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IMCB vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCB vs. TLT

Last updated Jun 3, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IMCB is a Mid Cap Blend Equities fund tracking the IMCB-US - Morningstar U.S. Mid Cap 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, IMCB returned 11.35%/yr vs -1.62%/yr for TLT. At a correlation of -0.23, they often move in opposite directions. IMCB charges 0.04%/yr vs 0.15%/yr for TLT.

Performance

IMCB vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) 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, IMCB achieves a 15.00% return, which is significantly higher than TLT's 0.13% return. Over the past 10 years, IMCB has outperformed TLT with an annualized return of 11.35%, while TLT has yielded a comparatively lower -1.62% annualized return.

IMCB

1D
1.17%
1M
4.93%
YTD
15.00%
6M
15.90%
1Y
24.63%
3Y*
17.94%
5Y*
9.00%
10Y*
11.35%

TLT

1D
0.21%
1M
0.44%
YTD
0.13%
6M
-1.35%
1Y
5.16%
3Y*
-1.67%
5Y*
-5.98%
10Y*
-1.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMCB vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMCB
iShares Morningstar Mid-Cap ETF		15.00%10.25%15.10%16.37%-16.09%22.81%13.35%31.49%-11.53%19.70%
TLT
iShares 20+ Year Treasury Bond ETF		0.13%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between IMCB 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

0.24

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

0.10

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

-0.07

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

-0.23

The correlation between IMCB and TLT shifts across timeframes, from -0.23 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Morningstar Mid-Cap ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IMCB:
IMCB vs. IMCGIMCB vs. FSMDXIMCB vs. SPMDIMCB vs. BKMCIMCB vs. IJHIMCB vs. ISCBIMCB vs. BBMC
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IMCB vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCB
IMCB Risk / Return Rank: 5959
Overall Rank
IMCB Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IMCB Sortino Ratio Rank: 5757
Sortino Ratio Rank
IMCB Omega Ratio Rank: 5454
Omega Ratio Rank
IMCB Calmar Ratio Rank: 6161
Calmar Ratio Rank
IMCB Martin Ratio Rank: 6666
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1717
Sortino Ratio Rank
TLT Omega Ratio Rank: 1616
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
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.

IMCB vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) 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.

IMCBTLTDifference

Sharpe ratio

Return per unit of total volatility

1.94

0.53

+1.41

Sortino ratio

Return per unit of downside risk

2.75

0.83

+1.91

Omega ratio

Gain probability vs. loss probability

1.34

1.09

+0.24

Calmar ratio

Return relative to maximum drawdown

3.08

0.55

+2.53

Martin ratio

Return relative to average drawdown

12.25

1.38

+10.86

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

IMCB vs. TLT - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.94, which is higher than the TLT Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of IMCB 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

IMCBTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

0.53

+1.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

-0.38

+0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

-0.11

+0.69

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.26

+0.25

Drawdowns

IMCB vs. TLT - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IMCB and TLT.

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Drawdown Indicators

IMCBTLTDifference

Max Drawdown

Largest peak-to-trough decline

-58.80%

-48.35%

-10.45%

Max Drawdown (1Y)

Largest decline over 1 year

-8.05%

-7.58%

-0.47%

Max Drawdown (3Y)

Largest decline over 3 years

-19.80%

-19.18%

-0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-25.15%

-43.70%

+18.55%

Max Drawdown (10Y)

Largest decline over 10 years

-40.99%

-48.35%

+7.36%

Current Drawdown

Current decline from peak

0.00%

-40.20%

+40.20%

Average Drawdown

Average peak-to-trough decline

-7.73%

-13.81%

+6.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

3.02%

-0.99%

Volatility

IMCB vs. TLT - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCB) has a higher volatility of 3.37% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.84%. This indicates that IMCB'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

IMCBTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.37%

2.84%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

9.61%

6.60%

+3.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.75%

9.81%

+2.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

15.87%

+1.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.65%

14.91%

+4.74%

IMCB vs. TLT - Expense Ratio Comparison

IMCB 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

IMCB vs. TLT - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.21%, less than TLT's 4.57% yield.

PositionTTM20252024202320222021202020192018201720162015
IMCB
iShares Morningstar Mid-Cap ETF		1.21%1.42%1.43%1.55%1.70%1.08%1.12%1.32%1.80%1.31%1.79%1.47%
TLT
iShares 20+ Year Treasury Bond ETF		4.57%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

IMCB 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.

IMCB has higher volatility (3.37%) compared to TLT (2.84%). In terms of maximum drawdown, IMCB dropped -58.80% vs TLT's -48.35%.

On 10-year performance, IMCB leads with 11.35% vs -1.62% for TLT. On fees, IMCB is cheaper at 0.04% per year. On volatility, TLT has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IMCB has performed better with a 11.35% return vs -1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IMCB is cheaper with a 0.04% expense ratio, compared with 0.15% for TLT.

TLT has the higher dividend yield at 4.57%, compared with 1.21% for IMCB.

IMCB is categorized as Mid Cap Blend Equities, while TLT is Government Bonds. IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.04% for IMCB and 0.15% for TLT.

IMCB currently has the higher Sharpe Ratio (1.94 vs 0.53), 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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