IYR vs. TLT
IYR (iShares U.S. Real Estate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IYR is a REIT fund tracking the Dow Jones U.S. Real Estate Capped 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, IYR returned 5.31%/yr vs -2.25%/yr for TLT. Their -0.05 correlation means they have often moved in opposite directions in the past. IYR charges 0.38%/yr vs 0.15%/yr for TLT.
Performance
IYR vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IYR achieves a 12.83% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, IYR has outperformed TLT with an annualized return of 5.31%, while TLT has yielded a comparatively lower -2.25% annualized return.
IYR
- 1D
- -0.10%
- 1M
- 1.07%
- 6M
- 11.51%
- YTD
- 12.83%
- 1Y
- 12.40%
- 3Y*
- 9.81%
- 5Y*
- 2.16%
- 10Y*
- 5.31%
- ALL TIME*
- 8.49%
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) |
|---|---|---|---|
| $598.06M | $552.39M | $590.29M | |
| $2.59B | $2.11B | $2.22B |
IYR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 12.83% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
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 IYR 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. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.05 |
The correlation between IYR and TLT shifts across timeframes, from -0.05 (all time) to 0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IYR vs. TLT — Risk / Return Rank
IYR
TLT
IYR vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Real Estate ETF (IYR) 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.
| IYR | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.98 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.21 | +1.67 |
| Martin ratioReturn relative to average drawdown | 4.67 | -0.45 | +5.13 |
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Drawdowns
IYR vs. TLT - Drawdown Comparison
The maximum IYR drawdown since its inception was -74.13%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IYR and TLT.
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Drawdown Indicators
| IYR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.13% | -48.35% | -25.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.54% | -7.74% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -16.91% | -14.79% | -2.12% |
Max Drawdown (5Y)Largest decline over 5 years | -33.75% | -43.70% | +9.95% |
Max Drawdown (10Y)Largest decline over 10 years | -42.32% | -48.35% | +6.03% |
Current DrawdownCurrent decline from peak | -2.00% | -41.73% | +39.73% |
Average DrawdownAverage peak-to-trough decline | -12.83% | -14.00% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 3.63% | -0.97% |
Volatility
IYR vs. TLT - Volatility Comparison
iShares U.S. Real Estate ETF (IYR) has a higher volatility of 4.32% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that IYR'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
| IYR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.32% | 2.67% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.81% | 6.88% | +3.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.92% | 9.25% | +4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.82% | 15.75% | +3.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 14.83% | +5.56% |
IYR vs. TLT - Expense Ratio Comparison
IYR has a 0.38% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IYR vs. TLT - Dividend Comparison
IYR'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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 2.15% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
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
IYR 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.
IYR has higher volatility (4.32%) compared to TLT (2.67%). In terms of maximum drawdown, IYR dropped -74.13% vs TLT's -48.35%.
On 10-year performance, IYR leads with 5.31% 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, IYR has performed better with a 5.31% 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 0.38% for IYR.
TLT has the higher dividend yield at 4.71%, compared with 2.15% for IYR.
IYR is categorized as REIT, while TLT is Government Bonds. IYR tracks Dow Jones U.S. Real Estate Capped Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.38% for IYR and 0.15% for TLT.
IYR currently has the higher Sharpe Ratio (0.90 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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