IVW vs. TLT
IVW (iShares S&P 500 Growth ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IVW is a Large Cap Growth Equities fund tracking the S&P 500 Growth 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, IVW returned 17.63%/yr vs -2.23%/yr for TLT. Their -0.22 correlation means they have often moved in opposite directions in the past. IVW charges 0.18%/yr vs 0.15%/yr for TLT.
Performance
IVW vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVW achieves a 14.79% return, which is significantly higher than TLT's -2.22% return. Over the past 10 years, IVW has outperformed TLT with an annualized return of 17.63%, while TLT has yielded a comparatively lower -2.23% annualized return.
IVW
- 1D
- -0.20%
- 1M
- 3.00%
- 6M
- 17.83%
- YTD
- 14.79%
- 1Y
- 25.44%
- 3Y*
- 26.71%
- 5Y*
- 13.88%
- 10Y*
- 17.63%
- ALL TIME*
- 9.00%
TLT
- 1D
- 0.22%
- 1M
- -2.48%
- 6M
- -1.90%
- YTD
- -2.22%
- 1Y
- -1.73%
- 3Y*
- -0.82%
- 5Y*
- -7.75%
- 10Y*
- -2.23%
- ALL TIME*
- 3.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $188.06M | $186.35M | $298.52M | |
| $2.70B | $2.15B | $2.23B |
IVW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVW iShares S&P 500 Growth ETF | 14.79% | 21.95% | 35.82% | 29.83% | -29.50% | 31.80% | 33.19% | 30.77% | -0.21% | 27.21% |
TLT iShares 20+ Year Treasury Bond ETF | -2.22% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IVW and TLT is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.22 |
The correlation between IVW and TLT shifts across timeframes, from -0.22 (all time) to 0.19 (1 year), 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.
Return for Risk
IVW vs. TLT — Risk / Return Rank
IVW
TLT
IVW vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) 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.
| IVW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.98 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | -0.22 | +2.08 |
| Martin ratioReturn relative to average drawdown | 6.73 | -0.48 | +7.21 |
Loading charts...
Drawdowns
IVW vs. TLT - Drawdown Comparison
The maximum IVW drawdown since its inception was -57.33%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IVW and TLT.
Loading charts...
Drawdown Indicators
| IVW | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.33% | -48.35% | -8.98% |
Max Drawdown (1Y)Largest decline over 1 year | -13.75% | -7.74% | -6.01% |
Max Drawdown (3Y)Largest decline over 3 years | -22.15% | -14.79% | -7.36% |
Max Drawdown (5Y)Largest decline over 5 years | -32.72% | -43.70% | +10.98% |
Max Drawdown (10Y)Largest decline over 10 years | -32.72% | -48.35% | +15.63% |
Current DrawdownCurrent decline from peak | -0.20% | -41.60% | +41.40% |
Average DrawdownAverage peak-to-trough decline | -17.53% | -14.00% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 3.65% | +0.14% |
Volatility
IVW vs. TLT - Volatility Comparison
iShares S&P 500 Growth ETF (IVW) has a higher volatility of 6.54% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IVW'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.
Loading charts...
Volatility by Period
| IVW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 2.51% | +4.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.93% | 6.88% | +8.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.04% | 9.25% | +8.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 15.74% | +5.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.78% | 14.83% | +5.95% |
IVW vs. TLT - Expense Ratio Comparison
IVW has a 0.18% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IVW vs. TLT - Dividend Comparison
IVW's dividend yield for the trailing twelve months is around 0.35%, less than TLT's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVW iShares S&P 500 Growth ETF | 0.35% | 0.40% | 0.43% | 1.03% | 0.92% | 0.46% | 0.82% | 1.63% | 1.28% | 1.30% | 1.51% | 1.51% |
TLT iShares 20+ Year Treasury Bond ETF | 4.70% | 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
IVW and TLT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVW has higher volatility (6.54%) compared to TLT (2.51%). In terms of maximum drawdown, IVW dropped -57.33% vs TLT's -48.35%.
On 10-year performance, IVW leads with 17.63% vs -2.23% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVW has performed better with a 17.63% return vs -2.23%. 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 0.18% for IVW.
TLT has the higher dividend yield at 4.70%, compared with 0.35% for IVW.
IVW is categorized as Large Cap Growth Equities, while TLT is Government Bonds. IVW tracks S&P 500 Growth Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IVW and 0.15% for TLT.
IVW currently has the higher Sharpe Ratio (1.42 vs -0.19), 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.
Find the right allocation for IVW 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