PLW vs. IEF

Last updated Jun 4, 2026

PLW (Invesco 1-30 Laddered Treasury ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both Government Bonds funds - PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index while IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, PLW returned -0.10%/yr vs 0.63%/yr for IEF. Their correlation of 0.94 suggests significant overlap in exposure. PLW charges 0.25%/yr vs 0.15%/yr for IEF.

Performance

PLW vs. IEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco 1-30 Laddered Treasury ETF (PLW) and iShares 7-10 Year Treasury Bond ETF (IEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PLW achieves a -0.55% return, which is significantly higher than IEF's -0.66% return. Over the past 10 years, PLW has underperformed IEF with an annualized return of -0.10%, while IEF has yielded a comparatively higher 0.63% annualized return.

PLW

• 1D: -0.33%
• 1M: 0.34%
• YTD: -0.55%
• 6M: -1.32%
• 1Y: 4.34%
• 3Y*: 0.89%
• 5Y*: -2.77%
• 10Y*: -0.10%

IEF

• 1D: -0.25%
• 1M: -0.08%
• YTD: -0.66%
• 6M: -1.17%
• 1Y: 4.06%
• 3Y*: 2.47%
• 5Y*: -1.14%
• 10Y*: 0.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PLW vs. IEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PLW Invesco 1-30 Laddered Treasury ETF	-0.55%	5.84%	-2.95%	3.31%	-19.98%	-3.76%	12.55%	10.00%	-0.28%	4.96%
IEF iShares 7-10 Year Treasury Bond ETF	-0.66%	8.03%	-0.63%	3.64%	-15.15%	-3.33%	10.01%	8.03%	0.99%	2.55%

Correlation

The correlation between PLW and IEF is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007	0.94

The correlation between PLW and IEF has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

PLW vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PLW

PLW Risk / Return Rank: 19
PLW Sharpe Ratio Rank: 20
PLW Sortino Ratio Rank: 19
PLW Omega Ratio Rank: 18
PLW Calmar Ratio Rank: 19
PLW Martin Ratio Rank: 20

IEF

IEF Risk / Return Rank: 23
IEF Sharpe Ratio Rank: 24
IEF Sortino Ratio Rank: 23
IEF Omega Ratio Rank: 21
IEF Calmar Ratio Rank: 22
IEF Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PLW vs. IEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) and iShares 7-10 Year Treasury Bond ETF (IEF). 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.

	PLW	IEF	Difference
Sharpe ratio Return per unit of total volatility	0.66	0.85	-0.19
Sortino ratio Return per unit of downside risk	1.00	1.29	-0.28
Omega ratio Gain probability vs. loss probability	1.11	1.15	-0.03
Calmar ratio Return relative to maximum drawdown	0.80	1.00	-0.20
Martin ratio Return relative to average drawdown	2.24	2.98	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PLW vs. IEF - Sharpe Ratio Comparison

The current PLW Sharpe Ratio is 0.66, which is comparable to the IEF Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of PLW and IEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PLW	IEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.85	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	-0.15	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.10	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.50	-0.19

Drawdowns

PLW vs. IEF - Drawdown Comparison

The maximum PLW drawdown since its inception was -32.70%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for PLW and IEF.

Drawdown Indicators

	PLW	IEF	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-23.93%	-8.77%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-4.07%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-7.74%	-3.84%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	-21.40%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-23.93%	-8.77%
Current Drawdown Current decline from peak	-22.38%	-11.35%	-11.03%
Average Drawdown Average peak-to-trough decline	-9.65%	-5.34%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.37%	+0.57%

Volatility

PLW vs. IEF - Volatility Comparison

Invesco 1-30 Laddered Treasury ETF (PLW) has a higher volatility of 2.04% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.54%. This indicates that PLW's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PLW	IEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.54%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	3.34%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	4.78%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	7.71%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	6.62%	+2.48%

PLW vs. IEF - Expense Ratio Comparison

PLW has a 0.25% expense ratio, which is higher than IEF'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

PLW vs. IEF - Dividend Comparison

PLW's dividend yield for the trailing twelve months is around 3.83%, less than IEF's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEF iShares 7-10 Year Treasury Bond ETF	3.90%	3.77%	3.62%	2.91%	1.96%	0.83%	1.08%	2.08%	2.24%	1.82%	1.81%	1.90%
PLW Invesco 1-30 Laddered Treasury ETF	3.83%	3.75%	3.56%	2.87%	1.97%	1.15%	1.00%	1.96%	2.14%	2.02%	2.00%	2.14%

Frequently Asked Questions

Can I hold both PLW and IEF in my portfolio?

With a correlation of 0.95, PLW and IEF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PLW or IEF?

PLW has higher volatility (2.04%) compared to IEF (1.54%). In terms of maximum drawdown, PLW dropped -32.70% vs IEF's -23.93%.

Which ETF is better, PLW or IEF?

On 10-year performance, IEF leads with 0.63% vs -0.10% for PLW. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLW or IEF?

Over the 10-year period, IEF has performed better with a 0.63% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLW or IEF?

IEF is cheaper with a 0.15% expense ratio, compared with 0.25% for PLW.

Which ETF pays a higher dividend yield, PLW or IEF?

IEF has the higher dividend yield at 3.90%, compared with 3.83% for PLW.

What is the main difference between PLW and IEF?

PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PLW and 0.15% for IEF.

Which has better risk-adjusted returns?

IEF currently has the higher Sharpe Ratio (0.85 vs 0.66), 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.