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TLT vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. IJR

Last updated Jun 3, 2026

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 -1.62%/yr vs 10.76%/yr for IJR. At a correlation of -0.24, they often move in opposite directions. TLT charges 0.15%/yr vs 0.06%/yr for IJR.

Performance

TLT vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLT achieves a 0.13% return, which is significantly lower than IJR's 16.42% return. Over the past 10 years, TLT has underperformed IJR with an annualized return of -1.62%, while IJR has yielded a comparatively higher 10.76% annualized return.

TLT

1D
0.21%
1M
0.44%
YTD
0.13%
6M
-1.35%
1Y
5.16%
3Y*
-1.67%
5Y*
-5.98%
10Y*
-1.62%

IJR

1D
0.89%
1M
1.64%
YTD
16.42%
6M
16.87%
1Y
34.85%
3Y*
14.73%
5Y*
5.90%
10Y*
10.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		0.13%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		16.42%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 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.11

Correlation (All Time)
Calculated using the full available price history since Jul 29, 2002

-0.24

The correlation between TLT and IJR shifts across timeframes, from -0.24 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares 20+ Year Treasury Bond ETF

iShares Core S&P Small-Cap ETF

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

TLT vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1717
Sortino Ratio Rank
TLT Omega Ratio Rank: 1616
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 6464
Overall Rank
IJR Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 6161
Sortino Ratio Rank
IJR Omega Ratio Rank: 5555
Omega Ratio Rank
IJR Calmar Ratio Rank: 7777
Calmar Ratio Rank
IJR Martin Ratio Rank: 7070
Martin Ratio Rank
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.

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.

TLTIJRDifference

Sharpe ratio

Return per unit of total volatility

0.53

2.00

-1.47

Sortino ratio

Return per unit of downside risk

0.83

2.88

-2.04

Omega ratio

Gain probability vs. loss probability

1.09

1.34

-0.25

Calmar ratio

Return relative to maximum drawdown

0.55

3.96

-3.41

Martin ratio

Return relative to average drawdown

1.38

13.21

-11.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. IJR - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.53, which is lower than the IJR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TLT and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TLTIJRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.53

2.00

-1.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.38

0.28

-0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.11

0.47

-0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.44

-0.18

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

TLTIJRDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-58.15%

+9.80%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-8.68%

+1.10%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-28.02%

+8.84%

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 Drawdown

Current decline from peak

-40.20%

-0.02%

-40.18%

Average Drawdown

Average peak-to-trough decline

-13.81%

-9.28%

-4.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.60%

+0.42%

Volatility

TLT vs. IJR - Volatility Comparison

The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.84%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.46%. 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

TLTIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

4.46%

-1.62%

Volatility (6M)

Calculated over the trailing 6-month period

6.60%

11.63%

-5.03%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

17.51%

-7.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.87%

21.40%

-5.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

22.91%

-8.00%

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 4.57%, more than IJR's 1.14% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.14%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		4.57%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 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IJR has higher volatility (4.46%) compared to TLT (2.84%). In terms of maximum drawdown, TLT dropped -48.35% vs IJR's -58.15%.

On 10-year performance, IJR leads with 10.76% vs -1.62% for TLT. On fees, IJR is cheaper at 0.06% per year. On volatility, TLT has been the lower-risk option at 2.84%. 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 10.76% return vs -1.62%. 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 4.57%, compared with 1.14% 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 (2.00 vs 0.53), 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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