TLT vs. IFLN
TLT (iShares 20+ Year Treasury Bond ETF) and IFLN (Invesco Bloomberg Enhanced Fallen Angels ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while IFLN is a High Yield Bonds fund tracking the Bloomberg US High Yield Enhanced Fallen Angels Index. Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs 4.67%/yr for IFLN. At a correlation of -0.01, they often move in opposite directions. TLT charges 0.15%/yr vs 0.23%/yr for IFLN.
Performance
TLT vs. IFLN - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than IFLN's 0.90% return. Over the past 10 years, TLT has underperformed IFLN with an annualized return of -1.75%, while IFLN has yielded a comparatively higher 4.67% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
IFLN
- 1D
- 0.11%
- 1M
- 0.83%
- YTD
- 0.90%
- 6M
- 1.36%
- 1Y
- 5.70%
- 3Y*
- 7.58%
- 5Y*
- 3.54%
- 10Y*
- 4.67%
TLT vs. IFLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 0.90% | 8.75% | 5.54% | 11.19% | -8.77% | 3.32% | 5.20% | 13.59% | -2.69% | 5.12% |
Correlation
The correlation between TLT and IFLN is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2007 | -0.01 |
The correlation between TLT and IFLN shifts across timeframes, from -0.01 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. IFLN — Risk / Return Rank
TLT
IFLN
TLT vs. IFLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN). 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 | IFLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.27 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.40 | -1.02 |
| Martin ratioReturn relative to average drawdown | 0.92 | 5.73 | -4.81 |
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Drawdowns
TLT vs. IFLN - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than IFLN's maximum drawdown of -44.79%. Use the drawdown chart below to compare losses from any high point for TLT and IFLN.
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Drawdown Indicators
| TLT | IFLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -44.79% | -3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -4.08% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -4.08% | -15.10% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -13.76% | -29.94% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -21.52% | -26.83% |
Current DrawdownCurrent decline from peak | -40.12% | -0.16% | -39.96% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -4.32% | -9.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 1.00% | +2.14% |
Volatility
TLT vs. IFLN - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) at 1.33%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than IFLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | IFLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.33% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 3.25% | +3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 3.96% | +5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 6.38% | +9.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 6.89% | +8.02% |
TLT vs. IFLN - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than IFLN's 0.23% 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. IFLN - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, less than IFLN's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 5.80% | 5.48% | 5.69% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 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 IFLN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to IFLN (1.33%). In terms of maximum drawdown, TLT dropped -48.35% vs IFLN's -44.79%.
On 10-year performance, IFLN leads with 4.67% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, IFLN has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IFLN has performed better with a 4.67% return vs -1.75%. 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 0.23% for IFLN.
IFLN has the higher dividend yield at 5.80%, compared with 4.56% for TLT.
TLT is categorized as Government Bonds, while IFLN is High Yield Bonds. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while IFLN tracks Bloomberg US High Yield Enhanced Fallen Angels Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TLT and 0.23% for IFLN.
IFLN currently has the higher Sharpe Ratio (1.44 vs 0.30), 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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