EWG vs. TLT
EWG (iShares MSCI Germany ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWG is a Europe Equities fund tracking the MSCI Germany 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, EWG returned 7.95%/yr vs -2.33%/yr for TLT. Their -0.20 correlation means they have often moved in opposite directions in the past. EWG charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
EWG vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWG achieves a 4.12% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWG has outperformed TLT with an annualized return of 7.95%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWG
- 1D
- 1.24%
- 1M
- 2.53%
- 6M
- 1.77%
- YTD
- 4.12%
- 1Y
- 8.59%
- 3Y*
- 17.75%
- 5Y*
- 7.19%
- 10Y*
- 7.95%
- ALL TIME*
- 6.37%
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) |
|---|---|---|---|
| $53.17M | $48.20M | $48.04M | |
| $2.39B | $2.06B | $2.20B |
EWG vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 4.12% | 35.79% | 9.79% | 23.35% | -22.27% | 5.84% | 10.09% | 19.15% | -21.40% | 27.42% |
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 EWG and TLT is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.20 |
The correlation between EWG and TLT shifts across timeframes, from -0.20 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWG vs. TLT — Risk / Return Rank
EWG
TLT
EWG vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Germany ETF (EWG) 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.
| EWG | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.97 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.28 | +0.87 |
| Martin ratioReturn relative to average drawdown | 1.77 | -0.59 | +2.36 |
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Drawdowns
EWG vs. TLT - Drawdown Comparison
The maximum EWG drawdown since its inception was -67.57%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWG and TLT.
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Drawdown Indicators
| EWG | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.57% | -48.35% | -19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -7.74% | -6.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.49% | -14.79% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -42.59% | -43.70% | +1.11% |
Max Drawdown (10Y)Largest decline over 10 years | -46.80% | -48.35% | +1.55% |
Current DrawdownCurrent decline from peak | -0.70% | -42.17% | +41.47% |
Average DrawdownAverage peak-to-trough decline | -19.12% | -14.00% | -5.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 3.60% | +1.26% |
Volatility
EWG vs. TLT - Volatility Comparison
iShares MSCI Germany ETF (EWG) has a higher volatility of 4.87% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EWG'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
| EWG | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 2.51% | +2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 6.84% | +8.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.72% | 9.24% | +8.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.59% | 15.74% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.82% | 14.83% | +5.99% |
EWG vs. TLT - Expense Ratio Comparison
EWG has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWG vs. TLT - Dividend Comparison
EWG's dividend yield for the trailing twelve months is around 1.92%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWG iShares MSCI Germany ETF | 1.92% | 1.60% | 2.38% | 2.56% | 3.24% | 2.70% | 1.67% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% |
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
EWG and TLT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWG has higher volatility (4.87%) compared to TLT (2.51%). In terms of maximum drawdown, EWG dropped -67.57% vs TLT's -48.35%.
On 10-year performance, EWG leads with 7.95% 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, EWG has performed better with a 7.95% 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 0.49% for EWG.
TLT has the higher dividend yield at 4.75%, compared with 1.92% for EWG.
EWG is categorized as Europe Equities, while TLT is Government Bonds. EWG tracks MSCI Germany Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for EWG and 0.15% for TLT.
EWG currently has the higher Sharpe Ratio (0.49 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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