MEAR vs. TLT
MEAR (iShares Short Maturity Municipal Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MEAR is a Municipal Bonds fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. MEAR is actively managed, while TLT is passively managed. Over the past 10 years, MEAR returned 1.78%/yr vs -1.66%/yr for TLT. At a 0.12 correlation, their price movements are largely independent. MEAR charges 0.25%/yr vs 0.15%/yr for TLT.
Performance
MEAR vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, MEAR achieves a 1.06% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, MEAR has outperformed TLT with an annualized return of 1.78%, while TLT has yielded a comparatively lower -1.66% annualized return.
MEAR
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.30%
- 1Y
- 3.29%
- 3Y*
- 3.58%
- 5Y*
- 2.43%
- 10Y*
- 1.78%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
MEAR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between MEAR and TLT is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.12 |
The correlation between MEAR and TLT shifts across timeframes, from 0.12 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MEAR vs. TLT — Risk / Return Rank
MEAR
TLT
MEAR vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Maturity Municipal Bond ETF (MEAR) 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.
| MEAR | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.35 | ||
| Sortino ratioReturn per unit of downside risk | +5.39 | ||
| Omega ratioGain probability vs. loss probability | 1.91 | 1.09 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 7.07 | 0.65 | +6.41 |
| Martin ratioReturn relative to average drawdown | 28.99 | 1.63 | +27.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MEAR | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.86 | 0.51 | +3.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.48 | -0.40 | +2.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.18 | -0.11 | +1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.26 | +0.86 |
Drawdowns
MEAR vs. TLT - Drawdown Comparison
The maximum MEAR drawdown since its inception was -2.68%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MEAR and TLT.
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Drawdown Indicators
| MEAR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.68% | -48.35% | +45.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -7.58% | +7.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.86% | -19.18% | +18.32% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -43.70% | +42.58% |
Max Drawdown (10Y)Largest decline over 10 years | -2.68% | -48.35% | +45.67% |
Current DrawdownCurrent decline from peak | 0.00% | -40.44% | +40.44% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -13.82% | +13.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 3.04% | -2.93% |
Volatility
MEAR vs. TLT - Volatility Comparison
The current volatility for iShares Short Maturity Municipal Bond ETF (MEAR) is 0.24%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that MEAR experiences smaller price fluctuations and is considered to be less risky 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
| MEAR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 2.76% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.61% | 6.50% | -5.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.86% | 9.77% | -8.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 15.87% | -14.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.52% | 14.91% | -13.39% |
MEAR vs. TLT - Expense Ratio Comparison
MEAR has a 0.25% 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
MEAR vs. TLT - Dividend Comparison
MEAR's dividend yield for the trailing twelve months is around 2.84%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 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
MEAR and TLT have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to MEAR (0.24%). In terms of maximum drawdown, MEAR dropped -2.68% vs TLT's -48.35%.
On 10-year performance, MEAR leads with 1.78% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MEAR has performed better with a 1.78% return vs -1.66%. 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 0.25% for MEAR.
TLT has the higher dividend yield at 4.59%, compared with 2.84% for MEAR.
MEAR is categorized as Municipal Bonds, while TLT is Government Bonds. Their fees differ too: 0.25% for MEAR and 0.15% for TLT.
MEAR currently has the higher Sharpe Ratio (3.86 vs 0.51), 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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