IVVM vs. TLT

Last updated Aug 2, 2026

IVVM (iShares Large Cap Moderate Buffer ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IVVM is a Options Trading fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. IVVM is actively managed, while TLT is passively managed. Over the past 3 years, IVVM returned 13.47%/yr vs -1.80%/yr for TLT. Their 0.18 correlation means their historical movements had little consistent relationship. IVVM charges 0.50%/yr vs 0.15%/yr for TLT.

Performance

IVVM vs. TLT - Performance Comparison

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

Returns By Period

In the year-to-date period, IVVM achieves a 6.70% return, which is significantly higher than TLT's -3.49% return.

IVVM

• 1D: 0.57%
• 1M: 0.51%
• 6M: 5.79%
• YTD: 6.70%
• 1Y: 14.40%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.75%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVVM iShares Large Cap Moderate Buffer ETF	$740.71K	$781.13K	$703.06K
TLT iShares 20+ Year Treasury Bond ETF	$2.33B	$2.02B	$2.19B

IVVM vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVVM iShares Large Cap Moderate Buffer ETF	6.70%	14.24%	16.08%	5.17%
TLT iShares 20+ Year Treasury Bond ETF	-3.49%	4.25%	-8.05%	-0.71%

Correlation

The correlation between IVVM and TLT is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.18

Return for Risk

IVVM vs. TLT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVVM

IVVM Risk / Return Rank: 79
IVVM Sharpe Ratio Rank: 78
IVVM Sortino Ratio Rank: 79
IVVM Omega Ratio Rank: 82
IVVM Calmar Ratio Rank: 71
IVVM Martin Ratio Rank: 85

TLT

TLT Risk / Return Rank: 9
TLT Sharpe Ratio Rank: 9
TLT Sortino Ratio Rank: 8
TLT Omega Ratio Rank: 8
TLT Calmar Ratio Rank: 9
TLT Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVVM vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) 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.

	IVVM	TLT	Difference
Sharpe ratio: Return per unit of total volatility	1.78	-0.11	+1.89
Sortino ratio: Return per unit of downside risk	2.55	-0.10	+2.65
Omega ratio: Gain probability vs. loss probability	1.35	0.99	+0.36
Calmar ratio: Return relative to maximum drawdown	2.49	-0.14	+2.63
Martin ratio: Return relative to average drawdown	12.04	-0.30	+12.34

IVVM vs. TLT - Sharpe Ratio Comparison

The current IVVM Sharpe Ratio is 1.78, which is higher than the TLT Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of IVVM 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.

Drawdowns

IVVM vs. TLT - Drawdown Comparison

The maximum IVVM drawdown since its inception was -11.62%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IVVM and TLT.

Drawdown Indicators

	IVVM	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-48.35%	+36.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	-7.74%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-14.79%	+3.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-0.40%	-42.36%	+41.96%
Average Drawdown Average peak-to-trough decline	-0.90%	-13.99%	+13.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	3.57%	-2.47%

Volatility

IVVM vs. TLT - Volatility Comparison

The current volatility for iShares Large Cap Moderate Buffer ETF (IVVM) is 2.14%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that IVVM 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.

Volatility by Period

	IVVM	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	2.46%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	6.85%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	9.32%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	15.74%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	14.83%	-5.33%

IVVM vs. TLT - Expense Ratio Comparison

IVVM has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

IVVM vs. TLT - Dividend Comparison

IVVM's dividend yield for the trailing twelve months is around 0.64%, less than TLT's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVVM iShares Large Cap Moderate Buffer ETF	0.64%	0.68%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both IVVM and TLT in my portfolio?

IVVM and TLT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVVM or TLT?

TLT has higher volatility (2.46%) compared to IVVM (2.14%). In terms of maximum drawdown, IVVM dropped -11.62% vs TLT's -48.35%.

Which ETF is better, IVVM or TLT?

On 3-year performance, IVVM leads with 13.47% vs -1.80% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IVVM has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVM or TLT?

Over the 3-year period, IVVM has performed better with a 13.47% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVM or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for IVVM.

Which ETF pays a higher dividend yield, IVVM or TLT?

TLT has the higher dividend yield at 4.34%, compared with 0.64% for IVVM.

What is the main difference between IVVM and TLT?

IVVM is categorized as Options Trading, while TLT is Government Bonds. Their fees differ too: 0.50% for IVVM and 0.15% for TLT.

Which has better risk-adjusted returns?

IVVM currently has the higher Sharpe Ratio (1.78 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.