TLT vs. IBIT
TLT (iShares 20+ Year Treasury Bond ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, TLT returned 0.71% vs -45.22% for IBIT. Their 0.03 correlation means their historical movements had little consistent relationship. TLT charges 0.15%/yr vs 0.25%/yr for IBIT.
Performance
TLT vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -2.32% return, which is significantly higher than IBIT's -26.79% return.
TLT
- 1D
- 0.10%
- 1M
- -4.34%
- 6M
- -3.18%
- YTD
- -2.32%
- 1Y
- 0.71%
- 3Y*
- -2.31%
- 5Y*
- -7.83%
- 10Y*
- -2.29%
- ALL TIME*
- 3.52%
IBIT
- 1D
- -0.82%
- 1M
- 8.44%
- 6M
- -28.30%
- YTD
- -26.79%
- 1Y
- -45.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.34B | $1.49B | $1.68B | |
| $1.69B | $1.83B | $2.10B |
TLT vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -2.32% | 4.25% | -5.46% |
IBIT iShares Bitcoin Trust ETF | -26.79% | -6.41% | 89.87% |
Correlation
The correlation between TLT and IBIT is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.03 |
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Return for Risk
TLT vs. IBIT — Risk / Return Rank
TLT
IBIT
TLT vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares Bitcoin Trust ETF (IBIT). 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.
| TLT | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.83 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | -0.87 | +1.05 |
| Martin ratioReturn relative to average drawdown | 0.39 | -1.36 | +1.75 |
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Drawdowns
TLT vs. IBIT - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for TLT and IBIT.
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Drawdown Indicators
| TLT | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -53.30% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -53.30% | +45.72% |
Max Drawdown (3Y)Largest decline over 3 years | -16.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -41.66% | -49.01% | +7.35% |
Average DrawdownAverage peak-to-trough decline | -13.97% | -18.00% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 33.97% | -30.53% |
Volatility
TLT vs. IBIT - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 1.91%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 8.99%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 8.99% | -7.08% |
Volatility (6M)Calculated over the trailing 6-month period | 6.62% | 34.11% | -27.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.33% | 44.34% | -35.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.73% | 49.73% | -34.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 49.73% | -34.90% |
TLT vs. IBIT - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than IBIT's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TLT vs. IBIT - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.69%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.69% | 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
TLT and IBIT have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.99%) compared to TLT (1.91%). In terms of maximum drawdown, TLT dropped -48.35% vs IBIT's -53.30%.
On 1-year performance, TLT leads with 0.71% vs -45.22% for IBIT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TLT has performed better with a 0.71% return vs -45.22%. 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 IBIT.
TLT has the higher dividend yield at 4.69%, compared with 0.00% for IBIT.
TLT is categorized as Government Bonds, while IBIT is Cryptocurrency. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.15% for TLT and 0.25% for IBIT.
TLT currently has the higher Sharpe Ratio (0.14 vs -1.05), 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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