BWZ vs. TLT
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, 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, BWZ returned -0.60%/yr vs -2.17%/yr for TLT. At a 0.13 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
BWZ vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BWZ achieves a -1.87% return, which is significantly lower than TLT's -1.48% return. Over the past 10 years, BWZ has outperformed TLT with an annualized return of -0.60%, while TLT has yielded a comparatively lower -2.17% annualized return.
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
TLT
- 1D
- -0.59%
- 1M
- -1.74%
- 6M
- -2.05%
- YTD
- -1.48%
- 1Y
- 2.34%
- 3Y*
- -2.07%
- 5Y*
- -7.47%
- 10Y*
- -2.17%
BWZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
TLT iShares 20+ Year Treasury Bond ETF | -1.48% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between BWZ and TLT is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.13 |
Over the past year, BWZ and TLT have become more correlated (0.40) than their long-term average of 0.13, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BWZ vs. TLT — Risk / Return Rank
BWZ
TLT
BWZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
| BWZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.05 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 0.31 | -0.71 |
| Martin ratioReturn relative to average drawdown | -0.78 | 0.72 | -1.50 |
Loading charts...
Drawdowns
BWZ vs. TLT - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BWZ and TLT.
Loading charts...
Drawdown Indicators
| BWZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -48.35% | +14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -7.58% | +2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -18.88% | +10.28% |
Max Drawdown (5Y)Largest decline over 5 years | -22.09% | -43.70% | +21.61% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -48.35% | +23.45% |
Current DrawdownCurrent decline from peak | -23.37% | -41.16% | +17.79% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -13.93% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 3.25% | -0.64% |
Volatility
BWZ vs. TLT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.68%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.92%. This indicates that BWZ 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.
Loading charts...
Volatility by Period
| BWZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 2.92% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 6.83% | -1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 9.40% | -2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 15.80% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 14.84% | -7.90% |
BWZ vs. TLT - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BWZ vs. TLT - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than TLT's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
TLT iShares 20+ Year Treasury Bond ETF | 4.65% | 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
BWZ and TLT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.92%) compared to BWZ (1.68%). In terms of maximum drawdown, BWZ dropped -34.23% vs TLT's -48.35%.
On 10-year performance, BWZ leads with -0.60% vs -2.17% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BWZ has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWZ has performed better with a -0.60% return vs -2.17%. 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 0.35% for BWZ.
TLT has the higher dividend yield at 4.65%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while TLT is Government Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWZ and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.25 vs -0.30), 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.
Find the right allocation for BWZ and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer