IMCB vs. TLT
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 11.27%/yr vs -2.38%/yr for TLT. Their -0.23 correlation means they have often moved in opposite directions in the past. IMCB charges 0.04%/yr vs 0.15%/yr for TLT.
Performance
IMCB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IMCB achieves a 17.87% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IMCB has outperformed TLT with an annualized return of 11.27%, while TLT has yielded a comparatively lower -2.38% annualized return.
IMCB
- 1D
- -0.25%
- 1M
- -0.01%
- 6M
- 14.48%
- YTD
- 17.87%
- 1Y
- 23.21%
- 3Y*
- 15.79%
- 5Y*
- 9.14%
- 10Y*
- 11.27%
- ALL TIME*
- 10.39%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.94M | $3.89M | $3.49M | |
| $2.33B | $2.02B | $2.19B |
IMCB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMCB iShares Morningstar Mid-Cap ETF | 17.87% | 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 | -3.49% | 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 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2004 | -0.23 |
The correlation between IMCB and TLT shifts across timeframes, from -0.23 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IMCB vs. TLT — Risk / Return Rank
IMCB
TLT
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.
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.
| IMCB | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.99 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | -0.14 | +2.81 |
| Martin ratioReturn relative to average drawdown | 10.73 | -0.30 | +11.03 |
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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
| IMCB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.80% | -48.35% | -10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -7.74% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -19.80% | -14.79% | -5.01% |
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 DrawdownCurrent decline from peak | -0.91% | -42.36% | +41.45% |
Average DrawdownAverage peak-to-trough decline | -7.68% | -13.99% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 3.57% | -1.56% |
Volatility
IMCB vs. TLT - Volatility Comparison
The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 2.32%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IMCB 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
| IMCB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 2.46% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 6.85% | +3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 9.32% | +3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.56% | 15.74% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.60% | 14.83% | +4.77% |
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 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 4.34% | 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 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to IMCB (2.32%). In terms of maximum drawdown, IMCB dropped -58.80% vs TLT's -48.35%.
On 10-year performance, IMCB leads with 11.27% vs -2.38% for TLT. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 2.32%. 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 11.27% return vs -2.38%. 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 4.34%, 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 (1.65 vs -0.11), 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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