IMTM vs. TLT
IMTM (iShares MSCI Intl Momentum Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IMTM is a Momentum fund tracking the MSCI World ex USA Momentum 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, IMTM returned 9.68%/yr vs -2.38%/yr for TLT. Their -0.03 correlation means they have often moved in opposite directions in the past. IMTM charges 0.30%/yr vs 0.15%/yr for TLT.
Performance
IMTM vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IMTM achieves a 9.97% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IMTM has outperformed TLT with an annualized return of 9.68%, while TLT has yielded a comparatively lower -2.38% annualized return.
IMTM
- 1D
- -0.21%
- 1M
- -0.69%
- 6M
- 4.07%
- YTD
- 9.97%
- 1Y
- 22.34%
- 3Y*
- 19.82%
- 5Y*
- 9.20%
- 10Y*
- 9.68%
- ALL TIME*
- 8.71%
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) |
|---|---|---|---|
| $21.09M | $19.87M | $23.17M | |
| $2.33B | $2.02B | $2.19B |
IMTM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMTM iShares MSCI Intl Momentum Factor ETF | 9.97% | 34.50% | 12.17% | 13.89% | -16.81% | 3.50% | 22.17% | 24.52% | -14.31% | 25.46% |
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 IMTM and TLT is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2015 | -0.03 |
The correlation between IMTM and TLT shifts across timeframes, from -0.03 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IMTM vs. TLT — Risk / Return Rank
IMTM
TLT
IMTM vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Momentum Factor ETF (IMTM) 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.
| IMTM | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.99 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | -0.14 | +1.87 |
| Martin ratioReturn relative to average drawdown | 6.39 | -0.30 | +6.69 |
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Drawdowns
IMTM vs. TLT - Drawdown Comparison
The maximum IMTM drawdown since its inception was -32.66%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IMTM and TLT.
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Drawdown Indicators
| IMTM | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -48.35% | +15.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.85% | -7.74% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.85% | -14.79% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -43.70% | +11.04% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -48.35% | +15.69% |
Current DrawdownCurrent decline from peak | -4.03% | -42.36% | +38.33% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -13.99% | +6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 3.57% | -0.10% |
Volatility
IMTM vs. TLT - Volatility Comparison
iShares MSCI Intl Momentum Factor ETF (IMTM) has a higher volatility of 6.44% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IMTM'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
| IMTM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.44% | 2.46% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.36% | 6.85% | +10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.10% | 9.32% | +9.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 15.74% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.70% | 14.83% | +2.87% |
IMTM vs. TLT - Expense Ratio Comparison
IMTM has a 0.30% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IMTM vs. TLT - Dividend Comparison
IMTM's dividend yield for the trailing twelve months is around 4.45%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMTM iShares MSCI Intl Momentum Factor ETF | 4.45% | 4.70% | 2.93% | 2.29% | 2.68% | 2.51% | 0.97% | 2.13% | 2.36% | 1.92% | 2.75% | 1.56% |
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
IMTM and TLT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IMTM has higher volatility (6.44%) compared to TLT (2.46%). In terms of maximum drawdown, IMTM dropped -32.66% vs TLT's -48.35%.
On 10-year performance, IMTM leads with 9.68% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IMTM has performed better with a 9.68% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.30% for IMTM.
IMTM has the higher dividend yield at 4.45%, compared with 4.34% for TLT.
IMTM is categorized as Momentum, while TLT is Government Bonds. IMTM tracks MSCI World ex USA Momentum Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.30% for IMTM and 0.15% for TLT.
IMTM currently has the higher Sharpe Ratio (1.16 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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