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ILCV vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILCV vs. TLT

Last updated Jun 4, 2026

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 11.68%/yr vs -1.66%/yr for TLT. At a correlation of -0.26, they often move in opposite directions. ILCV charges 0.04%/yr vs 0.15%/yr for TLT.

Performance

ILCV vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Value ETF (ILCV) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ILCV achieves a 7.75% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ILCV has outperformed TLT with an annualized return of 11.68%, while TLT has yielded a comparatively lower -1.66% annualized return.

ILCV

1D
-0.44%
1M
2.76%
YTD
7.75%
6M
7.41%
1Y
26.58%
3Y*
18.61%
5Y*
11.42%
10Y*
11.68%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ILCV vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILCV
iShares Morningstar Value ETF		7.75%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		-0.27%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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.13

Correlation (All Time)
Calculated using the full available price history since Jul 6, 2004

-0.26

The correlation between ILCV and TLT shifts across timeframes, from -0.26 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Morningstar Value ETF

iShares 20+ Year Treasury Bond ETF

Often compared with ILCV:
ILCV vs. VTVILCV vs. AVLVILCV vs. FIOOXILCV vs. SCHDILCV vs. HDVILCV vs. MGVILCV vs. SPY
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

ILCV vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILCV
ILCV Risk / Return Rank: 8282
Overall Rank
ILCV Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
ILCV Sortino Ratio Rank: 8484
Sortino Ratio Rank
ILCV Omega Ratio Rank: 8181
Omega Ratio Rank
ILCV Calmar Ratio Rank: 7979
Calmar Ratio Rank
ILCV Martin Ratio Rank: 8383
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

ILCVTLTDifference
Sharpe ratioReturn per unit of total volatility
2.72
0.51

+2.22

Sortino ratioReturn per unit of downside risk
3.85
0.80

+3.05

Omega ratioGain probability vs. loss probability

1.50

1.09

+0.41

Calmar ratioReturn relative to maximum drawdown

4.08

0.65

+3.42

Martin ratioReturn relative to average drawdown

16.87

1.63

+15.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ILCV vs. TLT - Sharpe Ratio Comparison

The current ILCV Sharpe Ratio is 2.72, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ILCV and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ILCVTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.72

0.51

+2.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

-0.40

+1.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

-0.11

+0.81

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.26

+0.21

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

ILCVTLTDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-48.35%

-10.28%

Max Drawdown (1Y)

Largest decline over 1 year

-6.55%

-7.58%

+1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-14.95%

-19.18%

+4.23%

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 Drawdown

Current decline from peak

-0.60%

-40.44%

+39.84%

Average Drawdown

Average peak-to-trough decline

-9.32%

-13.82%

+4.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.58%

3.04%

-1.46%

Volatility

ILCV vs. TLT - Volatility Comparison

The current volatility for iShares Morningstar Value ETF (ILCV) is 2.01%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that ILCV experiences smaller price fluctuations and is considered to be less risky 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

ILCVTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.01%

2.76%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

6.97%

6.50%

+0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

9.82%

9.77%

+0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.21%

15.87%

-1.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.66%

14.91%

+1.75%

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 1.63%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCV
iShares Morningstar Value ETF		1.63%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		4.59%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

ILCV and TLT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.76%) compared to ILCV (2.01%). In terms of maximum drawdown, ILCV dropped -58.63% vs TLT's -48.35%.

On 10-year performance, ILCV leads with 11.68% vs -1.66% for TLT. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. 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 11.68% return vs -1.66%. 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 4.59%, compared with 1.63% 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 (2.72 vs 0.51), 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.

Portfolio Optimizer

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