Relative Intelligence · Intermediate-Term Treasuries
How iShares 7-10 Year Treasury Bond ETF (IEF) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IEF alone. It places IEF (iShares 7-10 Year Treasury Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where IEF stands in the market, and of the alternatives worth a closer look.
Period covered: IEF's full trading record, from July 2002 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about IEF
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- What you're buyingIEF's 0.15% fee costs about $240 more than VGIT's 0.03% on $10,000 over 20 years, for a fund that tracks the same thing. Better options ↓
- Right nowOver the past 6 months, IEF fell 2.9% while the S&P 500 rose 8.0%. At a glance ↓
- Fund or market?IEF fell 1.3% over the past 3 months, in line with the intermediate-term treasuries ETF GOVT (iShares U.S. Treasury Bond ETF), which fell 0.2%. The S&P 500 rose 2.5%.
- Long termIEF turned $10,000 into $10,400 over the past decade, against $41,600 in the S&P 500. IEF's 10-year return of 4.1% puts it behind 96% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 316%. Growth of $10,000 ↓
- In a crashAcross six sell-offs, IEF has typically lost about 22% as much as the S&P 500. In the 2022 bear market, IEF fell 16.1%, against 24.5% for the S&P 500. That was more than VGIT (Vanguard Intermediate-Term Treasury ETF, 11.8%) but less than TLT (iShares 20+ Year Treasury Bond ETF, 30.0%). Crash tests ↓
- DiversificationIEF is some diversification, but not a hedge: a correlation of 0.53 with the S&P 500 over 5 years and 0.54 with the total US market, less closely than 84% of ETFs with at least $100 million in assets. IEF cushions stocks less than it used to: its correlation with the S&P 500 rose to 0.53 over the past 5 years, from -0.33 in the 5 years before. Market capture ↓
- Better options
- Popular alternatives
- SHV (iShares Trust iShares 0-1 Year Treasury Bond ETF), BND (Vanguard Total Bond Market ETF) and VGSH (Vanguard Short-Term Treasury ETF) earned more than IEF with less volatility over the past 5 years. SHV returned 3.6% a year at 0.3% volatility, against a loss of 1.4% a year at 7.7%.
- Nearby categories and themes
- VTIP (Vanguard Short-Term Inflation-Protected Securities ETF, inflation-protected bonds) and TDTT (Northern Trust iBoxx 3-Year Target Duration TIPS ETF, inflation-protected bonds) earned more than IEF with less volatility over the past 5 years. VTIP returned 2.7% a year at 2.9% volatility, against a loss of 1.4% a year at 7.7%.
- Whole market
- 190 of the 3,641 stocks and funds worth at least $500 million earned more than IEF with less volatility over the past 5 years, among them BND (Vanguard Total Bond Market ETF), AGG (iShares Core U.S. Aggregate Bond ETF) and BNDX (Vanguard Total International Bond ETF).
How much would $10,000 in IEF have grown?
This chart tracks a hypothetical $10,000 investment in IEF over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IEF over the same span and IEF's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 19 years rather than IEF's full 24 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in IEF at the end of September 2007 would have grown to $17,034 by September 2026, less than the $70,725 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IEF, and NVDA finished highest, at $2,767,416.
Choose a period
From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,443 of the 1,801 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEF; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$3M+27,574% total · +34.4% a year
- AAPL$725,525+7,155% total · +25.3% a year
- GOOG$243,382+2,334% total · +18.3% a year
- SPY (S&P 500)$70,725+607% total · +10.8% a year
- EP-PC$23,554+136% total · +4.6% a year
- TIP$17,851+78.5% total · +3.1% a year
- IEF$17,034+70.3% total · +2.8% a year
- BND$16,803+68.0% total · +2.8% a year
- AGG$16,715+67.2% total · +2.7% a year
- SHV$13,240+32.4% total · +1.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,766 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEF; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- SHV$11,908+19.1% total · +3.6% a year
- VGSH$10,923+9.2% total · +1.8% a year
- TIP$9,908−0.9% total · −0.2% a year
- IEI$9,901−1.0% total · −0.2% a year
- SPTI$9,784−2.2% total · −0.4% a year
- SCHR$9,777−2.2% total · −0.5% a year
- AGG$9,694−3.1% total · −0.6% a year
- BND$9,657−3.4% total · −0.7% a year
- IEF$8,983−10.2% total · −2.1% a year
IEF at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- IEF's deepest decline since it began trading in 2002 was 23.9%, from August 2020 to October 2023. It has not yet climbed back to that peak.
- Over 23 full calendar years, IEF's best was 2008, when it returned 17.9%, and its worst was 2022, when it lost 15.2%. It lost money in five of those years.
- IEF is 13.1% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- July 2002
- Expense ratio
- 0.15%per year
- Assets
- $42B
- Category
- Bonds
Returns
- Past 1 year
- −3.3%total return
- Past 3 years
- +13.1%+4.2% a year
- Past 5 years
- −7.0%−1.4% a year
- Past 10 years
- +4.1%+0.4% a year
- Best calendar year
- +17.9%2008
- Worst calendar year
- −15.2%2022
- Losing years
- 5 of 23full calendar years
Risk
- Volatility
- 7.7%typical yearly swing, 5 years
- Sharpe ratio
- -0.15return per unit of risk, 5 years
- Worst decline ever
- −23.9%Aug 2020 to Oct 2023
- From its all-time high
- −13.1%below the peak
IEF against the whole market
Where IEF ranks among every stock and fund, and what across the market has done better.
How does IEF rank among all ETFs?
This section ranks IEF on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how IEF stacks up against its peers, these rankings show where it stands in the market as a whole.
- On return for the risk taken (the Sharpe ratio), IEF ranks in the bottom 3% of the 1,563 ETFs with at least $100 million in assets.
