EWI vs. TLT
EWI (iShares MSCI Italy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy 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, EWI returned 15.04%/yr vs -1.75%/yr for TLT. At a correlation of -0.20, they often move in opposite directions. EWI charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
EWI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWI achieves a 13.46% return, which is significantly higher than TLT's 0.64% return. Over the past 10 years, EWI has outperformed TLT with an annualized return of 15.04%, while TLT has yielded a comparatively lower -1.75% annualized return.
EWI
- 1D
- -0.25%
- 1M
- 5.21%
- YTD
- 13.46%
- 6M
- 13.65%
- 1Y
- 34.70%
- 3Y*
- 29.83%
- 5Y*
- 17.47%
- 10Y*
- 15.04%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
EWI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 13.46% | 55.72% | 10.23% | 30.63% | -14.16% | 14.38% | 1.69% | 26.98% | -17.18% | 28.70% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EWI and TLT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.20 |
The correlation between EWI and TLT shifts across timeframes, from -0.20 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWI vs. TLT — Risk / Return Rank
EWI
TLT
EWI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Italy ETF (EWI) 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.
| EWI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.08 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 0.54 | +2.25 |
| Martin ratioReturn relative to average drawdown | 10.43 | 1.29 | +9.14 |
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Drawdowns
EWI vs. TLT - Drawdown Comparison
The maximum EWI drawdown since its inception was -70.38%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWI and TLT.
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Drawdown Indicators
| EWI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.38% | -48.35% | -22.03% |
Max Drawdown (1Y)Largest decline over 1 year | -12.48% | -7.58% | -4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -16.80% | -19.18% | +2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -35.25% | -43.70% | +8.45% |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | -48.35% | +5.35% |
Current DrawdownCurrent decline from peak | -0.46% | -39.89% | +39.43% |
Average DrawdownAverage peak-to-trough decline | -28.90% | -13.87% | -15.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 3.17% | +0.17% |
Volatility
EWI vs. TLT - Volatility Comparison
iShares MSCI Italy ETF (EWI) has a higher volatility of 5.44% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.21%. This indicates that EWI'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
| EWI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.44% | 2.21% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 15.29% | 6.63% | +8.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.39% | 9.50% | +8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 15.82% | +5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.15% | 14.91% | +8.24% |
EWI vs. TLT - Expense Ratio Comparison
EWI has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWI vs. TLT - Dividend Comparison
EWI's dividend yield for the trailing twelve months is around 3.10%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 3.10% | 2.80% | 4.07% | 3.40% | 4.57% | 2.63% | 1.66% | 3.80% | 4.71% | 2.19% | 3.64% | 2.31% |
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 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
EWI 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.
EWI has higher volatility (5.44%) compared to TLT (2.21%). In terms of maximum drawdown, EWI dropped -70.38% vs TLT's -48.35%.
On 10-year performance, EWI leads with 15.04% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWI has performed better with a 15.04% return vs -1.75%. 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 EWI.
TLT has the higher dividend yield at 4.55%, compared with 3.10% for EWI.
EWI is categorized as Europe Equities, while TLT is Government Bonds. EWI tracks MSCI Italy Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for EWI and 0.15% for TLT.
EWI currently has the higher Sharpe Ratio (1.90 vs 0.43), 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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