IEZ vs. TLT
IEZ (iShares U.S. Oil Equipment & Services ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services 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, IEZ returned -1.17%/yr vs -2.25%/yr for TLT. Their -0.28 correlation means they have often moved in opposite directions in the past. IEZ charges 0.42%/yr vs 0.15%/yr for TLT.
Performance
IEZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IEZ achieves a 35.92% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, IEZ has outperformed TLT with an annualized return of -1.17%, while TLT has yielded a comparatively lower -2.25% annualized return.
IEZ
- 1D
- 2.54%
- 1M
- 9.13%
- 6M
- 8.39%
- YTD
- 35.92%
- 1Y
- 63.51%
- 3Y*
- 7.53%
- 5Y*
- 18.66%
- 10Y*
- -1.17%
- ALL TIME*
- -1.80%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.10M | $5.32M | $13.27M | |
| $2.59B | $2.11B | $2.22B |
IEZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEZ iShares U.S. Oil Equipment & Services ETF | 35.92% | 7.51% | -8.15% | 4.43% | 65.73% | 15.98% | -42.98% | 1.82% | -42.47% | -18.18% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IEZ and TLT is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.21 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | -0.28 |
Over the past year, the inverse relationship between IEZ and TLT has weakened: their correlation has moved from -0.28 to -0.05, meaning they move in opposite directions less often than they have historically.
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Return for Risk
IEZ vs. TLT — Risk / Return Rank
IEZ
TLT
IEZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) 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.
| IEZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.41 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.98 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | -0.21 | +3.35 |
| Martin ratioReturn relative to average drawdown | 9.47 | -0.45 | +9.93 |
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Drawdowns
IEZ vs. TLT - Drawdown Comparison
The maximum IEZ drawdown since its inception was -92.52%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IEZ and TLT.
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Drawdown Indicators
| IEZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.52% | -48.35% | -44.17% |
Max Drawdown (1Y)Largest decline over 1 year | -20.34% | -7.74% | -12.60% |
Max Drawdown (3Y)Largest decline over 3 years | -40.25% | -14.79% | -25.46% |
Max Drawdown (5Y)Largest decline over 5 years | -40.25% | -43.70% | +3.45% |
Max Drawdown (10Y)Largest decline over 10 years | -88.29% | -48.35% | -39.94% |
Current DrawdownCurrent decline from peak | -55.14% | -41.73% | -13.41% |
Average DrawdownAverage peak-to-trough decline | -48.31% | -14.00% | -34.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.73% | 3.63% | +3.10% |
Volatility
IEZ vs. TLT - Volatility Comparison
iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 8.13% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that IEZ'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
| IEZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 2.67% | +5.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.82% | 6.88% | +13.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.61% | 9.25% | +19.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.87% | 15.75% | +20.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.46% | 14.83% | +26.63% |
IEZ vs. TLT - Expense Ratio Comparison
IEZ has a 0.42% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IEZ vs. TLT - Dividend Comparison
IEZ's dividend yield for the trailing twelve months is around 1.22%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEZ iShares U.S. Oil Equipment & Services ETF | 1.22% | 1.87% | 1.76% | 0.97% | 0.65% | 1.20% | 2.07% | 2.28% | 1.81% | 3.42% | 0.91% | 2.40% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 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
IEZ and TLT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEZ has higher volatility (8.13%) compared to TLT (2.67%). In terms of maximum drawdown, IEZ dropped -92.52% vs TLT's -48.35%.
On 10-year performance, IEZ leads with -1.17% vs -2.25% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEZ has performed better with a -1.17% return vs -2.25%. 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 0.42% for IEZ.
TLT has the higher dividend yield at 4.71%, compared with 1.22% for IEZ.
IEZ is categorized as Energy Equities, while TLT is Government Bonds. IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.42% for IEZ and 0.15% for TLT.
IEZ currently has the higher Sharpe Ratio (2.23 vs -0.18), 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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