- IEF's worst decline of the past 10 years ranks in the top 14% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | IEF | Rank | Standing |
|---|---|---|---|
| 1-year return | −3.3% | 2,315 of 2,488 | bottom 8% |
| 3-year return | +13.1% | 1,843 of 1,950 | bottom 6% |
| 5-year return | −7.0% | 1,464 of 1,563 | bottom 7% |
| 10-year return | +4.1% | 922 of 958 | bottom 5% |
| Volatility, 5 years | 7.7% | 307 of 1,563 | top 20% |
| Sharpe ratio, 5 years | -0.15 | 1,520 of 1,563 | bottom 4% |
| Worst decline, past 10 years | −23.9% | 132 of 951 | top 14% |
What has beaten IEF on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). IEF sits where the dashed lines cross. Anything in the green box above and to the left earned more than IEF with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 190 ETFs worth at least $500 million sit in the green region: each earned more than IEF over the past 5 years with smaller price swings. That is 5% of the 3,641 screened.
- Among those with at least half IEF's swings, LQDH has the best return for its risk: 5.2% a year at 4.4% volatility, 44% less than IEF's 7.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.20 against -0.15 for IEF. HYGH earned the most, 6.6% a year, while still swinging less than IEF (7.1% against 7.7%).
- Among IEF's popular alternatives, SHV, SPTS and SCHO are in the region. SHV earned 3.6% a year against a loss of 1.4% a year for IEF, at 0.3% volatility, 96% less than IEF's 7.7%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to IEF; faint dots are 47 more of the 190 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× IEF's volatility is in the table only
Is there a better investment than IEF?
Investments that beat IEF over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among IEF's popular alternatives, SHV, BND and VGSH earned more than IEF with less volatility over the past 5 years. SHV returned 3.6% a year at 0.3% volatility, against a loss of 1.4% a year at 7.7%.
- VGIT tracks the same thing for 0.03% a year against IEF's 0.15%, and has kept pace over the past decade: about $120 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, VTIP (inflation-protected bonds) and TDTT (inflation-protected bonds) earned more than IEF with less volatility over the past 5 years. VTIP returned 2.7% a year at 2.9% volatility, against a loss of 1.4% a year at 7.7%.
How this works
The table below lists investments that beat IEF over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks IEF's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than IEF follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than IEF's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× IEF's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than IEF's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with IEF?lower diversifies more | Expenseper year | |||
| IEFiShares 7-10 Year Treasury Bond ETF · this page | −1.4% | 7.7% | -0.15 | −23.9% | +4.1% | 1.00 | 0.15% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.53 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against IEF. 15 of 22 passed at least one test. | |||||||||
SHViShares Trust iShares 0-1 Year Treasury Bond ETF · Short-Term Treasuries | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +3.6% | 0.3% | 12.12 | −0.4% | +26.1% | 0.36 | 0.15% | |
 BNDVanguard Total Bond Market ETF · US Aggregate Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSame exposure, lower expense ratio | −0.2% | 6.1% | 0.00 | −18.6% | +14.3% | 0.98 | 0.03% | |
VGSHVanguard Short-Term Treasury ETF · Short-Term Treasuries | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +2.0% | 2.0% | 1.00 | −5.6% | +19.2% | 0.87 | 0.03% | |
IEIiShares 3-7 Year Treasury Bond ETF · Intermediate-Term Treasuries | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +0.3% | 4.8% | 0.08 | −14.6% | +12.1% | 0.98 | 0.15% | |
TIPiShares TIPS Bond ETF · Inflation-Protected Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | 0.0% | 6.2% | 0.03 | −14.5% | +24.6% | 0.87 | 0.18% | |
 GOVTiShares U.S. Treasury Bond ETF · Treasury Bonds | Similar return, lower volatilityHigher return in most periods | −0.6% | 6.0% | -0.07 | −19.1% | +8.2% | 0.95 | 0.05% | |
| Same and neighboring categories, and shared themesbest 4 shownEverything else in Intermediate-Term Treasuries and Treasury Bonds and the categories next to it (Short-Term Treasuries, US Aggregate Bonds, Inflation-Protected Bonds, Treasury Bills), plus IEF's specific themes. 32 of 37 passed at least one test. | |||||||||
 VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.7% | 2.9% | 0.95 | −6.3% | +33.2% | 0.73 | 0.03% | |
TDTTNorthern Trust iBoxx 3-Year Target Duration TIPS ETF · Inflation-Protected Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.0% | 3.7% | 0.56 | −8.1% | +30.3% | 0.76 | 0.19% | |
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.3% | 3.2% | 0.42 | −13.6% | — | 0.84 | 0.07% | |
WIPSPDR FTSE International Government Inflation-Protected Bond ETF · Inflation-Protected Bonds | Higher return in most periods | −0.6% | 11.4% | 0.00 | −28.8% | +10.8% | 0.75 | 0.50% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 214 of 3,588 passed at least one test. | |||||||||
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.2% | 3.3% | 1.84 | −4.9% | — | 0.55 | 0.69% | |
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.7% | 1.3% | 3.52 | −13.1% | +40.7% | 0.18 | 0.30% | |
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.5% | 1.8% | 2.49 | −13.5% | +35.9% | 0.12 | 0.15% | |
