IHI vs. TLT
IHI (iShares U.S. Medical Devices ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment 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, IHI returned 8.58%/yr vs -2.38%/yr for TLT. Their -0.17 correlation means they have often moved in opposite directions in the past. IHI charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
IHI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IHI achieves a -15.32% return, which is significantly lower than TLT's -3.49% return. Over the past 10 years, IHI has outperformed TLT with an annualized return of 8.58%, while TLT has yielded a comparatively lower -2.38% annualized return.
IHI
- 1D
- -0.44%
- 1M
- 1.21%
- 6M
- -12.40%
- YTD
- -15.32%
- 1Y
- -11.60%
- 3Y*
- -1.46%
- 5Y*
- -3.35%
- 10Y*
- 8.58%
- ALL TIME*
- 10.02%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $145.90M | $167.07M | $148.77M | |
| $2.33B | $2.02B | $2.19B |
IHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -15.32% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IHI and TLT is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | -0.17 |
The correlation between IHI and TLT shifts across timeframes, from -0.17 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IHI vs. TLT — Risk / Return Rank
IHI
TLT
IHI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.
| IHI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.99 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.14 | -0.31 |
| Martin ratioReturn relative to average drawdown | -0.88 | -0.30 | -0.58 |
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Drawdowns
IHI vs. TLT - Drawdown Comparison
The maximum IHI drawdown since its inception was -49.65%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IHI and TLT.
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Drawdown Indicators
| IHI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.65% | -48.35% | -1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -26.11% | -7.74% | -18.37% |
Max Drawdown (3Y)Largest decline over 3 years | -26.64% | -14.79% | -11.85% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -43.70% | +10.58% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -48.35% | +15.10% |
Current DrawdownCurrent decline from peak | -20.04% | -42.36% | +22.32% |
Average DrawdownAverage peak-to-trough decline | -8.43% | -13.99% | +5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.27% | 3.57% | +9.70% |
Volatility
IHI vs. TLT - Volatility Comparison
iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 9.58% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IHI'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
| IHI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.58% | 2.46% | +7.12% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 6.85% | +9.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.90% | 9.32% | +10.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.55% | 15.74% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.01% | 14.83% | +5.18% |
IHI vs. TLT - Expense Ratio Comparison
IHI has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IHI vs. TLT - Dividend Comparison
IHI's dividend yield for the trailing twelve months is around 0.46%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | 0.46% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
IHI and TLT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHI has higher volatility (9.58%) compared to TLT (2.46%). In terms of maximum drawdown, IHI dropped -49.65% vs TLT's -48.35%.
On 10-year performance, IHI leads with 8.58% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IHI has performed better with a 8.58% return vs -2.38%. 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 IHI.
TLT has the higher dividend yield at 4.34%, compared with 0.46% for IHI.
IHI is categorized as Health & Biotech Equities, while TLT is Government Bonds. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.38% for IHI and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.11 vs -0.59), 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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