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ACWV vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWV vs. TLT

Last updated Jun 4, 2026

ACWV (iShares MSCI Global Min Vol Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ACWV is a Large Cap Blend Equities fund tracking the MSCI AC World Minimum Volatility (USD), while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, ACWV returned 7.36%/yr vs -1.66%/yr for TLT. At a correlation of -0.07, they often move in opposite directions. ACWV charges 0.20%/yr vs 0.15%/yr for TLT.

Performance

ACWV vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ACWV achieves a 2.36% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ACWV has outperformed TLT with an annualized return of 7.36%, while TLT has yielded a comparatively lower -1.66% annualized return.

ACWV

1D
-0.62%
1M
1.01%
YTD
2.36%
6M
2.56%
1Y
4.79%
3Y*
10.06%
5Y*
5.47%
10Y*
7.36%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWV vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWV
iShares MSCI Global Min Vol Factor ETF		2.36%11.04%11.38%8.23%-10.36%13.97%3.04%21.04%-1.42%18.57%
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%

Correlation

The correlation between ACWV and TLT is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.30

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

0.18

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

0.06

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

-0.07

The correlation between ACWV and TLT shifts across timeframes, from -0.07 (all time) to 0.33 (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 MSCI Global Min Vol Factor ETF

iShares 20+ Year Treasury Bond ETF

Often compared with ACWV:
ACWV vs. USMVACWV vs. VTACWV vs. MVOL.LACWV vs. EFAVACWV vs. SPLVACWV vs. VOOACWV vs. XMW.TO
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

ACWV vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWV
ACWV Risk / Return Rank: 1818
Overall Rank
ACWV Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
ACWV Sortino Ratio Rank: 1717
Sortino Ratio Rank
ACWV Omega Ratio Rank: 1717
Omega Ratio Rank
ACWV Calmar Ratio Rank: 1818
Calmar Ratio Rank
ACWV Martin Ratio Rank: 2020
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
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.

ACWV vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

ACWVTLTDifference
Sharpe ratioReturn per unit of total volatility
0.62
0.51

+0.12

Sortino ratioReturn per unit of downside risk
0.92
0.80

+0.12

Omega ratioGain probability vs. loss probability

1.11

1.09

+0.02

Calmar ratioReturn relative to maximum drawdown

0.76

0.65

+0.10

Martin ratioReturn relative to average drawdown

2.37

1.63

+0.74

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

ACWV vs. TLT - Sharpe Ratio Comparison

The current ACWV Sharpe Ratio is 0.62, which is comparable to the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ACWV and TLT, 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

ACWVTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.62

0.51

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

-0.40

+0.94

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

-0.11

+0.71

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.26

+0.45

Drawdowns

ACWV vs. TLT - Drawdown Comparison

The maximum ACWV drawdown since its inception was -28.82%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ACWV and TLT.

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Drawdown Indicators

ACWVTLTDifference

Max Drawdown

Largest peak-to-trough decline

-28.82%

-48.35%

+19.53%

Max Drawdown (1Y)

Largest decline over 1 year

-6.37%

-7.58%

+1.21%

Max Drawdown (3Y)

Largest decline over 3 years

-7.56%

-19.18%

+11.62%

Max Drawdown (5Y)

Largest decline over 5 years

-18.14%

-43.70%

+25.56%

Max Drawdown (10Y)

Largest decline over 10 years

-28.82%

-48.35%

+19.53%

Current Drawdown

Current decline from peak

-2.92%

-40.44%

+37.52%

Average Drawdown

Average peak-to-trough decline

-3.11%

-13.82%

+10.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

3.04%

-1.01%

Volatility

ACWV vs. TLT - Volatility Comparison

The current volatility for iShares MSCI Global Min Vol Factor ETF (ACWV) is 1.79%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that ACWV experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWVTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.79%

2.76%

-0.97%

Volatility (6M)

Calculated over the trailing 6-month period

5.54%

6.50%

-0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

7.71%

9.77%

-2.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.23%

15.87%

-5.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.30%

14.91%

-2.61%

ACWV vs. TLT - Expense Ratio Comparison

ACWV has a 0.20% expense ratio, which is higher than TLT's 0.15% 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

ACWV vs. TLT - Dividend Comparison

ACWV's dividend yield for the trailing twelve months is around 2.04%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWV
iShares MSCI Global Min Vol Factor ETF		2.04%2.09%2.33%2.41%2.18%1.92%1.77%2.54%2.32%2.04%2.56%2.28%
TLT
iShares 20+ Year Treasury Bond ETF		4.59%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

ACWV and TLT 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.

TLT has higher volatility (2.76%) compared to ACWV (1.79%). In terms of maximum drawdown, ACWV dropped -28.82% vs TLT's -48.35%.

On 10-year performance, ACWV leads with 7.36% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, ACWV has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWV has performed better with a 7.36% return vs -1.66%. 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 0.20% for ACWV.

TLT has the higher dividend yield at 4.59%, compared with 2.04% for ACWV.

ACWV is categorized as Large Cap Blend Equities, while TLT is Government Bonds. ACWV tracks MSCI AC World Minimum Volatility (USD), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for ACWV and 0.15% for TLT.

ACWV currently has the higher Sharpe Ratio (0.62 vs 0.51), 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.

Portfolio Optimizer

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