PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IMCV vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCV vs. TLT

Last updated Jun 4, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US 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, IMCV returned 10.40%/yr vs -1.66%/yr for TLT. At a correlation of -0.24, they often move in opposite directions. IMCV charges 0.06%/yr vs 0.15%/yr for TLT.

Performance

IMCV vs. TLT - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, IMCV achieves a 9.96% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IMCV has outperformed TLT with an annualized return of 10.40%, while TLT has yielded a comparatively lower -1.66% annualized return.

IMCV

1D
-0.21%
1M
2.12%
YTD
9.96%
6M
11.32%
1Y
23.41%
3Y*
16.66%
5Y*
8.69%
10Y*
10.40%

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)

IMCV vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMCV
iShares Morningstar Mid-Cap ETF		9.96%13.52%12.28%11.89%-6.98%33.56%-4.11%24.72%-10.93%12.60%
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 IMCV and TLT is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.24

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

0.08

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

-0.12

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

-0.24

The correlation between IMCV and TLT shifts across timeframes, from -0.24 (all time) to 0.24 (3 years), 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 Mid-Cap ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IMCV:
IMCV vs. VOEIMCV vs. IWSIMCV vs. MDYVIMCV vs. IJHIMCV vs. SMMDIMCV vs. NUMVIMCV vs. VOO
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IMCV vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCV
IMCV Risk / Return Rank: 6363
Overall Rank
IMCV Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IMCV Sortino Ratio Rank: 6262
Sortino Ratio Rank
IMCV Omega Ratio Rank: 5858
Omega Ratio Rank
IMCV Calmar Ratio Rank: 6868
Calmar Ratio Rank
IMCV Martin Ratio Rank: 6969
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.

IMCV vs. TLT - Risk-Adjusted Trends Comparison

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

IMCVTLTDifference
Sharpe ratioReturn per unit of total volatility
2.02
0.51

+1.52

Sortino ratioReturn per unit of downside risk
2.94
0.80

+2.14

Omega ratioGain probability vs. loss probability

1.36

1.09

+0.27

Calmar ratioReturn relative to maximum drawdown

3.41

0.65

+2.75

Martin ratioReturn relative to average drawdown

12.72

1.63

+11.09

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

IMCV vs. TLT - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.02, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IMCV 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.

Loading charts...

Sharpe Ratios by Period

IMCVTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.02

0.51

+1.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

-0.40

+0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

-0.11

+0.64

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.26

+0.22

Drawdowns

IMCV vs. TLT - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IMCV and TLT.

Loading charts...

Drawdown Indicators

IMCVTLTDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-48.35%

-16.39%

Max Drawdown (1Y)

Largest decline over 1 year

-6.90%

-7.58%

+0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-18.63%

-19.18%

+0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-19.87%

-43.70%

+23.83%

Max Drawdown (10Y)

Largest decline over 10 years

-46.33%

-48.35%

+2.02%

Current Drawdown

Current decline from peak

-0.21%

-40.44%

+40.23%

Average Drawdown

Average peak-to-trough decline

-8.42%

-13.82%

+5.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

3.04%

-1.19%

Volatility

IMCV vs. TLT - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 2.56%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that IMCV 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.

Loading charts...

Volatility by Period

IMCVTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.56%

2.76%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

8.00%

6.50%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

11.63%

9.77%

+1.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.63%

15.87%

+0.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.66%

14.91%

+4.75%

IMCV vs. TLT - Expense Ratio Comparison

IMCV 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

IMCV vs. TLT - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.94%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IMCV
iShares Morningstar Mid-Cap ETF		1.94%2.23%2.36%2.30%2.36%1.86%2.61%2.45%2.61%1.87%2.09%2.29%
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

IMCV and TLT have a correlation of 0.23, 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 IMCV (2.56%). In terms of maximum drawdown, IMCV dropped -64.74% vs TLT's -48.35%.

On 10-year performance, IMCV leads with 10.40% vs -1.66% for TLT. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IMCV has performed better with a 10.40% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

TLT has the higher dividend yield at 4.59%, compared with 1.94% for IMCV.

IMCV is categorized as Mid Cap Value Equities, while TLT is Government Bonds. IMCV tracks Morningstar US Mid Cap Broad Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.06% for IMCV and 0.15% for TLT.

IMCV currently has the higher Sharpe Ratio (2.02 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

Find the right allocation for IMCV and TLT

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer