EUHY vs. TLT
EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EUHY is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index, 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, EUHY returned 3.85%/yr vs -2.33%/yr for TLT. Their 0.06 correlation means their historical movements had little consistent relationship. EUHY charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
EUHY vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EUHY achieves a 2.63% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EUHY has outperformed TLT with an annualized return of 3.85%, while TLT has yielded a comparatively lower -2.33% annualized return.
EUHY
- 1D
- 0.18%
- 1M
- -0.26%
- 6M
- 1.72%
- YTD
- 2.63%
- 1Y
- 4.12%
- 3Y*
- 8.99%
- 5Y*
- 2.48%
- 10Y*
- 3.85%
- ALL TIME*
- 3.50%
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) |
|---|---|---|---|
| $2.06M | $1.49M | $1.66M | |
| $2.39B | $2.06B | $2.20B |
EUHY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 2.63% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
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 EUHY and TLT is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.06 |
Over the past year, EUHY and TLT have become more correlated (0.37) than their long-term average of 0.06, 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
EUHY vs. TLT — Risk / Return Rank
EUHY
TLT
EUHY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) 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.
| EUHY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.97 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | -0.28 | +1.46 |
| Martin ratioReturn relative to average drawdown | 2.92 | -0.59 | +3.51 |
Loading charts...
Drawdowns
EUHY vs. TLT - Drawdown Comparison
The maximum EUHY drawdown since its inception was -32.45%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EUHY and TLT.
Loading charts...
Drawdown Indicators
| EUHY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.45% | -48.35% | +15.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -7.74% | +4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -8.23% | -14.79% | +6.56% |
Max Drawdown (5Y)Largest decline over 5 years | -31.09% | -43.70% | +12.61% |
Max Drawdown (10Y)Largest decline over 10 years | -32.45% | -48.35% | +15.90% |
Current DrawdownCurrent decline from peak | -0.48% | -42.17% | +41.69% |
Average DrawdownAverage peak-to-trough decline | -8.49% | -14.00% | +5.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 3.60% | -2.19% |
Volatility
EUHY vs. TLT - Volatility Comparison
The current volatility for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) is 0.85%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that EUHY 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
| EUHY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 2.51% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 6.84% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 9.24% | -4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 15.74% | -5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.12% | 14.83% | -4.71% |
EUHY vs. TLT - Expense Ratio Comparison
EUHY has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EUHY vs. TLT - Dividend Comparison
EUHY's dividend yield for the trailing twelve months is around 6.18%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 6.18% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
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
EUHY and TLT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to EUHY (0.85%). In terms of maximum drawdown, EUHY dropped -32.45% vs TLT's -48.35%.
On 10-year performance, EUHY leads with 3.85% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, EUHY has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUHY has performed better with a 3.85% 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 0.35% for EUHY.
EUHY has the higher dividend yield at 6.18%, compared with 4.75% for TLT.
EUHY is categorized as High Yield Bonds, while TLT is Government Bonds. EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.35% for EUHY and 0.15% for TLT.
EUHY currently has the higher Sharpe Ratio (0.87 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.
Find the right allocation for EUHY 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