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 8.88%/yr vs -1.74%/yr for TLT. At a correlation of -0.17, they often move in opposite directions. 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 -20.78% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, IHI has outperformed TLT with an annualized return of 8.88%, while TLT has yielded a comparatively lower -1.74% annualized return.
IHI
- 1D
- 1.61%
- 1M
- -2.72%
- YTD
- -20.78%
- 6M
- -21.40%
- 1Y
- -18.62%
- 3Y*
- -3.57%
- 5Y*
- -3.41%
- 10Y*
- 8.88%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
IHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -20.78% | 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 | 0.77% | 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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
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 0.29 (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 | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.07 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 0.51 | -1.23 |
| Martin ratioReturn relative to average drawdown | -1.63 | 1.22 | -2.85 |
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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% | -7.58% | -18.53% |
Max Drawdown (3Y)Largest decline over 3 years | -26.64% | -19.18% | -7.46% |
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 | -25.20% | -39.82% | +14.62% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -13.87% | +5.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.44% | 3.18% | +8.26% |
Volatility
IHI vs. TLT - Volatility Comparison
iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 6.75% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.20%. 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 | 6.75% | 2.20% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.82% | 6.62% | +7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.62% | 9.48% | +8.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 15.82% | +3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.82% | 14.88% | +4.94% |
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 0.49%, less than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | 0.49% | 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 | 4.54% | 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 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHI has higher volatility (6.75%) compared to TLT (2.20%). In terms of maximum drawdown, IHI dropped -49.65% vs TLT's -48.35%.
On 10-year performance, IHI leads with 8.88% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.20%. 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 8.88% return vs -1.74%. 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 4.54%, compared with 0.49% 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 (0.41 vs -1.06), 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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