IYJ vs. TLT
IYJ (iShares U.S. Industrials ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IYJ is a Industrials Equities fund tracking the Dow Jones U.S. Industrials 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, IYJ returned 12.57%/yr vs -2.33%/yr for TLT. Their -0.26 correlation means they have often moved in opposite directions in the past. IYJ charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
IYJ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IYJ achieves a 12.88% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, IYJ has outperformed TLT with an annualized return of 12.57%, while TLT has yielded a comparatively lower -2.33% annualized return.
IYJ
- 1D
- 1.71%
- 1M
- 0.11%
- 6M
- 7.11%
- YTD
- 12.88%
- 1Y
- 17.95%
- 3Y*
- 16.91%
- 5Y*
- 9.36%
- 10Y*
- 12.57%
- ALL TIME*
- 8.09%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.95M | $14.74M | $15.31M | |
| $2.39B | $2.06B | $2.20B |
IYJ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYJ iShares U.S. Industrials ETF | 12.88% | 11.94% | 17.82% | 19.94% | -13.53% | 17.02% | 17.37% | 32.27% | -11.69% | 23.98% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IYJ and TLT is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.26 |
The correlation between IYJ and TLT shifts across timeframes, from -0.26 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IYJ vs. TLT — Risk / Return Rank
IYJ
TLT
IYJ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Industrials ETF (IYJ) 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.
| IYJ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.97 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | -0.28 | +1.86 |
| Martin ratioReturn relative to average drawdown | 5.80 | -0.59 | +6.39 |
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Drawdowns
IYJ vs. TLT - Drawdown Comparison
The maximum IYJ drawdown since its inception was -61.97%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IYJ and TLT.
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Drawdown Indicators
| IYJ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.97% | -48.35% | -13.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.39% | -7.74% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -19.67% | -14.79% | -4.88% |
Max Drawdown (5Y)Largest decline over 5 years | -26.24% | -43.70% | +17.46% |
Max Drawdown (10Y)Largest decline over 10 years | -40.20% | -48.35% | +8.15% |
Current DrawdownCurrent decline from peak | -0.47% | -42.17% | +41.70% |
Average DrawdownAverage peak-to-trough decline | -11.15% | -14.00% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 3.60% | -0.50% |
Volatility
IYJ vs. TLT - Volatility Comparison
iShares U.S. Industrials ETF (IYJ) has a higher volatility of 4.71% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IYJ'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
| IYJ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 2.51% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 12.78% | 6.84% | +5.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.00% | 9.24% | +6.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 15.74% | +2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.90% | 14.83% | +5.07% |
IYJ vs. TLT - Expense Ratio Comparison
IYJ has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IYJ vs. TLT - Dividend Comparison
IYJ's dividend yield for the trailing twelve months is around 0.70%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYJ iShares U.S. Industrials ETF | 0.70% | 0.83% | 0.88% | 1.05% | 1.05% | 0.76% | 1.01% | 1.32% | 1.43% | 1.29% | 1.38% | 1.53% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
IYJ and TLT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYJ has higher volatility (4.71%) compared to TLT (2.51%). In terms of maximum drawdown, IYJ dropped -61.97% vs TLT's -48.35%.
On 10-year performance, IYJ leads with 12.57% vs -2.33% 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, IYJ has performed better with a 12.57% return vs -2.33%. 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 0.38% for IYJ.
TLT has the higher dividend yield at 4.75%, compared with 0.70% for IYJ.
IYJ is categorized as Industrials Equities, while TLT is Government Bonds. IYJ tracks Dow Jones U.S. Industrials Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.38% for IYJ and 0.15% for TLT.
IYJ currently has the higher Sharpe Ratio (1.13 vs -0.23), 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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