EFV vs. TLT
EFV (iShares MSCI EAFE Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index (Net), 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, EFV returned 10.51%/yr vs -2.33%/yr for TLT. Their -0.23 correlation means they have often moved in opposite directions in the past. EFV charges 0.31%/yr vs 0.15%/yr for TLT.
Performance
EFV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EFV achieves a 16.57% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EFV has outperformed TLT with an annualized return of 10.51%, while TLT has yielded a comparatively lower -2.33% annualized return.
EFV
- 1D
- 0.26%
- 1M
- 4.16%
- 6M
- 9.61%
- YTD
- 16.57%
- 1Y
- 34.58%
- 3Y*
- 23.11%
- 5Y*
- 14.34%
- 10Y*
- 10.51%
- ALL TIME*
- 6.15%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $246.44M | $344.02M | $395.70M | |
| $2.39B | $2.06B | $2.20B |
EFV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFV iShares MSCI EAFE Value ETF | 16.57% | 42.22% | 5.35% | 18.85% | -5.22% | 11.08% | -2.97% | 15.80% | -14.67% | 21.22% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EFV and TLT is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2005 | -0.23 |
The correlation between EFV and TLT shifts across timeframes, from -0.23 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFV vs. TLT — Risk / Return Rank
EFV
TLT
EFV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Value ETF (EFV) 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.
| EFV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.59 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.97 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | -0.28 | +3.46 |
| Martin ratioReturn relative to average drawdown | 11.90 | -0.59 | +12.49 |
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Drawdowns
EFV vs. TLT - Drawdown Comparison
The maximum EFV drawdown since its inception was -63.94%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EFV and TLT.
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Drawdown Indicators
| EFV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.94% | -48.35% | -15.59% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -7.74% | -3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -13.72% | -14.79% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -25.84% | -43.70% | +17.86% |
Max Drawdown (10Y)Largest decline over 10 years | -43.16% | -48.35% | +5.19% |
Current DrawdownCurrent decline from peak | -0.27% | -42.17% | +41.90% |
Average DrawdownAverage peak-to-trough decline | -14.72% | -14.00% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 3.60% | -0.69% |
Volatility
EFV vs. TLT - Volatility Comparison
iShares MSCI EAFE Value ETF (EFV) has a higher volatility of 3.85% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EFV'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
| EFV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 2.51% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.21% | 6.84% | +5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 9.24% | +5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.95% | 15.74% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 14.83% | +2.63% |
EFV vs. TLT - Expense Ratio Comparison
EFV has a 0.31% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EFV vs. TLT - Dividend Comparison
EFV's dividend yield for the trailing twelve months is around 4.51%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFV iShares MSCI EAFE Value ETF | 4.51% | 4.16% | 4.66% | 4.36% | 4.17% | 4.07% | 2.42% | 4.62% | 4.56% | 3.56% | 3.28% | 3.59% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
EFV and TLT have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFV has higher volatility (3.85%) compared to TLT (2.51%). In terms of maximum drawdown, EFV dropped -63.94% vs TLT's -48.35%.
On 10-year performance, EFV leads with 10.51% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFV has performed better with a 10.51% return vs -2.33%. 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 0.31% for EFV.
TLT has the higher dividend yield at 4.75%, compared with 4.51% for EFV.
EFV is categorized as Foreign Large Cap Equities, while TLT is Government Bonds. EFV tracks MSCI EAFE Value Index (Net), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.31% for EFV and 0.15% for TLT.
EFV currently has the higher Sharpe Ratio (2.42 vs -0.23), 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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