EWA vs. TLT
EWA (iShares MSCI-Australia ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWA is a Australia Equities fund tracking the MSCI Australia 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, EWA returned 7.87%/yr vs -2.33%/yr for TLT. Their -0.16 correlation means they have often moved in opposite directions in the past. EWA charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EWA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWA achieves a 13.83% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWA has outperformed TLT with an annualized return of 7.87%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWA
- 1D
- 0.20%
- 1M
- 4.66%
- 6M
- 6.67%
- YTD
- 13.83%
- 1Y
- 17.03%
- 3Y*
- 13.16%
- 5Y*
- 6.67%
- 10Y*
- 7.87%
- ALL TIME*
- 7.65%
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) |
|---|---|---|---|
| $47.54M | $51.86M | $65.19M | |
| $2.39B | $2.06B | $2.20B |
EWA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWA iShares MSCI-Australia ETF | 13.83% | 13.35% | 1.60% | 13.81% | -5.92% | 8.93% | 8.29% | 22.45% | -12.04% | 19.88% |
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 EWA and TLT is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.16 |
The correlation between EWA and TLT shifts across timeframes, from -0.16 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWA vs. TLT — Risk / Return Rank
EWA
TLT
EWA vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) 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.
| EWA | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.97 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.28 | +1.98 |
| Martin ratioReturn relative to average drawdown | 4.32 | -0.59 | +4.91 |
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Drawdowns
EWA vs. TLT - Drawdown Comparison
The maximum EWA drawdown since its inception was -66.98%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWA and TLT.
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Drawdown Indicators
| EWA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.98% | -48.35% | -18.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.01% | -7.74% | -2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -21.91% | -14.79% | -7.12% |
Max Drawdown (5Y)Largest decline over 5 years | -24.87% | -43.70% | +18.83% |
Max Drawdown (10Y)Largest decline over 10 years | -45.54% | -48.35% | +2.81% |
Current DrawdownCurrent decline from peak | -1.48% | -42.17% | +40.69% |
Average DrawdownAverage peak-to-trough decline | -11.29% | -14.00% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 3.60% | +0.35% |
Volatility
EWA vs. TLT - Volatility Comparison
iShares MSCI-Australia ETF (EWA) has a higher volatility of 4.43% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EWA'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
| EWA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 2.51% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 14.71% | 6.84% | +7.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.58% | 9.24% | +8.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.80% | 15.74% | +4.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.50% | 14.83% | +7.67% |
EWA vs. TLT - Expense Ratio Comparison
EWA has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWA vs. TLT - Dividend Comparison
EWA's dividend yield for the trailing twelve months is around 2.89%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWA iShares MSCI-Australia ETF | 2.89% | 3.21% | 3.71% | 3.72% | 5.28% | 5.08% | 2.02% | 3.97% | 6.11% | 4.44% | 4.03% | 5.48% |
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
EWA and TLT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWA has higher volatility (4.43%) compared to TLT (2.51%). In terms of maximum drawdown, EWA dropped -66.98% vs TLT's -48.35%.
On 10-year performance, EWA leads with 7.87% 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, EWA has performed better with a 7.87% 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 0.50% for EWA.
TLT has the higher dividend yield at 4.75%, compared with 2.89% for EWA.
EWA is categorized as Australia Equities, while TLT is Government Bonds. EWA tracks MSCI Australia Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWA and 0.15% for TLT.
EWA currently has the higher Sharpe Ratio (0.97 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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