ILCV vs. TLT
ILCV (iShares Morningstar Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value 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, ILCV returned 11.95%/yr vs -2.23%/yr for TLT. Their -0.26 correlation means they have often moved in opposite directions in the past. ILCV charges 0.04%/yr vs 0.15%/yr for TLT.
Performance
ILCV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ILCV achieves a 14.55% return, which is significantly higher than TLT's -2.22% return. Over the past 10 years, ILCV has outperformed TLT with an annualized return of 11.95%, while TLT has yielded a comparatively lower -2.23% annualized return.
ILCV
- 1D
- -0.19%
- 1M
- 3.58%
- 6M
- 10.71%
- YTD
- 14.55%
- 1Y
- 30.45%
- 3Y*
- 18.85%
- 5Y*
- 12.66%
- 10Y*
- 11.95%
- ALL TIME*
- 8.81%
TLT
- 1D
- 0.22%
- 1M
- -2.48%
- 6M
- -1.90%
- YTD
- -2.22%
- 1Y
- -1.73%
- 3Y*
- -0.82%
- 5Y*
- -7.75%
- 10Y*
- -2.23%
- ALL TIME*
- 3.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.88M | $2.23M | $2.51M | |
| $2.70B | $2.15B | $2.23B |
ILCV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ILCV iShares Morningstar Value ETF | 14.55% | 18.79% | 17.03% | 14.43% | -7.02% | 26.71% | -0.84% | 25.19% | -6.24% | 15.00% |
TLT iShares 20+ Year Treasury Bond ETF | -2.22% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ILCV and TLT is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004 | -0.26 |
The correlation between ILCV and TLT shifts across timeframes, from -0.26 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ILCV vs. TLT — Risk / Return Rank
ILCV
TLT
ILCV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Value ETF (ILCV) 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.
| ILCV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.25 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 0.98 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | -0.22 | +4.89 |
| Martin ratioReturn relative to average drawdown | 19.55 | -0.48 | +20.02 |
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Drawdowns
ILCV vs. TLT - Drawdown Comparison
The maximum ILCV drawdown since its inception was -58.63%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ILCV and TLT.
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Drawdown Indicators
| ILCV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -48.35% | -10.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -7.74% | +1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -14.95% | -14.79% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -18.58% | -43.70% | +25.12% |
Max Drawdown (10Y)Largest decline over 10 years | -35.53% | -48.35% | +12.82% |
Current DrawdownCurrent decline from peak | -0.19% | -41.60% | +41.41% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -14.00% | +4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 3.65% | -2.09% |
Volatility
ILCV vs. TLT - Volatility Comparison
iShares Morningstar Value ETF (ILCV) has a higher volatility of 3.06% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that ILCV'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
| ILCV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 2.51% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 7.43% | 6.88% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.98% | 9.25% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.17% | 15.74% | -1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 14.83% | +1.80% |
ILCV vs. TLT - Expense Ratio Comparison
ILCV has a 0.04% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ILCV vs. TLT - Dividend Comparison
ILCV's dividend yield for the trailing twelve months is around 1.53%, less than TLT's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ILCV iShares Morningstar Value ETF | 1.53% | 1.77% | 1.99% | 2.27% | 2.32% | 2.01% | 2.96% | 2.70% | 2.93% | 2.32% | 2.76% | 3.01% |
TLT iShares 20+ Year Treasury Bond ETF | 4.70% | 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
ILCV and TLT have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ILCV has higher volatility (3.06%) compared to TLT (2.51%). In terms of maximum drawdown, ILCV dropped -58.63% vs TLT's -48.35%.
On 10-year performance, ILCV leads with 11.95% vs -2.23% for TLT. On fees, ILCV is cheaper at 0.04% 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, ILCV has performed better with a 11.95% return vs -2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILCV is cheaper with a 0.04% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.70%, compared with 1.53% for ILCV.
ILCV is categorized as Large Cap Value Equities, while TLT is Government Bonds. ILCV tracks Morningstar US Large-Mid Cap Broad Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.04% for ILCV and 0.15% for TLT.
ILCV currently has the higher Sharpe Ratio (3.06 vs -0.19), 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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