TLT vs. IJR
TLT (iShares 20+ Year Treasury Bond ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, TLT returned -2.33%/yr vs 10.83%/yr for IJR. Their -0.24 correlation means they have often moved in opposite directions in the past. TLT charges 0.15%/yr vs 0.06%/yr for IJR.
Performance
TLT vs. IJR - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -3.18% return, which is significantly lower than IJR's 23.60% return. Over the past 10 years, TLT has underperformed IJR with an annualized return of -2.33%, while IJR has yielded a comparatively higher 10.83% annualized return.
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
IJR
- 1D
- 1.65%
- 1M
- 0.94%
- 6M
- 15.73%
- YTD
- 23.60%
- 1Y
- 38.11%
- 3Y*
- 14.47%
- 5Y*
- 8.07%
- 10Y*
- 10.83%
- ALL TIME*
- 10.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $497.97M | $462.30M | $544.01M | |
| $2.39B | $2.06B | $2.20B |
TLT vs. IJR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
IJR iShares Core S&P Small-Cap ETF | 23.60% | 5.89% | 8.63% | 16.06% | -16.20% | 26.58% | 11.28% | 22.82% | -8.51% | 13.15% |
Correlation
The correlation between TLT and IJR is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.24 |
The correlation between TLT and IJR shifts across timeframes, from -0.24 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. IJR — Risk / Return Rank
TLT
IJR
TLT vs. IJR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core S&P Small-Cap ETF (IJR). 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 | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.38 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 4.41 | -4.68 |
| Martin ratioReturn relative to average drawdown | -0.59 | 15.06 | -15.65 |
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Drawdowns
TLT vs. IJR - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for TLT and IJR.
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Drawdown Indicators
| TLT | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -58.15% | +9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -8.68% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -14.79% | -28.02% | +13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -28.02% | -15.68% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -44.36% | -3.99% |
Current DrawdownCurrent decline from peak | -42.17% | -0.30% | -41.87% |
Average DrawdownAverage peak-to-trough decline | -14.00% | -9.23% | -4.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 2.54% | +1.06% |
Volatility
TLT vs. IJR - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.51%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 3.73%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 3.73% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 6.84% | 11.70% | -4.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.24% | 17.30% | -8.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.74% | 21.26% | -5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 22.86% | -8.03% |
TLT vs. IJR - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is higher than IJR's 0.06% 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
TLT vs. IJR - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.75%, more than IJR's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJR iShares Core S&P Small-Cap ETF | 1.11% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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 IJR have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IJR has higher volatility (3.73%) compared to TLT (2.51%). In terms of maximum drawdown, TLT dropped -48.35% vs IJR's -58.15%.
On 10-year performance, IJR leads with 10.83% vs -2.33% for TLT. On fees, IJR is cheaper at 0.06% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IJR has performed better with a 10.83% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IJR is cheaper with a 0.06% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.75%, compared with 1.11% for IJR.
TLT is categorized as Government Bonds, while IJR is Small Cap Blend Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while IJR tracks S&P SmallCap 600 Index. Their fees differ too: 0.15% for TLT and 0.06% for IJR.
IJR currently has the higher Sharpe Ratio (2.22 vs -0.23), 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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