IGEB vs. TLT
IGEB (iShares Investment Grade Bond Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IGEB is a Corporate Bonds fund tracking the BlackRock Investment Grade Enhanced Bond 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 5 years, IGEB returned 1.10%/yr vs -6.31%/yr for TLT. A 0.75 correlation means they provide meaningful diversification when combined. IGEB charges 0.18%/yr vs 0.15%/yr for TLT.
Performance
IGEB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IGEB achieves a 0.41% return, which is significantly higher than TLT's -0.27% return.
IGEB
- 1D
- -0.22%
- 1M
- 0.57%
- YTD
- 0.41%
- 6M
- 0.32%
- 1Y
- 5.98%
- 3Y*
- 5.88%
- 5Y*
- 1.10%
- 10Y*
- —
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%
IGEB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 0.41% | 8.17% | 3.10% | 9.56% | -14.85% | -1.14% | 11.23% | 15.42% | -2.05% | 1.53% |
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% | 4.28% |
Correlation
The correlation between IGEB and TLT is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017 | 0.75 |
The correlation between IGEB and TLT shifts across timeframes, from 0.75 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGEB vs. TLT — Risk / Return Rank
IGEB
TLT
IGEB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Bond Factor ETF (IGEB) 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.
| IGEB | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.09 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 0.65 | +1.43 |
| Martin ratioReturn relative to average drawdown | 6.81 | 1.63 | +5.19 |
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
| IGEB | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 0.51 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | -0.40 | +0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.26 | +0.23 |
Drawdowns
IGEB vs. TLT - Drawdown Comparison
The maximum IGEB drawdown since its inception was -21.13%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IGEB and TLT.
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Drawdown Indicators
| IGEB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.13% | -48.35% | +27.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -7.58% | +4.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -19.18% | +13.21% |
Max Drawdown (5Y)Largest decline over 5 years | -21.13% | -43.70% | +22.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.03% | -40.44% | +39.41% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -13.82% | +8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 3.04% | -2.16% |
Volatility
IGEB vs. TLT - Volatility Comparison
The current volatility for iShares Investment Grade Bond Factor ETF (IGEB) is 1.33%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that IGEB 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
| IGEB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 2.76% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 6.50% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 9.77% | -5.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 15.87% | -9.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 14.91% | -8.39% |
IGEB vs. TLT - Expense Ratio Comparison
IGEB has a 0.18% 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
IGEB vs. TLT - Dividend Comparison
IGEB's dividend yield for the trailing twelve months is around 5.06%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 5.06% | 4.92% | 5.09% | 4.60% | 3.64% | 3.84% | 3.78% | 5.61% | 3.59% | 1.62% | 0.00% | 0.00% |
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
IGEB and TLT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to IGEB (1.33%). In terms of maximum drawdown, IGEB dropped -21.13% vs TLT's -48.35%.
On 5-year performance, IGEB leads with 1.10% vs -6.31% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IGEB has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IGEB has performed better with a 1.10% return vs -6.31%. 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 0.18% for IGEB.
IGEB has the higher dividend yield at 5.06%, compared with 4.59% for TLT.
IGEB is categorized as Corporate Bonds, while TLT is Government Bonds. IGEB tracks BlackRock Investment Grade Enhanced Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IGEB and 0.15% for TLT.
IGEB currently has the higher Sharpe Ratio (1.44 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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