EWD vs. TLT
EWD (iShares MSCI Sweden ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden 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, EWD returned 10.20%/yr vs -2.25%/yr for TLT. Their -0.19 correlation means they have often moved in opposite directions in the past. EWD charges 0.55%/yr vs 0.15%/yr for TLT.
Performance
EWD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWD achieves a 11.35% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EWD has outperformed TLT with an annualized return of 10.20%, while TLT has yielded a comparatively lower -2.25% annualized return.
EWD
- 1D
- 1.81%
- 1M
- 6.08%
- 6M
- 2.98%
- YTD
- 11.35%
- 1Y
- 25.27%
- 3Y*
- 19.40%
- 5Y*
- 5.21%
- 10Y*
- 10.20%
- ALL TIME*
- 8.52%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.32M | $18.47M | $11.48M | |
| $2.59B | $2.11B | $2.22B |
EWD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWD iShares MSCI Sweden ETF | 11.35% | 36.55% | -3.90% | 25.07% | -27.84% | 22.84% | 22.27% | 21.74% | -12.78% | 21.86% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EWD and TLT is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.19 |
The correlation between EWD and TLT shifts across timeframes, from -0.19 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWD vs. TLT — Risk / Return Rank
EWD
TLT
EWD vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) 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.
| EWD | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.98 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.21 | +1.97 |
| Martin ratioReturn relative to average drawdown | 5.30 | -0.45 | +5.75 |
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Drawdowns
EWD vs. TLT - Drawdown Comparison
The maximum EWD drawdown since its inception was -75.40%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWD and TLT.
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Drawdown Indicators
| EWD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.40% | -48.35% | -27.05% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -7.74% | -6.75% |
Max Drawdown (3Y)Largest decline over 3 years | -17.84% | -14.79% | -3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -42.33% | -43.70% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -48.35% | +6.02% |
Current DrawdownCurrent decline from peak | 0.00% | -41.73% | +41.73% |
Average DrawdownAverage peak-to-trough decline | -19.15% | -14.00% | -5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.78% | 3.63% | +1.15% |
Volatility
EWD vs. TLT - Volatility Comparison
iShares MSCI Sweden ETF (EWD) has a higher volatility of 4.96% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that EWD'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
| EWD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 2.67% | +2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 17.15% | 6.88% | +10.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 9.25% | +10.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.04% | 15.75% | +8.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.20% | 14.83% | +8.37% |
EWD vs. TLT - Expense Ratio Comparison
EWD has a 0.55% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWD vs. TLT - Dividend Comparison
EWD's dividend yield for the trailing twelve months is around 3.35%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWD iShares MSCI Sweden ETF | 3.35% | 3.27% | 1.77% | 2.41% | 3.68% | 5.46% | 0.98% | 4.15% | 5.17% | 3.23% | 3.91% | 4.08% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 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
EWD and TLT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWD has higher volatility (4.96%) compared to TLT (2.67%). In terms of maximum drawdown, EWD dropped -75.40% vs TLT's -48.35%.
On 10-year performance, EWD leads with 10.20% vs -2.25% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWD has performed better with a 10.20% return vs -2.25%. 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 0.55% for EWD.
TLT has the higher dividend yield at 4.71%, compared with 3.35% for EWD.
EWD is categorized as Europe Equities, while TLT is Government Bonds. EWD tracks MSCI Sweden Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.55% for EWD and 0.15% for TLT.
EWD currently has the higher Sharpe Ratio (1.26 vs -0.18), 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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