF and TLT is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.92 |
The correlation between IEF and TLT has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
IEF vs. TLT — Risk / Return Rank
IEF
TLT
IEF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.99 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | -0.14 | +0.58 |
| Martin ratioReturn relative to average drawdown | 1.01 | -0.30 | +1.31 |
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Drawdowns
IEF vs. TLT - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IEF and TLT.
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Drawdown Indicators
| IEF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -48.35% | +24.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -7.74% | +3.67% |
Max Drawdown (3Y)Largest decline over 3 years | -6.89% | -14.79% | +7.90% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -43.70% | +22.30% |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | -48.35% | +24.42% |
Current DrawdownCurrent decline from peak | -12.05% | -42.36% | +30.31% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -13.99% | +8.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 3.57% | -1.82% |
Volatility
IEF vs. TLT - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.18%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IEF experiences smaller price fluctuations and is considered to be less risky 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
| IEF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 2.46% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.64% | 6.85% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 9.32% | -4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 15.74% | -8.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 14.83% | -8.22% |
IEF vs. TLT - Expense Ratio Comparison
Both IEF and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IEF vs. TLT - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.95%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.62% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
IEF and TLT have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to IEF (1.18%). In terms of maximum drawdown, IEF dropped -23.93% vs TLT's -48.35%.
On 10-year performance, IEF leads with 0.40% vs -2.38% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, IEF has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEF has performed better with a 0.40% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.34%, compared with 3.62% for IEF.
IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
IEF currently has the higher Sharpe Ratio (0.38 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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