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IGE vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGE vs. TLT

Last updated Jun 4, 2026

IGE (iShares North American Natural Resources ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector 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, IGE returned 9.79%/yr vs -1.66%/yr for TLT. At a correlation of -0.25, they often move in opposite directions. IGE charges 0.39%/yr vs 0.15%/yr for TLT.

Performance

IGE vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares North American Natural Resources ETF (IGE) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGE achieves a 22.98% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IGE has outperformed TLT with an annualized return of 9.79%, while TLT has yielded a comparatively lower -1.66% annualized return.

IGE

1D
-0.15%
1M
-0.36%
YTD
22.98%
6M
23.36%
1Y
43.74%
3Y*
20.25%
5Y*
17.22%
10Y*
9.79%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGE vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGE
iShares North American Natural Resources ETF		22.98%20.41%7.55%3.12%33.24%39.42%-19.58%17.16%-21.59%0.82%
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 IGE and TLT is -0.04, 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

-0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.18

Correlation (All Time)
Calculated using the full available price history since Jul 29, 2002

-0.25

Over the past year, the inverse relationship between IGE and TLT has weakened: their correlation has moved from -0.25 to -0.04, meaning they move in opposite directions less often than they have historically.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares North American Natural Resources ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IGE:
IGE vs. NANRIGE vs. GUNRIGE vs. XLEIGE vs. IGEBIGE vs. PXEIGE vs. VTIIGE vs. FXAIX
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IGE vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGE
IGE Risk / Return Rank: 8484
Overall Rank
IGE Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
IGE Sortino Ratio Rank: 8080
Sortino Ratio Rank
IGE Omega Ratio Rank: 7575
Omega Ratio Rank
IGE Calmar Ratio Rank: 9595
Calmar Ratio Rank
IGE Martin Ratio Rank: 8888
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IGE vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) 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.

IGETLTDifference
Sharpe ratioReturn per unit of total volatility
2.75
0.51

+2.25

Sortino ratioReturn per unit of downside risk
3.64
0.80

+2.84

Omega ratioGain probability vs. loss probability

1.45

1.09

+0.36

Calmar ratioReturn relative to maximum drawdown

7.93

0.65

+7.28

Martin ratioReturn relative to average drawdown

19.51

1.63

+17.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGE vs. TLT - Sharpe Ratio Comparison

The current IGE Sharpe Ratio is 2.75, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IGE and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IGETLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.75

0.51

+2.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

-0.40

+1.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

-0.11

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.26

+0.05

Drawdowns

IGE vs. TLT - Drawdown Comparison

The maximum IGE drawdown since its inception was -67.55%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IGE and TLT.

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Drawdown Indicators

IGETLTDifference

Max Drawdown

Largest peak-to-trough decline

-67.55%

-48.35%

-19.20%

Max Drawdown (1Y)

Largest decline over 1 year

-5.54%

-7.58%

+2.04%

Max Drawdown (3Y)

Largest decline over 3 years

-19.49%

-19.18%

-0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-25.72%

-43.70%

+17.98%

Max Drawdown (10Y)

Largest decline over 10 years

-60.57%

-48.35%

-12.22%

Current Drawdown

Current decline from peak

-2.86%

-40.44%

+37.58%

Average Drawdown

Average peak-to-trough decline

-18.90%

-13.82%

-5.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

3.04%

-0.79%

Volatility

IGE vs. TLT - Volatility Comparison

iShares North American Natural Resources ETF (IGE) has a higher volatility of 4.40% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that IGE'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

IGETLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

2.76%

+1.64%

Volatility (6M)

Calculated over the trailing 6-month period

12.67%

6.50%

+6.17%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

9.77%

+6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.45%

15.87%

+6.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.94%

14.91%

+10.03%

IGE vs. TLT - Expense Ratio Comparison

IGE has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

IGE vs. TLT - Dividend Comparison

IGE's dividend yield for the trailing twelve months is around 1.89%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IGE
iShares North American Natural Resources ETF		1.89%2.32%2.54%2.85%2.96%2.92%3.34%5.55%2.68%2.11%1.66%3.08%
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

IGE and TLT have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGE has higher volatility (4.40%) compared to TLT (2.76%). In terms of maximum drawdown, IGE dropped -67.55% vs TLT's -48.35%.

On 10-year performance, IGE leads with 9.79% 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, IGE has performed better with a 9.79% 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 0.39% for IGE.

TLT has the higher dividend yield at 4.59%, compared with 1.89% for IGE.

IGE is categorized as Energy Equities, while TLT is Government Bonds. IGE tracks S&P North American Natural Resources Sector Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for IGE and 0.15% for TLT.

IGE currently has the higher Sharpe Ratio (2.75 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.

Portfolio Optimizer

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