IYT vs. TLT
IYT (iShares Transportation Average ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IYT is a Industrials Equities fund tracking the Dow Jones Transportation Average 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, IYT returned 10.75%/yr vs -2.38%/yr for TLT. Their -0.23 correlation means they have often moved in opposite directions in the past. IYT charges 0.42%/yr vs 0.15%/yr for TLT.
Performance
IYT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IYT achieves a 14.55% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IYT has outperformed TLT with an annualized return of 10.75%, while TLT has yielded a comparatively lower -2.38% annualized return.
IYT
- 1D
- 0.01%
- 1M
- -3.52%
- 6M
- 11.47%
- YTD
- 14.55%
- 1Y
- 28.75%
- 3Y*
- 10.10%
- 5Y*
- 7.51%
- 10Y*
- 10.75%
- ALL TIME*
- 9.92%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $61.92M | $57.48M | $60.22M | |
| $2.33B | $2.02B | $2.19B |
IYT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYT iShares Transportation Average ETF | 14.55% | 11.48% | 4.10% | 24.62% | -21.74% | 26.41% | 14.20% | 20.11% | -12.87% | 18.89% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IYT 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. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2003 | -0.23 |
The correlation between IYT and TLT shifts across timeframes, from -0.23 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IYT vs. TLT — Risk / Return Rank
IYT
TLT
IYT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Transportation Average ETF (IYT) 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.
| IYT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.99 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | -0.14 | +2.31 |
| Martin ratioReturn relative to average drawdown | 7.44 | -0.30 | +7.74 |
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Drawdowns
IYT vs. TLT - Drawdown Comparison
The maximum IYT drawdown since its inception was -60.39%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IYT and TLT.
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Drawdown Indicators
| IYT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.39% | -48.35% | -12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -7.74% | -4.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.35% | -14.79% | -11.56% |
Max Drawdown (5Y)Largest decline over 5 years | -29.15% | -43.70% | +14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -41.28% | -48.35% | +7.07% |
Current DrawdownCurrent decline from peak | -5.69% | -42.36% | +36.67% |
Average DrawdownAverage peak-to-trough decline | -9.26% | -13.99% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 3.57% | -0.04% |
Volatility
IYT vs. TLT - Volatility Comparison
iShares Transportation Average ETF (IYT) has a higher volatility of 4.43% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IYT'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
| IYT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 2.46% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 16.10% | 6.85% | +9.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.29% | 9.32% | +10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 15.74% | +6.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.11% | 14.83% | +8.28% |
IYT vs. TLT - Expense Ratio Comparison
IYT has a 0.42% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IYT vs. TLT - Dividend Comparison
IYT's dividend yield for the trailing twelve months is around 0.92%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYT iShares Transportation Average ETF | 0.92% | 1.00% | 1.08% | 1.26% | 1.40% | 0.77% | 0.93% | 1.29% | 1.35% | 0.92% | 0.96% | 1.28% |
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
IYT 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.
IYT has higher volatility (4.43%) compared to TLT (2.46%). In terms of maximum drawdown, IYT dropped -60.39% vs TLT's -48.35%.
On 10-year performance, IYT leads with 10.75% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYT has performed better with a 10.75% return vs -2.38%. 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 IYT.
TLT has the higher dividend yield at 4.34%, compared with 0.92% for IYT.
IYT is categorized as Industrials Equities, while TLT is Government Bonds. IYT tracks Dow Jones Transportation Average Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.42% for IYT and 0.15% for TLT.
IYT currently has the higher Sharpe Ratio (1.29 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.
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