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 25/50 Index (Net), 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 14.76%/yr vs -2.33%/yr for TLT. Their -0.20 correlation means they have often moved in opposite directions in the past. EWI charges 0.50%/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 17.10% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWI has outperformed TLT with an annualized return of 14.76%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWI
- 1D
- 1.28%
- 1M
- 2.90%
- 6M
- 12.86%
- YTD
- 17.10%
- 1Y
- 34.75%
- 3Y*
- 29.05%
- 5Y*
- 18.17%
- 10Y*
- 14.76%
- ALL TIME*
- 6.64%
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) |
|---|---|---|---|
| $27.89M | $24.69M | $25.33M | |
| $2.39B | $2.06B | $2.20B |
EWI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 17.10% | 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 | -3.18% | 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 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.29 (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 | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.97 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | -0.28 | +3.07 |
| Martin ratioReturn relative to average drawdown | 10.48 | -0.59 | +11.07 |
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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% | -7.74% | -4.74% |
Max Drawdown (3Y)Largest decline over 3 years | -16.80% | -14.79% | -2.01% |
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 | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -28.79% | -14.00% | -14.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 3.60% | -0.28% |
Volatility
EWI vs. TLT - Volatility Comparison
iShares MSCI Italy ETF (EWI) has a higher volatility of 4.59% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. 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 | 4.59% | 2.51% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 15.66% | 6.84% | +8.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 9.24% | +9.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.12% | 15.74% | +5.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 14.83% | +7.68% |
EWI vs. TLT - Expense Ratio Comparison
EWI has a 0.50% 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 3.01%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWI iShares MSCI Italy ETF | 3.01% | 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 | 4.75% | 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
EWI and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWI has higher volatility (4.59%) compared to TLT (2.51%). In terms of maximum drawdown, EWI dropped -70.38% vs TLT's -48.35%.
On 10-year performance, EWI leads with 14.76% 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, EWI has performed better with a 14.76% 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 EWI.
TLT has the higher dividend yield at 4.75%, compared with 3.01% for EWI.
EWI is categorized as Europe Equities, while TLT is Government Bonds. EWI tracks MSCI Italy 25/50 Index (Net), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWI and 0.15% for TLT.
EWI currently has the higher Sharpe Ratio (1.91 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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