IYE vs. TLT
IYE (iShares U.S. Energy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IYE is a Energy Equities fund tracking the Dow Jones U.S. Oil & Gas 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, IYE returned 8.89%/yr vs -2.25%/yr for TLT. Their -0.27 correlation means they have often moved in opposite directions in the past. IYE charges 0.42%/yr vs 0.15%/yr for TLT.
Performance
IYE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IYE achieves a 32.30% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, IYE has outperformed TLT with an annualized return of 8.89%, while TLT has yielded a comparatively lower -2.25% annualized return.
IYE
- 1D
- -0.35%
- 1M
- 9.69%
- 6M
- 15.13%
- YTD
- 32.30%
- 1Y
- 40.36%
- 3Y*
- 13.73%
- 5Y*
- 22.20%
- 10Y*
- 8.89%
- ALL TIME*
- 7.45%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.57M | $48.49M | $74.82M | |
| $2.59B | $2.11B | $2.22B |
IYE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYE iShares U.S. Energy ETF | 32.30% | 7.33% | 6.06% | -2.21% | 60.21% | 53.42% | -33.49% | 10.03% | -19.37% | -1.80% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IYE and TLT is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.27 |
The correlation between IYE and TLT shifts across timeframes, from -0.27 (all time) to -0.09 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IYE vs. TLT — Risk / Return Rank
IYE
TLT
IYE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Energy ETF (IYE) 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.
| IYE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.98 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | -0.21 | +3.00 |
| Martin ratioReturn relative to average drawdown | 7.37 | -0.45 | +7.82 |
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Drawdowns
IYE vs. TLT - Drawdown Comparison
The maximum IYE drawdown since its inception was -73.74%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IYE and TLT.
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Drawdown Indicators
| IYE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.74% | -48.35% | -25.39% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -7.74% | -6.80% |
Max Drawdown (3Y)Largest decline over 3 years | -20.37% | -14.79% | -5.58% |
Max Drawdown (5Y)Largest decline over 5 years | -25.61% | -43.70% | +18.09% |
Max Drawdown (10Y)Largest decline over 10 years | -68.59% | -48.35% | -20.24% |
Current DrawdownCurrent decline from peak | -5.49% | -41.73% | +36.24% |
Average DrawdownAverage peak-to-trough decline | -19.29% | -14.00% | -5.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.49% | 3.63% | +1.86% |
Volatility
IYE vs. TLT - Volatility Comparison
iShares U.S. Energy ETF (IYE) has a higher volatility of 5.96% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that IYE'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
| IYE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.96% | 2.67% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 16.23% | 6.88% | +9.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.46% | 9.25% | +11.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.41% | 15.75% | +9.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.49% | 14.83% | +14.66% |
IYE vs. TLT - Expense Ratio Comparison
IYE has a 0.42% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IYE vs. TLT - Dividend Comparison
IYE's dividend yield for the trailing twelve months is around 2.15%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYE iShares U.S. Energy ETF | 2.15% | 2.85% | 2.75% | 2.99% | 3.37% | 2.98% | 4.75% | 6.60% | 3.16% | 2.66% | 2.11% | 3.39% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 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
IYE and TLT have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYE has higher volatility (5.96%) compared to TLT (2.67%). In terms of maximum drawdown, IYE dropped -73.74% vs TLT's -48.35%.
On 10-year performance, IYE leads with 8.89% vs -2.25% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYE has performed better with a 8.89% return vs -2.25%. 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 0.42% for IYE.
TLT has the higher dividend yield at 4.71%, compared with 2.15% for IYE.
IYE is categorized as Energy Equities, while TLT is Government Bonds. IYE tracks Dow Jones U.S. Oil & Gas Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.42% for IYE and 0.15% for TLT.
IYE currently has the higher Sharpe Ratio (1.98 vs -0.18), 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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