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.46 | 0.79% | |
 EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Higher return in most periods | +5.2% | 8.9% | 0.62 | −25.4% | +38.1% | 0.29 | — | |
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Higher return in most periods | +5.6% | 11.6% | 0.53 | −42.7% | — | 0.22 | — | |
TFIState Street SPDR Nuveen ICE Municipal Bond ETF · National Investment Grade | Similar return, lower volatility | −0.5% | 4.5% | -0.08 | −15.5% | +12.9% | 0.87 | 0.23% | |
What these numbers mean for IEF
- Annual return
- IEF lost 1.4% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $9,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- IEF's volatility over the past 5 years was 7.7%, 45% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IEF's return lands within 7.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- IEF's Sharpe ratio over the past 5 years was -0.15, against 0.78 for the S&P 500, so IEF earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- IEF's worst fall from a peak to a low over the past 10 years was 23.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 23.9% fall takes a 31.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, IEF's monthly returns had a correlation of 0.53 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IEF instead: the lower it is, the more that option would diversify a IEF holding. Guide: Correlation and diversification →
Show all 190 stocks and funds worth at least $500 million that earned more than IEF with less volatility
Out of 3,641 tested over 5 years. The strongest 54 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with IEF | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills | Same or nearby category | +3.7% | 0.3% | 14.07 | −0.2% | +25.8% | 0.21 | 0.14% |
| 2 |  IUSBiShares Core Universal USD Bond ETF · Total Bond Market | Whole market | +0.2% | 5.9% | 0.07 | −17.9% | +17.8% | 0.97 | 0.06% |
| 3 | JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% |
| 4 | VGSHVanguard Short-Term Treasury ETF · Short-Term Treasuries | Popular alternative | +2.0% | 2.0% | 1.00 | −5.6% | +19.2% | 0.87 | 0.03% |
| 5 | BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | Whole market | +6.2% | 3.3% | 1.84 | −4.9% | — | 0.55 | 0.69% |
| 6 | VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds | Whole market | +4.7% | 1.3% | 3.52 | −13.1% | +40.7% | 0.18 | 0.30% |
| 7 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.49 | −13.5% | +35.9% | 0.12 | 0.15% |
| 8 |  VCSHVanguard Short-Term Corporate Bond ETF · Short-Term Corporate Bonds | Whole market | +2.4% | 2.9% | 0.84 | −12.9% | +29.1% | 0.93 | 0.03% |
| 9 |  BNDXVanguard Total International Bond ETF · International Bonds | Whole market | +0.2% | 4.9% | 0.06 | −16.2% | +15.4% | 0.88 | 0.07% |
| 10 | NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Whole market | +3.9% | 1.4% | 2.74 | −9.6% | +32.1% | 0.69 | 0.25% |
| 11 | VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds | Whole market | +4.1% | 1.1% | 3.80 | −4.5% | — | 0.59 | 0.25% |
| 12 | FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds | Whole market | +4.8% | 2.1% | 2.21 | −17.8% | +42.1% | 0.09 | 0.14% |
| 13 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +35.7% | 0.17 | 0.15% |
| 14 |  VTEBVanguard Tax-Exempt Bond ETF · National Investment Grade | Whole market | +0.5% | 4.1% | 0.14 | −17.0% | +19.9% | 0.88 | 0.03% |
| 15 | SUBiShares Short-Term National Muni Bond ETF · Short-Term Municipal Bonds | Whole market | +1.5% | 1.7% | 0.91 | −9.4% | +16.2% | 0.80 | 0.07% |
| 16 | USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds | Whole market | +3.6% | 2.1% | 1.77 | −5.3% | — | 0.84 | 0.34% |
| 17 | FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds | Whole market | +3.9% | 1.2% | 3.13 | −12.2% | — | 0.76 | 0.15% |
| 18 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.1% | 2.6% | 1.17 | −6.5% | +25.9% | 0.88 | 0.66% |
| 19 | VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds | Same or nearby category | +2.7% | 2.9% | 0.95 | −6.3% | +33.2% | 0.73 | 0.03% |
| 20 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds | Whole market | +4.2% | 1.1% | 3.88 | −1.8% | — | 0.59 | 0.17% |
| 21 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds | Whole market | +3.8% | 1.4% | 2.62 | −3.7% | +31.1% | 0.47 | 0.26% |
| 22 | STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds | Same or nearby category | +2.7% | 2.8% | 0.95 | −6.5% | +33.0% | 0.69 | 0.03% |
| 23 | FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds | Whole market | +3.9% | 1.4% | 2.77 | −1.7% | — | 0.40 | 0.15% |
| 24 | BSCRInvesco BulletShares 2027 Corporate Bond ETF · Defined Maturity Corporate Bonds | Whole market | +1.8% | 4.1% | 0.46 | −17.3% | — | 0.86 | 0.10% |
| 25 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds | Whole market | +2.4% | 2.1% | 1.16 | −8.7% | +26.7% | 0.78 | 0.54% |
| 26 | STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds | Whole market | +2.9% | 1.7% | 1.69 | −6.1% | +25.9% | 0.78 | 0.45% |
| 27 | UCONFirst Trust Smith Unconstrained Bond ETF · Multisector Bonds | Whole market | +2.3% | 4.0% | 0.60 | −15.3% | — | 0.88 | 0.86% |
| 28 | SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds | Whole market | +2.0% | 1.7% | 1.16 | −5.1% | +20.5% | 0.88 | 0.35% |
| 29 | JPIBJPMorgan International Bond Opportunities ETF · International Bonds | Whole market | +2.6% | 4.2% | 0.63 | −13.1% | — | 0.81 | 0.50% |
| 30 | GVIiShares Intermediate Government/Credit Bond ETF · Investment Grade Bonds | Whole market | +1.1% | 4.0% | 0.29 | −12.9% | +18.2% | 0.97 | 0.20% |
