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ILTB vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILTB vs. TLT

Last updated Jun 4, 2026

ILTB (iShares Core 10+ Year USD Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ILTB is a Long-Term Bond fund tracking the Bloomberg U.S. Universal 10+ Year Index (USD), 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, ILTB returned 1.32%/yr vs -1.66%/yr for TLT. Their correlation of 0.85 suggests significant overlap in exposure. ILTB charges 0.06%/yr vs 0.15%/yr for TLT.

Performance

ILTB vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 10+ Year USD Bond ETF (ILTB) 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, ILTB achieves a 0.30% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ILTB has outperformed TLT with an annualized return of 1.32%, while TLT has yielded a comparatively lower -1.66% annualized return.

ILTB

1D
-0.33%
1M
1.04%
YTD
0.30%
6M
-0.71%
1Y
7.17%
3Y*
2.78%
5Y*
-2.88%
10Y*
1.32%

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)

ILTB vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILTB
iShares Core 10+ Year USD Bond ETF		0.30%7.22%-3.00%8.04%-26.62%-2.67%16.10%19.61%-5.10%11.24%
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 ILTB and TLT is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.97

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

0.96

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

0.92

Correlation (All Time)
Calculated using the full available price history since Dec 10, 2009

0.85

The correlation between ILTB and TLT shifts across timeframes, from 0.85 (all time) to 0.97 (3 years), reflecting how their relationship changes across market environments.

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iShares Core 10+ Year USD Bond ETF

iShares 20+ Year Treasury Bond ETF

Often compared with ILTB:
ILTB vs. IMTBILTB vs. VCLTILTB vs. BLVILTB vs. IEFILTB vs. DIALILTB vs. BNDILTB vs. GOVT
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

ILTB vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILTB
ILTB Risk / Return Rank: 2525
Overall Rank
ILTB Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
ILTB Sortino Ratio Rank: 2424
Sortino Ratio Rank
ILTB Omega Ratio Rank: 2323
Omega Ratio Rank
ILTB Calmar Ratio Rank: 2727
Calmar Ratio Rank
ILTB Martin Ratio Rank: 2525
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.

ILTB vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 10+ Year USD Bond ETF (ILTB) 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.

ILTBTLTDifference
Sharpe ratioReturn per unit of total volatility
0.91
0.51

+0.41

Sortino ratioReturn per unit of downside risk
1.34
0.80

+0.54

Omega ratioGain probability vs. loss probability

1.16

1.09

+0.07

Calmar ratioReturn relative to maximum drawdown

1.33

0.65

+0.68

Martin ratioReturn relative to average drawdown

3.38

1.63

+1.75

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

ILTB vs. TLT - Sharpe Ratio Comparison

The current ILTB Sharpe Ratio is 0.91, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ILTB 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

ILTBTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.91

0.51

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.23

-0.40

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.11

-0.11

+0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.26

+0.09

Drawdowns

ILTB vs. TLT - Drawdown Comparison

The maximum ILTB drawdown since its inception was -36.88%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ILTB and TLT.

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Drawdown Indicators

ILTBTLTDifference

Max Drawdown

Largest peak-to-trough decline

-36.88%

-48.35%

+11.47%

Max Drawdown (1Y)

Largest decline over 1 year

-5.42%

-7.58%

+2.16%

Max Drawdown (3Y)

Largest decline over 3 years

-14.60%

-19.18%

+4.58%

Max Drawdown (5Y)

Largest decline over 5 years

-35.22%

-43.70%

+8.48%

Max Drawdown (10Y)

Largest decline over 10 years

-36.88%

-48.35%

+11.47%

Current Drawdown

Current decline from peak

-21.28%

-40.44%

+19.16%

Average Drawdown

Average peak-to-trough decline

-9.92%

-13.82%

+3.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.04%

-0.91%

Volatility

ILTB vs. TLT - Volatility Comparison

The current volatility for iShares Core 10+ Year USD Bond ETF (ILTB) is 2.50%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that ILTB 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

ILTBTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

2.76%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

5.54%

6.50%

-0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

7.88%

9.77%

-1.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.64%

15.87%

-3.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.56%

14.91%

-3.35%

ILTB vs. TLT - Expense Ratio Comparison

ILTB has a 0.06% 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

ILTB vs. TLT - Dividend Comparison

ILTB's dividend yield for the trailing twelve months is around 4.96%, more than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ILTB
iShares Core 10+ Year USD Bond ETF		4.96%4.83%4.91%4.38%4.31%3.04%3.32%3.45%4.13%3.97%3.99%4.20%
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

With a correlation of 0.96, ILTB and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

TLT has higher volatility (2.76%) compared to ILTB (2.50%). In terms of maximum drawdown, ILTB dropped -36.88% vs TLT's -48.35%.

On 10-year performance, ILTB leads with 1.32% vs -1.66% for TLT. On fees, ILTB is cheaper at 0.06% per year. On volatility, ILTB has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ILTB has performed better with a 1.32% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILTB is cheaper with a 0.06% expense ratio, compared with 0.15% for TLT.

ILTB has the higher dividend yield at 4.96%, compared with 4.59% for TLT.

ILTB is categorized as Long-Term Bond, while TLT is Government Bonds. ILTB tracks Bloomberg U.S. Universal 10+ Year Index (USD), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.06% for ILTB and 0.15% for TLT.

ILTB currently has the higher Sharpe Ratio (0.91 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.

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