IGOV vs. TLT
IGOV (iShares International Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select 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, IGOV returned -1.48%/yr vs -1.61%/yr for TLT. At a 0.35 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
IGOV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.66% return, which is significantly lower than TLT's 2.15% return. Over the past 10 years, IGOV has outperformed TLT with an annualized return of -1.48%, while TLT has yielded a comparatively lower -1.61% annualized return.
IGOV
- 1D
- 0.15%
- 1M
- -1.11%
- YTD
- -1.66%
- 6M
- -2.06%
- 1Y
- -2.51%
- 3Y*
- 1.78%
- 5Y*
- -4.35%
- 10Y*
- -1.48%
TLT
- 1D
- 1.37%
- 1M
- 3.59%
- YTD
- 2.15%
- 6M
- 1.14%
- 1Y
- 4.54%
- 3Y*
- -1.45%
- 5Y*
- -6.14%
- 10Y*
- -1.61%
IGOV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.66% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
TLT iShares 20+ Year Treasury Bond ETF | 2.15% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IGOV and TLT is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.35 |
Over the past year, IGOV and TLT have become more correlated (0.61) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
IGOV vs. TLT — Risk / Return Rank
IGOV
TLT
IGOV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
| IGOV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.08 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 0.60 | -1.04 |
| Martin ratioReturn relative to average drawdown | -0.97 | 1.43 | -2.40 |
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Drawdowns
IGOV vs. TLT - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IGOV and TLT.
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Drawdown Indicators
| IGOV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -48.35% | +12.47% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -7.58% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -19.18% | +8.53% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -43.70% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -48.35% | +12.47% |
Current DrawdownCurrent decline from peak | -24.89% | -38.99% | +14.10% |
Average DrawdownAverage peak-to-trough decline | -11.06% | -13.87% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 3.19% | -0.59% |
Volatility
IGOV vs. TLT - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.30%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.49%. This indicates that IGOV 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
| IGOV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.49% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 6.74% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 9.57% | -1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 15.83% | -5.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 14.89% | -6.29% |
IGOV vs. TLT - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IGOV vs. TLT - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, less than TLT's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
TLT iShares 20+ Year Treasury Bond ETF | 4.48% | 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
IGOV and TLT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.49%) compared to IGOV (2.30%). In terms of maximum drawdown, IGOV dropped -35.88% vs TLT's -48.35%.
On 10-year performance, IGOV leads with -1.48% vs -1.61% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IGOV has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGOV has performed better with a -1.48% return vs -1.61%. 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 0.35% for IGOV.
TLT has the higher dividend yield at 4.48%, compared with 1.43% for IGOV.
IGOV is categorized as International Government Bonds, while TLT is Government Bonds. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.35% for IGOV and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.48 vs -0.31), 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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