| 31 | SCHPSchwab US TIPS ETF · Inflation-Protected Bonds | Same or nearby category | +0.2% | 6.1% | 0.06 | −14.3% | +26.1% | 0.87 | 0.03% |
| 32 | QAINYLI Hedge Multi-Strategy Tracker ETF · Liquid Alternatives | Whole market | +4.1% | 6.8% | 0.63 | −14.9% | +43.6% | 0.62 | 0.75% |
| 33 | IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries | Same or nearby category | +1.3% | 3.2% | 0.42 | −13.6% | — | 0.84 | 0.07% |
| 34 | IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds | Whole market | +4.1% | 5.8% | 0.73 | −11.2% | — | 0.62 | 0.35% |
| 35 | AOKiShares Core 30/70 Conservative Allocation ETF · Balanced Allocation | Whole market | +3.4% | 7.2% | 0.50 | −18.9% | +60.7% | 0.85 | 0.20% |
| 36 | KORPAmerican Century Diversified Corporate Bond ETF · Corporate Bonds | Whole market | +1.5% | 5.5% | 0.29 | −14.9% | — | 0.95 | 0.29% |
| 37 | NFLTVirtus Newfleet Multi-Sector Bond ETF · Multisector Bonds | Whole market | +2.8% | 4.6% | 0.64 | −15.1% | +41.7% | 0.83 | 0.50% |
| 38 | INMUiShares Intermediate Muni Income Active ETF · Intermediate Municipal Bonds | Whole market | +1.4% | 3.8% | 0.40 | −10.7% | — | 0.85 | 0.41% |
| 39 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | Whole market | +6.0% | 2.3% | 2.55 | −20.9% | +58.7% | 0.32 | 0.60% |
| 40 | IBDInspire Corporate Bond ETF · Investment Grade Bonds | Whole market | +1.3% | 5.7% | 0.26 | −16.3% | — | 0.94 | 0.41% |
| 41 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.3% | 4.5% | 1.19 | −24.1% | +50.5% | 0.28 | 0.67% |
| 42 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.6% | 3.9% | 1.17 | −22.3% | +53.9% | 0.26 | 0.70% |
| 43 | SPHYState Street SPDR Portfolio High Yield Bond ETF · High Yield Bonds | Whole market | +3.8% | 7.2% | 0.56 | −22.0% | +55.1% | 0.72 | 0.05% |
| 44 | FTSLFirst Trust Senior Loan Fund · Bank Loans | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.0% | 0.27 | 0.70% |
| 45 | VRPInvesco Variable Rate Preferred ETF · Preferred Securities | Whole market | +3.8% | 6.6% | 0.61 | −46.0% | +57.1% | 0.56 | 0.50% |
| 46 | FLBLFranklin Senior Loan ETF · Bank Loans | Whole market | +5.2% | 3.9% | 1.35 | −19.5% | — | 0.27 | 0.45% |
| 47 | FPEIFirst Trust Institutional Preferred Securities & Income ETF · Preferred Securities | Whole market | +3.4% | 6.0% | 0.58 | −27.5% | — | 0.50 | 0.85% |
| 48 | HYDVanEck High Yield Muni ETF · High Yield Municipal Bonds | Whole market | −0.4% | 6.6% | -0.03 | −35.6% | +18.3% | 0.86 | 0.32% |
| 49 | BSJRInvesco BulletShares 2027 High Yield Corporate Bond ETF · High Yield Bonds | Whole market | +3.4% | 6.7% | 0.54 | −22.6% | — | 0.66 | 0.42% |
| 50 | YLDPrincipal Active High Yield ETF · Active High Yield | Whole market | +4.2% | 6.4% | 0.67 | −28.3% | +62.2% | 0.67 | 0.39% |
| 51 | SHYMiShares Short Duration High Yield Muni Active ETF · High Yield Municipal Bonds | Whole market | +0.8% | 7.1% | 0.14 | −22.6% | — | 0.85 | 0.42% |
| 52 | GIGBGoldman Sachs Access Investment Grade Corporate Bond ETF · US Corporate Bonds | Whole market | 0.0% | 7.3% | 0.03 | −22.3% | — | 0.93 | 0.08% |
| 53 | FLMIFranklin Dynamic Municipal Bond ETF · Municipal Bonds | Whole market | +1.6% | 4.6% | 0.36 | −14.6% | — | 0.88 | 0.30% |
| 54 | IBMPiShares iBonds Dec 2027 Term Muni Bond ETF · Municipal Bonds | Whole market | +0.8% | 2.6% | 0.34 | −15.3% | — | 0.82 | 0.10% |
IEF against its popular alternatives
The investments people most often weigh against IEF, compared period by period and year by year.
How do IEF's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at IEF, which divides the map into what did better or worse on each measure.
- 13 of the 17 popular alternatives, led by SHV, SPTS and SCHO, were both more rewarding and calmer than IEF over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, IEF returned -1.4% a year, less than the S&P 500's 12.5%, with lower volatility (7.7% against 17.2%).
Green points earned more than IEF with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | +3.6% | 0.3% |
| SPTS State Street SPDR Portfolio Short Term Treasury ETF | +2.1% | 2.0% |
| SCHO Schwab Short-Term U.S. Treasury ETF | +2.0% | 2.1% |
| SHY iShares 1-3 Year Treasury Bond ETF | +1.9% | 2.0% |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | +0.8% | 6.7% |
| IEI iShares 3-7 Year Treasury Bond ETF | +0.3% | 4.8% |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | +0.1% | 5.4% |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | +0.1% | 5.4% |
| MBB iShares MBS ETF | +0.1% | 7.0% |
| TIP iShares TIPS Bond ETF | 0.0% | 6.2% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.1% | 6.2% |
| BND Vanguard Total Bond Market ETF | −0.2% | 6.1% |
| GOVT iShares U.S. Treasury Bond ETF | −0.6% | 6.0% |
| IEF This pageiShares 7-10 Year Treasury Bond ETF | −1.4% | 7.7% |
| SPTL State Street SPDR Portfolio Long Term Treasury ETF | −6.4% | 14.4% |
| TLT iShares 20+ Year Treasury Bond ETF | −7.5% | 15.7% |
| EDV Vanguard Extended Duration Treasury ETF | −11.8% | 21.5% |
| ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | −13.4% | 23.8% |
Has IEF consistently beaten its popular alternatives?
This section compares IEF with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than IEF helps separate lasting outperformance from a single strong stretch.
- 14 of the 22 popular alternatives, led by SHV, TIP and AGG, outperformed IEF in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SHV, TIP and AGG outperformed IEF in every long-term period and in all but one short-term period, the most consistent record in the group.
