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 -0.55%/yr vs -2.38%/yr for TLT. Their 0.13 correlation means their historical movements had little consistent relationship. 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 0.01% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, BWZ has outperformed TLT with an annualized return of -0.55%, while TLT has yielded a comparatively lower -2.38% annualized return.
BWZ
- 1D
- -0.11%
- 1M
- 1.61%
- 6M
- -1.75%
- YTD
- 0.01%
- 1Y
- 0.57%
- 3Y*
- 2.54%
- 5Y*
- -1.46%
- 10Y*
- -0.55%
- ALL TIME*
- -0.16%
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) |
|---|---|---|---|
| $4.01M | $3.45M | $2.62M | |
| $2.33B | $2.02B | $2.19B |
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 | 0.01% | 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 | -3.49% | 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 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (0.38) 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 | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.99 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.14 | +0.52 |
| Martin ratioReturn relative to average drawdown | 0.70 | -0.30 | +1.00 |
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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% | -7.74% | +2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -14.79% | +6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -43.70% | +21.78% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -48.35% | +23.45% |
Current DrawdownCurrent decline from peak | -21.91% | -42.36% | +20.45% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -13.99% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 3.57% | -0.79% |
Volatility
BWZ vs. TLT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 2.31%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. 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 | 2.31% | 2.46% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 6.85% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 9.32% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 15.74% | -8.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 14.83% | -7.89% |
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 2.08%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 1.91% | 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 | 4.34% | 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
BWZ and TLT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to BWZ (2.31%). In terms of maximum drawdown, BWZ dropped -34.23% vs TLT's -48.35%.
On 10-year performance, BWZ leads with -0.55% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BWZ has been the lower-risk option at 2.31%. 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 -0.55% 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 0.35% for BWZ.
TLT has the higher dividend yield at 4.34%, compared with 1.91% 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.
BWZ currently has the higher Sharpe Ratio (0.28 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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