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 -0.57%/yr vs -1.75%/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
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Returns By Period
In the year-to-date period, BWZ achieves a -1.65% return, which is significantly lower than TLT's 0.64% return. Over the past 10 years, BWZ has outperformed TLT with an annualized return of -0.57%, while TLT has yielded a comparatively lower -1.75% annualized return.
BWZ
- 1D
- -0.45%
- 1M
- -1.11%
- YTD
- -1.65%
- 6M
- -1.18%
- 1Y
- -1.14%
- 3Y*
- 2.15%
- 5Y*
- -1.80%
- 10Y*
- -0.57%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
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 | -1.65% | 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 | 0.64% | 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 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
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 (0.42) than their long-term average of 0.13, meaning their price movements have been converging.
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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 | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.08 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 0.54 | -0.76 |
| Martin ratioReturn relative to average drawdown | -0.47 | 1.29 | -1.76 |
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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.
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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% | -19.18% | +10.58% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -43.70% | +21.55% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -48.35% | +23.45% |
Current DrawdownCurrent decline from peak | -23.20% | -39.89% | +16.69% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -13.87% | -2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 3.17% | -0.77% |
Volatility
BWZ vs. TLT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.77%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.21%. 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.
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Volatility by Period
| BWZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 2.21% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 6.63% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.87% | 9.50% | -2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 15.82% | -8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 14.91% | -7.95% |
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 4.55% 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 | 4.55% | 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 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.21%) compared to BWZ (1.77%). In terms of maximum drawdown, BWZ dropped -34.23% vs TLT's -48.35%.
On 10-year performance, BWZ leads with -0.57% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BWZ has been the lower-risk option at 1.77%. 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 -0.57% return vs -1.75%. 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 4.55%, 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 (0.43 vs -0.17), 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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