- SHV, SPTS and SCHO earned more for the risk they took than IEF (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than IEF over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| IEF iShares 7-10 Year Treasury Bond ETF (this page) | — | +0.4% | −1.3% | −2.9% | −2.5% | −3.3% | +13.1% | −7.0% | +4.1% | 7.7% | -0.15 | −23.9% | 0.15% | $42B | — |
| SHV QualifiediShares Trust iShares 0-1 Year Treasury Bond ETF | 4/5 short3/3 longAll-weather | +0.3% | +0.9% | +1.8% | +2.8% | +3.6% | +13.9% | +19.4% | +26.1% | 0.3% | 12.12 | −0.4% | 0.15% | $23B | — |
| TIP QualifiediShares TIPS Bond ETF | 4/5 short3/3 longAll-weather | +0.7% | −0.6% | −1.3% | +0.1% | −1.1% | +14.2% | +0.1% | +24.6% | 6.2% | 0.03 | −14.5% | 0.18% | $14B | — |
| AGG QualifiediShares Core U.S. Aggregate Bond ETF | 4/5 short3/3 longAll-weather | +0.2% | −0.5% | −1.5% | −0.8% | −1.2% | +16.8% | −0.6% | +14.4% | 6.2% | 0.01 | −18.4% | 0.03% | $139B | — |
| BND QualifiedVanguard Total Bond Market ETF | 4/5 short3/3 longAll-weather | +0.3% | −0.7% | −1.7% | −1.0% | −1.4% | +16.3% | −1.0% | +14.3% | 6.1% | 0.00 | −18.6% | 0.03% | $389B | — |
| SPTI QualifiedState Street SPDR Portfolio Intermediate Term Treasury ETF | 4/5 short3/3 longAll-weather | +0.5% | −0.5% | −1.6% | −1.2% | −1.3% | +13.7% | +0.4% | +12.9% | 5.4% | 0.04 | −16.1% | 0.03% | $11B | — |
| SCHR QualifiedSchwab Intermediate-Term U.S. Treasury ETF | 4/5 short3/3 longAll-weather | +0.5% | −0.5% | −1.6% | −1.2% | −1.3% | +13.6% | +0.5% | +11.7% | 5.4% | 0.04 | −16.1% | 0.03% | $14B | — |
| MBB QualifiediShares MBS ETF | 3/5 short3/3 long | +0.3% | −1.2% | −2.4% | −1.2% | −1.1% | +19.4% | +0.3% | +10.5% | 7.0% | 0.04 | −17.7% | 0.04% | $35B | — |
| SCHO QualifiedSchwab Short-Term U.S. Treasury ETF | 4/5 short2/3 long | +0.6% | +0.5% | +0.6% | +1.2% | +1.7% | +13.1% | +10.6% | +19.3% | 2.1% | 1.00 | −5.7% | 0.03% | $16B | — |
| VGSH QualifiedVanguard Short-Term Treasury ETF | 4/5 short2/3 long | +0.6% | +0.3% | +0.4% | +0.9% | +1.5% | +12.8% | +10.4% | +19.2% | 2.0% | 1.00 | −5.6% | 0.03% | $40B | — |
| SPTS QualifiedState Street SPDR Portfolio Short Term Treasury ETF | 4/5 short2/3 long | +0.6% | +0.6% | +0.6% | +1.2% | +1.7% | +13.2% | +10.7% | +18.5% | 2.0% | 1.01 | −5.7% | 0.03% | $7.2B | — |
| SHY QualifiediShares 1-3 Year Treasury Bond ETF | 4/5 short2/3 long | +0.5% | +0.2% | +0.3% | +0.7% | +1.3% | +12.3% | +9.8% | +18.0% | 2.0% | 0.93 | −5.7% | 0.15% | $27B | — |
| IEI QualifiediShares 3-7 Year Treasury Bond ETF | 4/5 short2/3 long | +0.6% | −0.7% | −1.7% | −1.4% | −1.4% | +12.8% | +1.4% | +12.1% | 4.8% | 0.08 | −14.6% | 0.15% | $17B | — |
| GOVT QualifiediShares U.S. Treasury Bond ETF | 4/5 short2/3 long | +0.5% | −0.2% | −1.2% | −0.7% | −1.3% | +13.2% | −2.8% | +8.2% | 6.0% | -0.07 | −19.1% | 0.05% | $42B | — |
| VGIT QualifiedVanguard Intermediate-Term Treasury ETF | 3/5 short2/3 long | +0.6% | −0.9% | −2.0% | −1.6% | −1.7% | +13.2% | +0.2% | +11.4% | 5.4% | 0.03 | −16.0% | 0.03% | $48B | — |
| VCIT BondsVanguard Intermediate-Term Corporate Bond ETF | 2/5 short3/3 long | −0.2% | −1.5% | −2.6% | −2.0% | −1.9% | +21.8% | +4.1% | +27.7% | 6.7% | 0.15 | −20.6% | 0.03% | $69B | — |
| SPTL BondsState Street SPDR Portfolio Long Term Treasury ETF | 1/5 short0/3 long | +0.3% | −0.8% | −3.3% | −2.6% | −6.1% | +12.5% | −28.1% | −13.2% | 14.4% | -0.39 | −46.2% | 0.03% | $11B | — |
| SCHQ BondsSchwab Long-Term U.S. Treasury ETF | 1/5 short0/3 long | +0.4% | −0.7% | −3.2% | −2.6% | −6.1% | +12.7% | −27.9% | — | 14.4% | -0.39 | −46.1% | 0.03% | $979M | — |
| VGLT BondsVanguard Long-Term Treasury ETF | 0/5 short0/3 long | +0.4% | −1.1% | −3.6% | −3.0% | −6.4% | +12.1% | −28.3% | −13.3% | 14.4% | -0.39 | −46.2% | 0.03% | $15B | — |
| TLT BondsiShares 20+ Year Treasury Bond ETF | 0/5 short0/3 long | +0.4% | −1.2% | −3.9% | −3.2% | −7.4% | +9.9% | −32.4% | −18.2% | 15.7% | -0.42 | −48.4% | 0.15% | $47B | — |
| EDV BondsVanguard Extended Duration Treasury ETF | 0/5 short0/3 long | 0.0% | −1.3% | −5.4% | −4.7% | −12.1% | +6.1% | −46.6% | −32.3% | 21.5% | -0.48 | −60.4% | 0.05% | $4.0B | — |
| ZROZ BondsPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 0/5 short0/3 long | +0.6% | −0.9% | −5.2% | −4.8% | −13.1% | +1.3% | −51.3% | −37.4% | 23.8% | -0.49 | −65.5% | 0.15% | $1.9B | — |
| GOVZ BondsiShares 25+ Year Treasury STRIPS Bond ETF | 0/5 short0/3 long | +0.7% | −0.9% | −5.1% | −4.7% | −13.1% | +1.3% | −51.0% | — | 23.8% | -0.48 | −62.5% | 0.15% | $390M | — |
How did IEF do year by year?
This table shows each investment's total return in every full calendar year since 2003, along with where IEF ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IEF and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- IEF finished ahead of the S&P 500 in five of its 23 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, IEF finished in the top quarter in seven of 22 years and in the bottom quarter in no. In 2025, it ranked 3 of 18.
- Among its popular alternatives, VCIT came out ahead of IEF most often, in 11 of the 16 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of IEF; gray means the two finished within a fraction of a point. The rank row places IEF among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of IEF | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IEF This pageiShares 7-10 Year Treasury Bond ETF | — | +8.0% | −0.6% | +3.6% | −15.2% | −3.3% | +10.0% | +8.0% | +1.0% | +2.6% | +1.0% | +1.5% | +9.1% | −6.1% | +3.7% | +15.7% | +9.3% | −6.6% | +17.9% | +10.4% | +2.5% | +2.6% | +4.1% | +3.0% |
| Rank among alternatives | Top quarter in 7 of 22 | 3 of 18 | 14 of 18 | 14 of 18 | 14 of 18 | 14 of 18 | 6 of 18 | 9 of 18 | 8 of 18 | 9 of 18 | 10 of 18 | 4 of 18 | 5 of 18 | 13 of 18 | 5 of 17 | 5 of 16 | 4 of 14 | 9 of 12 | 4 of 12 | 2 of 5 | 3 of 5 | 2 of 5 | 3 of 5 | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 17 of 23 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 7 of 18 | +4.2% | +5.1% | +5.0% | +0.9% | −0.1% | +0.8% | +2.4% | +1.7% | +0.7% | +0.4% | 0.0% | 0.0% | 0.0% | 0.0% | +0.1% | +0.1% | +0.2% | +2.8% | — | — | — | — | — |
| TIP iShares TIPS Bond ETF | 9 of 22 | +6.8% | +1.7% | +3.8% | −12.3% | +5.7% | +10.8% | +8.4% | −1.4% | +2.9% | +4.7% | −1.8% | +3.6% | −8.5% | +6.4% | +13.3% | +6.1% | +8.9% | +0.1% | +12.0% | +0.3% | +2.5% | +8.3% | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 9 of 22 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% | +6.6% | +3.9% | +2.3% | +3.8% | — |
| BND Vanguard Total Bond Market ETF | 9 of 18 | +7.1% | +1.4% | +5.7% | −13.1% | −1.9% | +7.7% | +8.8% | −0.1% | +3.6% | +2.5% | +0.6% | +5.8% | −2.1% | +3.9% | +7.9% | +6.2% | +3.6% | +6.9% | — | — | — | — | — |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 7 of 18 | +7.4% | +1.3% | +4.3% | −10.7% | −2.6% | +7.7% | +6.0% | +2.3% | +1.0% | +0.3% | +1.6% | +2.5% | −1.2% | +1.5% | +6.6% | +4.9% | −1.5% | +11.3% | — | — | — | — | — |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 5 of 15 | +7.4% | +1.4% | +4.2% | −10.5% | −2.6% | +7.7% | +6.2% | +1.5% | +1.6% | +1.0% | +1.6% | +4.4% | −2.7% | +2.1% | +10.4% | — | — | — | — | — | — | — | — |
| MBB iShares MBS ETF | 6 of 18 | +8.4% | +1.3% | +5.0% | −11.7% | −1.6% | +4.1% | +6.2% | +0.8% | +2.5% | +1.3% | +1.1% | +6.4% | −1.9% | +2.0% | +5.9% | +5.6% | +4.7% | +7.8% | — | — | — | — | — |
| SCHO Schwab Short-Term U.S. Treasury ETF | 6 of 15 | +5.5% | +3.6% | +4.3% | −3.9% | −0.6% | +3.1% | +3.4% | +1.5% | +0.4% | +0.9% | +0.4% | +0.5% | +0.4% | +0.3% | +1.5% | — | — | — | — | — | — | — | — |
| SPTS State Street SPDR Portfolio Short Term Treasury ETF | 5 of 14 | +5.1% | +4.2% | +4.3% | −3.9% | −0.7% | +3.2% | +3.5% | +1.1% | +0.6% | +0.8% | +0.9% | +1.2% | −0.3% | +0.8% | — | — | — | — | — | — | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 7 of 23 | +5.0% | +3.9% | +4.2% | −3.9% | −0.7% | +3.0% | +3.4% | +1.5% | +0.3% | +0.8% | +0.4% | +0.4% | +0.2% | +0.3% | +1.5% | +2.3% | +0.4% | +6.6% | +7.3% | +3.9% | +1.5% | +0.7% | +2.2% |
| IEI iShares 3-7 Year Treasury Bond ETF | 6 of 18 | +7.0% | +1.8% | +4.4% | −9.5% | −2.5% | +6.9% | +5.7% | +1.4% | +1.2% | +1.2% | +1.6% | +3.2% | −1.8% | +1.8% | +8.3% | +6.3% | −1.7% | +12.8% | — | — | — | — | — |
| GOVT iShares U.S. Treasury Bond ETF | 5 of 13 | +3.8% | +3.0% | +4.2% | −13.4% | −1.1% | +7.3% | +7.3% | +0.3% | +2.2% | +0.8% | +0.9% | +4.7% | −2.5% | — | — | — | — | — | — | — | — | — | — |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 11 of 16 | +9.3% | +3.2% | +9.0% | −14.0% | −1.8% | +9.4% | +14.1% | −1.8% | +5.3% | +5.3% | +0.9% | +7.7% | −1.9% | +10.5% | +9.0% | +10.0% | — | — | — | — | — | — | — |
| SPTL State Street SPDR Portfolio Long Term Treasury ETF | 6 of 18 | +5.3% | −6.2% | +3.3% | −29.4% | −5.0% | +18.1% | +13.8% | −1.6% | +9.0% | +0.9% | −1.6% | +25.3% | −12.2% | +2.9% | +30.3% | +8.7% | −13.1% | +24.0% | — | — | — | — | — |
| TLT iShares 20+ Year Treasury Bond ETF | 8 of 23 | +4.2% | −8.1% | +2.8% | −31.2% | −4.6% | +18.1% | +14.1% | −1.6% | +9.2% | +1.2% | −1.8% | +27.3% | −13.4% | +2.6% | +34.0% | +9.0% | −21.8% | +33.9% | +10.3% | +0.7% | +8.6% | +8.7% | +1.6% |
| EDV Vanguard Extended Duration Treasury ETF | 7 of 18 | +0.6% | −12.8% | +1.4% | −39.1% | −6.2% | +23.6% | +18.7% | −3.4% | +13.9% | +1.6% | −4.8% | +44.6% | −19.8% | +2.4% | +55.9% | +9.8% | −35.8% | +54.5% | — | — | — | — | — |
| ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 7 of 16 | −1.8% | −16.2% | +1.2% | −41.3% | −5.2% | +24.6% | +21.2% | −4.6% | +14.8% | +2.1% | −6.1% | +48.8% | −20.9% | +0.9% | +60.4% | +9.9% | — | — | — | — | — | — | — |
Risk and diversification
How IEF has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were IEF's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents IEF's five deepest drawdowns since it began trading in 2002, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all five of IEF's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IEF fell 23.9% from August 2020 to October 2023, while the S&P 500 rose 35.6%.
