ACWX vs. TLT
ACWX (iShares MSCI ACWI ex U.S. ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, 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, ACWX returned 10.06%/yr vs -1.74%/yr for TLT. At a correlation of -0.22, they often move in opposite directions. ACWX charges 0.32%/yr vs 0.15%/yr for TLT.
Performance
ACWX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ACWX achieves a 12.88% return, which is significantly higher than TLT's 0.77% return. Over the past 10 years, ACWX has outperformed TLT with an annualized return of 10.06%, while TLT has yielded a comparatively lower -1.74% annualized return.
ACWX
- 1D
- -3.17%
- 1M
- 0.91%
- YTD
- 12.88%
- 6M
- 12.78%
- 1Y
- 29.85%
- 3Y*
- 19.03%
- 5Y*
- 8.31%
- 10Y*
- 10.06%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
ACWX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 12.88% | 32.59% | 5.17% | 15.63% | -16.07% | 7.67% | 10.29% | 21.05% | -13.99% | 27.20% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ACWX 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 | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008 | -0.22 |
The correlation between ACWX and TLT shifts across timeframes, from -0.22 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWX vs. TLT — Risk / Return Rank
ACWX
TLT
ACWX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) 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.
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.
| ACWX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.07 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 0.51 | +2.11 |
| Martin ratioReturn relative to average drawdown | 10.05 | 1.22 | +8.83 |
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Drawdowns
ACWX vs. TLT - Drawdown Comparison
The maximum ACWX drawdown since its inception was -60.40%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ACWX and TLT.
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Drawdown Indicators
| ACWX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.40% | -48.35% | -12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -7.58% | -3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -13.84% | -19.18% | +5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -29.78% | -43.70% | +13.92% |
Max Drawdown (10Y)Largest decline over 10 years | -35.38% | -48.35% | +12.97% |
Current DrawdownCurrent decline from peak | -3.17% | -39.82% | +36.65% |
Average DrawdownAverage peak-to-trough decline | -13.30% | -13.87% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 3.18% | -0.20% |
Volatility
ACWX vs. TLT - Volatility Comparison
iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 7.37% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.20%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier 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
| ACWX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 2.20% | +5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 14.77% | 6.62% | +8.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.74% | 9.48% | +7.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 15.82% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.27% | 14.88% | +2.39% |
ACWX vs. TLT - Expense Ratio Comparison
ACWX has a 0.32% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ACWX vs. TLT - Dividend Comparison
ACWX's dividend yield for the trailing twelve months is around 2.54%, less than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 2.54% | 2.82% | 2.97% | 2.96% | 2.68% | 2.74% | 1.88% | 3.22% | 2.60% | 2.40% | 2.77% | 2.51% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 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
ACWX 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.
ACWX has higher volatility (7.37%) compared to TLT (2.20%). In terms of maximum drawdown, ACWX dropped -60.40% vs TLT's -48.35%.
On 10-year performance, ACWX leads with 10.06% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWX has performed better with a 10.06% return vs -1.74%. 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 0.32% for ACWX.
TLT has the higher dividend yield at 4.54%, compared with 2.54% for ACWX.
ACWX is categorized as Foreign Large Cap Equities, while TLT is Government Bonds. ACWX tracks MSCI All Country World ex-U.S. Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.32% for ACWX and 0.15% for TLT.
ACWX currently has the higher Sharpe Ratio (1.79 vs 0.41), 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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