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 9.34%/yr vs -2.38%/yr for TLT. Their -0.21 correlation means they have often moved in opposite directions in the past. 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 13.36% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, ACWX has outperformed TLT with an annualized return of 9.34%, while TLT has yielded a comparatively lower -2.38% annualized return.
ACWX
- 1D
- -0.17%
- 1M
- 0.03%
- 6M
- 7.51%
- YTD
- 13.36%
- 1Y
- 28.82%
- 3Y*
- 17.44%
- 5Y*
- 8.92%
- 10Y*
- 9.34%
- ALL TIME*
- 4.91%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $158.12M | $125.34M | $130.78M | |
| $2.33B | $2.02B | $2.19B |
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 | 13.36% | 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 | -3.49% | 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 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.21 (all time) to 0.32 (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 | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.99 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | -0.14 | +2.62 |
| Martin ratioReturn relative to average drawdown | 9.09 | -0.30 | +9.39 |
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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% | -7.74% | -3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -13.84% | -14.79% | +0.95% |
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 | -2.75% | -42.36% | +39.61% |
Average DrawdownAverage peak-to-trough decline | -13.24% | -13.99% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 3.57% | -0.45% |
Volatility
ACWX vs. TLT - Volatility Comparison
iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.41% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. 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 | 5.41% | 2.46% | +2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 6.85% | +8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.30% | 9.32% | +7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 15.74% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.27% | 14.83% | +2.44% |
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 2.53%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 2.53% | 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 | 4.34% | 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 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWX has higher volatility (5.41%) compared to TLT (2.46%). In terms of maximum drawdown, ACWX dropped -60.40% vs TLT's -48.35%.
On 10-year performance, ACWX leads with 9.34% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 9.34% return vs -2.38%. 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 4.34%, compared with 2.53% 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 (1.64 vs -0.11), 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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