- The longest climb back to a previous high took 13 months, after IEF fell 9.1% from May to September 2013.
Green means IEF fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | IEF fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −23.9% | +35.6% | Aug 2020 | Oct 2023 | 3.2 years | Not yet | — |
| 2008 financial crisis | −10.4% | +6.9% | Dec 2008 | Jun 2009 | 6 months | Jun 2010 | 12 months |
| No named crash | −9.1% | +5.4% | May 2013 | Sep 2013 | 4 months | Oct 2014 | 13 months |
| February 2018 volatility shock | −8.8% | +32.4% | Jul 2016 | May 2018 | 22 months | May 2019 | 12 months |
| No named crash | −8.5% | +3.6% | Jun 2003 | Sep 2003 | 3 months | Mar 2004 | 6 months |
How did IEF do in stock market crashes?
This section measures how far IEF, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: IEF began trading on July 30, 2002, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- IEF fell less than the S&P 500 in all nine crashes it has traded through. The clearest case was the 2008 financial crisis, when IEF fell 6.2% and the S&P 500 fell 55.2%.
- Among its popular alternatives, SCHO held up best, falling less than IEF in six of the seven crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than IEF.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IEF This pageiShares 7-10 Year Treasury Bond ETF | — | 0.0% | −16.1% | −4.7% | −1.2% | −0.8% | −2.9% | −1.9% | −0.3% | −6.2% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 7 of 9 | 0.0% | −0.3% | −0.1% | 0.0% | 0.0% | −0.1% | −0.1% | 0.0% | −0.4% | — |
| TIP iShares TIPS Bond ETF | 1 of 9 | 0.0% | −14.3% | −11.2% | −2.0% | −1.1% | −2.5% | −3.8% | −0.2% | −14.4% | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 3 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
| BND Vanguard Total Bond Market ETF | 3 of 9 | 0.0% | −14.6% | −8.7% | −1.1% | −0.9% | −1.5% | −1.1% | −0.2% | −9.3% | — |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 4 of 9 | 0.0% | −11.9% | −2.1% | −0.8% | −0.4% | −1.6% | −0.7% | −0.2% | −7.6% | — |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 4 of 7 | 0.0% | −11.9% | −2.2% | −0.8% | −0.6% | −2.1% | −1.1% | — | — | — |
| MBB iShares MBS ETF | 4 of 9 | 0.0% | −14.4% | −4.3% | −1.1% | −0.6% | −1.0% | −0.8% | 0.0% | −3.8% | — |
| SCHO Schwab Short-Term U.S. Treasury ETF | 6 of 7 | 0.0% | −4.7% | −0.3% | −0.3% | −0.2% | −0.7% | −0.2% | — | — | — |
| SPTS State Street SPDR Portfolio Short Term Treasury ETF | 5 of 6 | 0.0% | −4.7% | −0.5% | −0.2% | −0.3% | −1.0% | — | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 7 of 9 | 0.0% | −4.7% | −0.7% | −0.2% | −0.1% | −0.7% | −0.2% | −0.1% | −2.2% | — |
| IEI iShares 3-7 Year Treasury Bond ETF | 6 of 9 | 0.0% | −10.9% | −1.8% | −0.7% | −0.4% | −2.0% | −0.8% | 0.0% | −5.3% | — |
| GOVT iShares U.S. Treasury Bond ETF | 3 of 6 | 0.0% | −13.0% | −4.6% | −0.9% | −0.3% | −2.1% | — | — | — | — |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 1 of 8 | 0.0% | −17.4% | −16.9% | −1.2% | −1.0% | −2.0% | −3.0% | 0.0% | — | — |
| SPTL State Street SPDR Portfolio Long Term Treasury ETF | 0 of 9 | 0.0% | −28.6% | −15.0% | −4.2% | −2.5% | −5.5% | −4.3% | −0.3% | −11.5% | — |
| TLT iShares 20+ Year Treasury Bond ETF | 0 of 9 | 0.0% | −30.0% | −15.7% | −4.3% | −2.3% | −5.8% | −5.0% | −1.3% | −16.2% | — |
| EDV Vanguard Extended Duration Treasury ETF | 0 of 8 | −0.1% | −37.8% | −18.5% | −6.6% | −3.5% | −9.2% | −8.5% | −0.8% | — | — |
| ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 0 of 8 | −0.4% | −39.3% | −21.2% | −7.8% | −3.8% | −9.8% | −9.1% | −3.2% | — | — |
How closely does IEF move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares IEF with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, IEF captured 7% of the S&P 500's gains in rising months and 14% of its losses in falling months, with a beta of 0.08. Its share of the market's losses was slightly larger than its share of the gains.
- Nine of the 13 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IEF's 0.51, led by IEI, SPTI and SCHR.
