ISHG vs. TLT
ISHG (iShares 1-3 Year International Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, 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, ISHG returned -0.18%/yr vs -2.22%/yr for TLT. At a 0.13 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
ISHG vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.21% return, which is significantly lower than TLT's -0.89% return. Over the past 10 years, ISHG has outperformed TLT with an annualized return of -0.18%, while TLT has yielded a comparatively lower -2.22% annualized return.
ISHG
- 1D
- 0.06%
- 1M
- -1.04%
- 6M
- -0.60%
- YTD
- -1.21%
- 1Y
- -0.54%
- 3Y*
- 3.44%
- 5Y*
- -0.95%
- 10Y*
- -0.18%
TLT
- 1D
- -0.02%
- 1M
- -1.15%
- 6M
- -1.76%
- YTD
- -0.89%
- 1Y
- 2.95%
- 3Y*
- -1.36%
- 5Y*
- -7.32%
- 10Y*
- -2.22%
ISHG vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.21% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
TLT iShares 20+ Year Treasury Bond ETF | -0.89% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ISHG and TLT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.13 |
Over the past year, ISHG and TLT have become more correlated (0.42) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
ISHG vs. TLT — Risk / Return Rank
ISHG
TLT
ISHG vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.03 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 0.20 | -0.37 |
| Martin ratioReturn relative to average drawdown | -0.37 | 0.47 | -0.85 |
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Drawdowns
ISHG vs. TLT - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ISHG and TLT.
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Drawdown Indicators
| ISHG | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -48.35% | +11.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -7.58% | +2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -18.88% | +10.67% |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | -43.70% | +21.41% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -48.35% | +22.79% |
Current DrawdownCurrent decline from peak | -23.17% | -40.81% | +17.64% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -13.92% | -4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 3.25% | -0.96% |
Volatility
ISHG vs. TLT - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.58%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.88%. This indicates that ISHG 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
| ISHG | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 2.88% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 6.82% | -1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 9.47% | -2.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 15.79% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 14.85% | -7.94% |
ISHG vs. TLT - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ISHG vs. TLT - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, less than TLT's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
TLT iShares 20+ Year Treasury Bond ETF | 4.62% | 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
ISHG and TLT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.88%) compared to ISHG (1.58%). In terms of maximum drawdown, ISHG dropped -37.24% vs TLT's -48.35%.
On 10-year performance, ISHG leads with -0.18% vs -2.22% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, ISHG has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.18% return vs -2.22%. 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 0.35% for ISHG.
TLT has the higher dividend yield at 4.62%, compared with 1.47% for ISHG.
ISHG is categorized as International Government Bonds, while TLT is Government Bonds. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.35% for ISHG and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.16 vs -0.13), 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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