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 8.60%/yr vs -1.66%/yr for TLT. At a correlation of -0.17, they often move in opposite directions. IHI charges 0.43%/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 -21.85% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, IHI has outperformed TLT with an annualized return of 8.60%, while TLT has yielded a comparatively lower -1.66% annualized return.
IHI
- 1D
- 0.71%
- 1M
- -2.80%
- YTD
- -21.85%
- 6M
- -23.10%
- 1Y
- -21.27%
- 3Y*
- -3.06%
- 5Y*
- -2.49%
- 10Y*
- 8.60%
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%
IHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -21.85% | 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 | -0.27% | 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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
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 8, 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.
| IHI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.09 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.65 | -1.47 |
| Martin ratioReturn relative to average drawdown | -2.09 | 1.63 | -3.72 |
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
| IHI | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.28 | 0.51 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.40 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | -0.11 | +0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.26 | +0.21 |
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 | -26.21% | -40.44% | +14.23% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -13.82% | +5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.19% | 3.04% | +7.15% |
Volatility
IHI vs. TLT - Volatility Comparison
iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 6.40% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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 | 6.40% | 2.76% | +3.64% |
Volatility (6M)Calculated over the trailing 6-month period | 12.73% | 6.50% | +6.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 9.77% | +6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 15.87% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.78% | 14.91% | +4.87% |
IHI vs. TLT - Expense Ratio Comparison
IHI has a 0.43% 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 4.59% 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 | 4.59% | 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
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 (6.40%) compared to TLT (2.76%). In terms of maximum drawdown, IHI dropped -49.65% vs TLT's -48.35%.
On 10-year performance, IHI leads with 8.60% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 8.60% return vs -1.66%. 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 0.43% for IHI.
TLT has the higher dividend yield at 4.59%, 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: 0.43% for IHI and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.51 vs -1.28), 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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