IHE vs. TLT
IHE (iShares U.S. Pharmaceuticals ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IHE is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Pharmaceuticals 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, IHE returned 8.45%/yr vs -2.33%/yr for TLT. Their -0.17 correlation means they have often moved in opposite directions in the past. IHE charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
IHE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IHE achieves a 19.36% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, IHE has outperformed TLT with an annualized return of 8.45%, while TLT has yielded a comparatively lower -2.33% annualized return.
IHE
- 1D
- -0.98%
- 1M
- -0.34%
- 6M
- 15.00%
- YTD
- 19.36%
- 1Y
- 53.32%
- 3Y*
- 20.74%
- 5Y*
- 11.16%
- 10Y*
- 8.45%
- ALL TIME*
- 10.88%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.28M | $36.00M | $20.48M | |
| $2.39B | $2.06B | $2.20B |
IHE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHE iShares U.S. Pharmaceuticals ETF | 19.36% | 31.69% | 8.13% | 1.06% | -4.87% | 13.07% | 13.66% | 15.47% | -7.76% | 10.64% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IHE and TLT is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | -0.17 |
The correlation between IHE and TLT shifts across timeframes, from -0.17 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IHE vs. TLT — Risk / Return Rank
IHE
TLT
IHE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Pharmaceuticals ETF (IHE) 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.
| IHE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.24 | ||
| Sortino ratioReturn per unit of downside risk | +4.64 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 0.97 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | -0.28 | +6.60 |
| Martin ratioReturn relative to average drawdown | 19.45 | -0.59 | +20.04 |
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Drawdowns
IHE vs. TLT - Drawdown Comparison
The maximum IHE drawdown since its inception was -38.20%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IHE and TLT.
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Drawdown Indicators
| IHE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.20% | -48.35% | +10.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -7.74% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.92% | -14.79% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -16.03% | -43.70% | +27.67% |
Max Drawdown (10Y)Largest decline over 10 years | -29.59% | -48.35% | +18.76% |
Current DrawdownCurrent decline from peak | -3.21% | -42.17% | +38.96% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -14.00% | +6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.60% | -0.85% |
Volatility
IHE vs. TLT - Volatility Comparison
iShares U.S. Pharmaceuticals ETF (IHE) has a higher volatility of 5.84% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IHE'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
| IHE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 2.51% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 6.84% | +7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.83% | 9.24% | +8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.52% | 15.74% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 14.83% | +3.25% |
IHE vs. TLT - Expense Ratio Comparison
IHE has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IHE vs. TLT - Dividend Comparison
IHE's dividend yield for the trailing twelve months is around 1.46%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHE iShares U.S. Pharmaceuticals ETF | 1.46% | 1.76% | 1.73% | 1.39% | 2.01% | 1.49% | 1.19% | 1.40% | 1.25% | 1.36% | 0.92% | 1.93% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
IHE and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHE has higher volatility (5.84%) compared to TLT (2.51%). In terms of maximum drawdown, IHE dropped -38.20% vs TLT's -48.35%.
On 10-year performance, IHE leads with 8.45% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IHE has performed better with a 8.45% return vs -2.33%. 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 0.38% for IHE.
TLT has the higher dividend yield at 4.75%, compared with 1.46% for IHE.
IHE is categorized as Health & Biotech Equities, while TLT is Government Bonds. IHE tracks Dow Jones U.S. Select Pharmaceuticals Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.38% for IHE and 0.15% for TLT.
IHE currently has the higher Sharpe Ratio (3.01 vs -0.23), 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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