- IEI took just 6% of the S&P 500's losses, against 14% for IEF, while still keeping 6% of its gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than IEF's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| IEF This pageiShares 7-10 Year Treasury Bond ETF | 7% | 14% | 0.51 | 0.08 |
| IEI iShares 3-7 Year Treasury Bond ETF | 6% | 6% | 1.05 | 0.04 |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 7% | 7% | 1.01 | 0.05 |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 6% | 7% | 0.92 | 0.05 |
| TIP iShares TIPS Bond ETF | 15% | 17% | 0.87 | 0.18 |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 22% | 29% | 0.76 | 0.26 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
| GOVT iShares U.S. Treasury Bond ETF | 6% | 8% | 0.71 | 0.06 |
| BND Vanguard Total Bond Market ETF | 13% | 19% | 0.69 | 0.15 |
| MBB iShares MBS ETF | 13% | 21% | 0.62 | 0.14 |
| SPTL State Street SPDR Portfolio Long Term Treasury ETF | 7% | 28% | 0.23 | 0.15 |
| TLT iShares 20+ Year Treasury Bond ETF | 6% | 32% | 0.19 | 0.16 |
| EDV Vanguard Extended Duration Treasury ETF | 5% | 46% | 0.11 | 0.22 |
| ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 4% | 50% | 0.08 | 0.24 |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 5% | -5% | — | 0.00 |
| SCHO Schwab Short-Term U.S. Treasury ETF | 5% | -1% | — | 0.01 |
| SPTS State Street SPDR Portfolio Short Term Treasury ETF | 5% | -1% | — | 0.01 |
| SHY iShares 1-3 Year Treasury Bond ETF | 5% | -1% | — | 0.01 |
What diversifies IEF?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with IEF's. Because such investments tend not to fall at the same time, pairing IEF with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in IEF into POCT would have cut the portfolio's volatility by 11% over the past 5 years and raised its annual return (-2.1% for IEF alone, +0.3% for the mix).
- CLS made money in five of the five calendar years in which IEF lost money.
- Among large ETFs, LVHI, DXJ and POCT have moved largely independently of IEF over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which IEF lost money. The last two columns show a portfolio that is 80% IEF and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2022 | 2021 | 2013 | 2009 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| IEF iShares 7-10 Year Treasury Bond ETF (this page) | 1.00 | −7.0% | -0.15 | −0.6% | −15.2% | −3.3% | −6.1% | −6.6% | 7.7% | −2.1% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 1.48 | +15.9% | +3.8% | +17.8% | — | — | 7.2% | +1.5% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.18 | +225% | 1.34 | +29.8% | +6.0% | +18.0% | +41.3% | +2.0% | 7.1% | +3.3% |
| POCT Broad MarketInnovator U.S. Equity Power Buffer ETF | 0.46 | +60.2% | 1.22 | +9.6% | −1.3% | +9.4% | — | — | 6.9% | +0.3% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.43 | +103% | 1.06 | +33.4% | +10.4% | +23.1% | +16.6% | — | 7.8% | +1.3% |
| PVAL Broad MarketPutnam Focused Large Cap Value ETF | 0.47 | +109% | 1.06 | +19.3% | −2.6% | — | — | — | 8.0% | +1.6% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.45 | +61.5% | 0.97 | +18.8% | −5.6% | +19.7% | — | — | 7.1% | +0.4% |
| SMH TechnologyVanEck Semiconductor ETF | 0.45 | +304% | 0.94 | +39.1% | −33.5% | +42.1% | +33.4% | +60.5% | 11.1% | +5.6% |
| FFLC Broad MarketFidelity Fundamental Large Cap Core ETF | 0.41 | +105% | 0.94 | +27.9% | 0.0% | +24.5% | — | — | 8.0% | +1.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2022 | 2021 | 2013 | 2009 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| IEF iShares 7-10 Year Treasury Bond ETF (this page) | 1.00 | −7.0% | -0.15 | −0.6% | −15.2% | −3.3% | −6.1% | −6.6% | 7.7% | −2.1% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.22 | +471% | 1.54 | +19.0% | +54.1% | −0.4% | +66.0% | −4.4% | 8.9% | +5.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.03 | +2,780% | 1.43 | +215% | +1.3% | +37.9% | +27.6% | +105% | 13.4% | +17.2% |
| MCK Medical - DistributionMcKesson Corporation | 0.14 | +397% | 1.41 | +23.7% | +51.8% | +44.2% | +67.7% | +62.9% | 8.5% | +4.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.15 | +1,452% | 1.41 | +107% | +17.0% | +89.0% | +61.7% | +17.8% | 11.6% | +13.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.05 | +660% | 1.39 | −4.0% | +86.6% | +61.0% | +48.6% | — | 9.2% | +7.3% |
Common questions
What was IEF's worst drawdown?
IEF's deepest decline since it began trading in 2002 was 23.9%, from August 2020 to October 2023. It has not yet climbed back to that peak.
What were IEF's best and worst years?
Over 23 full calendar years, IEF's best year was 2008, when it returned 17.9%. Its worst was 2022, with a return of -15.2%.
Is there a better investment than IEF?
Among IEF's popular alternatives, SHV, BND and VGSH earned more than IEF with less volatility over the past 5 years. SHV returned 3.6% a year at 0.3% volatility, against a loss of 1.4% a year at 7.7%. VGIT tracks the same thing for 0.03% a year against IEF's 0.15%, and has kept pace over the past decade: about $120 less in fees on $10,000 over 10 years.
Is IEF more volatile than the S&P 500?
No. IEF's volatility over the past 5 years was 7.7%, 45% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IEF's return lands within 7.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is IEF's Sharpe ratio?
IEF's Sharpe ratio over the past 5 years was -0.15, against 0.78 for the S&P 500, so IEF earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is IEF with the S&P 500?
Over the past 5 years, IEF's monthly returns had a correlation of 0.53 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IEF instead: the lower it is, the more that option would diversify a IEF holding.
What are the best alternatives to IEF?
Of the 22 popular alternatives we compared, 14 outperformed IEF in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SHV, TIP and AGG.
Did IEF outperform the S&P 500?
IEF finished ahead of the S&P 500 (SPY) in five of 23 full calendar years. In 2025, it returned +8.0%, against +17.7% for the index.
How did IEF do in stock market crashes?
IEF fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when IEF fell 6.2% and the S&P 500 fell 55.2%.
What diversifies IEF?
These had a low correlation with IEF over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.18) and POCT (correlation 0.46); among large stocks, CAH (correlation 0.22), CLS (correlation 0.03) and MCK (correlation 0.14). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than IEF's. Returns within 0.5 points or 3% of IEF's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to IEF
AGGiShares Core U.S. Aggregate Bond ETF- BNDVanguard Total Bond Market ETF
- GOVTiShares U.S. Treasury Bond ETF
VGITVanguard Intermediate-Term Treasury ETF
VCITVanguard Intermediate-Term Corporate Bond ETF
TLTiShares 20+ Year Treasury Bond ETF
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