IPAC vs. TLT
IPAC (iShares Core MSCI Pacific ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IPAC is a Asia Pacific Equities fund tracking the MSCI Pacific IMI Index (Net), 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, IPAC returned 8.82%/yr vs -2.38%/yr for TLT. Their -0.08 correlation means they have often moved in opposite directions in the past. IPAC charges 0.09%/yr vs 0.15%/yr for TLT.
Performance
IPAC vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IPAC achieves a 14.24% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IPAC has outperformed TLT with an annualized return of 8.82%, while TLT has yielded a comparatively lower -2.38% annualized return.
IPAC
- 1D
- -0.96%
- 1M
- 0.87%
- 6M
- 7.59%
- YTD
- 14.24%
- 1Y
- 26.06%
- 3Y*
- 16.33%
- 5Y*
- 8.37%
- 10Y*
- 8.82%
- ALL TIME*
- 7.31%
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) |
|---|---|---|---|
| $5.46M | $8.24M | $8.98M | |
| $2.33B | $2.02B | $2.19B |
IPAC vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPAC iShares Core MSCI Pacific ETF | 14.24% | 25.16% | 6.18% | 14.51% | -13.68% | 3.09% | 12.39% | 19.44% | -12.78% | 25.97% |
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 IPAC 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. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | -0.08 |
The correlation between IPAC and TLT shifts across timeframes, from -0.08 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IPAC vs. TLT — Risk / Return Rank
IPAC
TLT
IPAC vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Pacific ETF (IPAC) 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.
| IPAC | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.99 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | -0.14 | +2.46 |
| Martin ratioReturn relative to average drawdown | 8.11 | -0.30 | +8.41 |
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Drawdowns
IPAC vs. TLT - Drawdown Comparison
The maximum IPAC drawdown since its inception was -30.99%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IPAC and TLT.
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Drawdown Indicators
| IPAC | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.99% | -48.35% | +17.36% |
Max Drawdown (1Y)Largest decline over 1 year | -11.49% | -7.74% | -3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -15.45% | -14.79% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -43.70% | +14.06% |
Max Drawdown (10Y)Largest decline over 10 years | -30.99% | -48.35% | +17.36% |
Current DrawdownCurrent decline from peak | -1.71% | -42.36% | +40.65% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -13.99% | +6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.57% | -0.28% |
Volatility
IPAC vs. TLT - Volatility Comparison
iShares Core MSCI Pacific ETF (IPAC) has a higher volatility of 5.93% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IPAC'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
| IPAC | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 2.46% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 6.85% | +8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.58% | 9.32% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 15.74% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.65% | 14.83% | +1.82% |
IPAC vs. TLT - Expense Ratio Comparison
IPAC has a 0.09% 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
IPAC vs. TLT - Dividend Comparison
IPAC's dividend yield for the trailing twelve months is around 3.86%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPAC iShares Core MSCI Pacific ETF | 3.86% | 4.32% | 3.43% | 3.16% | 2.76% | 4.03% | 1.68% | 3.37% | 2.95% | 2.98% | 2.66% | 2.60% |
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
IPAC 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.
IPAC has higher volatility (5.93%) compared to TLT (2.46%). In terms of maximum drawdown, IPAC dropped -30.99% vs TLT's -48.35%.
On 10-year performance, IPAC leads with 8.82% vs -2.38% for TLT. On fees, IPAC is cheaper at 0.09% 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, IPAC has performed better with a 8.82% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IPAC is cheaper with a 0.09% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 3.86% for IPAC.
IPAC is categorized as Asia Pacific Equities, while TLT is Government Bonds. IPAC tracks MSCI Pacific IMI Index (Net), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.09% for IPAC and 0.15% for TLT.
IPAC currently has the higher Sharpe Ratio (1.52 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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