EEMS vs. TLT

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and iShares 20+ Year Treasury Bond ETF (TLT).

EEMS and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EEMS is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Small Cap Index. It was launched on Aug 16, 2011. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both EEMS and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EEMS vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

EEMS vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMS iShares MSCI Emerging Markets Small-Cap ETF	3.38%	19.78%	3.13%	23.09%	-19.12%	18.12%	19.47%	11.25%	-18.98%	34.80%
TLT iShares 20+ Year Treasury Bond ETF	0.07%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Returns By Period

In the year-to-date period, EEMS achieves a 3.38% return, which is significantly higher than TLT's 0.07% return. Over the past 10 years, EEMS has outperformed TLT with an annualized return of 8.19%, while TLT has yielded a comparatively lower -1.39% annualized return.

EEMS

• 1D: 0.84%
• 1M: -5.33%
• YTD: 3.38%
• 6M: 4.76%
• 1Y: 27.44%
• 3Y*: 14.64%
• 5Y*: 6.60%
• 10Y*: 8.19%

TLT

• 1D: -0.10%
• 1M: -3.35%
• YTD: 0.07%
• 6M: -1.23%
• 1Y: -1.44%
• 3Y*: -2.81%
• 5Y*: -5.87%
• 10Y*: -1.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMS vs. TLT - Expense Ratio Comparison

EEMS has a 0.73% expense ratio, which is higher than TLT's 0.15% expense ratio.

EEMS

iShares MSCI Emerging Markets Small-Cap ETF

TLT

iShares 20+ Year Treasury Bond ETF

Return for Risk

EEMS vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EEMS

EEMS Risk / Return Rank: 80
EEMS Sharpe Ratio Rank: 80
EEMS Sortino Ratio Rank: 79
EEMS Omega Ratio Rank: 76
EEMS Calmar Ratio Rank: 85
EEMS Martin Ratio Rank: 82

TLT

TLT Risk / Return Rank: 9
TLT Sharpe Ratio Rank: 9
TLT Sortino Ratio Rank: 8
TLT Omega Ratio Rank: 8
TLT Calmar Ratio Rank: 11
TLT Martin Ratio Rank: 11

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EEMS vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) 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.

	EEMS	TLT	Difference
Sharpe ratio Return per unit of total volatility	1.56	-0.13	+1.69
Sortino ratio Return per unit of downside risk	2.09	-0.10	+2.19
Omega ratio Gain probability vs. loss probability	1.30	0.99	+0.31
Calmar ratio Return relative to maximum drawdown	2.68	-0.06	+2.75
Martin ratio Return relative to average drawdown	9.64	-0.13	+9.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMS vs. TLT - Sharpe Ratio Comparison

The current EEMS Sharpe Ratio is 1.56, which is higher than the TLT Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of EEMS and TLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EEMS	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	-0.13	+1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	-0.37	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	-0.09	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.26	+0.03

Correlation

The correlation between EEMS and TLT is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

EEMS vs. TLT - Dividend Comparison

EEMS's dividend yield for the trailing twelve months is around 2.99%, less than TLT's 4.53% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMS iShares MSCI Emerging Markets Small-Cap ETF	2.99%	3.09%	2.60%	2.69%	0.89%	3.56%	2.14%	2.64%	3.06%	2.47%	2.51%	2.33%
TLT iShares 20+ Year Treasury Bond ETF	4.53%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Drawdowns

EEMS vs. TLT - Drawdown Comparison

The maximum EEMS drawdown since its inception was -48.89%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EEMS and TLT.

Drawdown Indicators

	EEMS	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-48.89%	-48.35%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-9.23%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-43.70%	+16.63%
Max Drawdown (10Y) Largest decline over 10 years	-48.89%	-48.35%	-0.54%
Current Drawdown Current decline from peak	-7.86%	-40.23%	+32.37%
Average Drawdown Average peak-to-trough decline	-10.60%	-13.62%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	4.39%	-1.33%

Volatility

EEMS vs. TLT - Volatility Comparison

iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a higher volatility of 8.24% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 3.71%. This indicates that EEMS'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.

Volatility by Period

	EEMS	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	3.71%	+4.53%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	6.61%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	11.40%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	15.88%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	14.93%	+2.86%