EWK vs. TLT
EWK (iShares MSCI Belgium ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWK is a Europe Equities fund tracking the MSCI Belgium Investable Market 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, EWK returned 6.90%/yr vs -2.25%/yr for TLT. Their -0.17 correlation means they have often moved in opposite directions in the past. EWK charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
EWK vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWK achieves a 12.08% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EWK has outperformed TLT with an annualized return of 6.90%, while TLT has yielded a comparatively lower -2.25% annualized return.
EWK
- 1D
- 1.05%
- 1M
- -1.25%
- 6M
- 2.98%
- YTD
- 12.08%
- 1Y
- 24.12%
- 3Y*
- 15.65%
- 5Y*
- 6.67%
- 10Y*
- 6.90%
- ALL TIME*
- 6.08%
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) |
|---|---|---|---|
| $968.64K | $832.94K | $1.32M | |
| $2.59B | $2.11B | $2.22B |
EWK vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWK iShares MSCI Belgium ETF | 12.08% | 35.38% | 0.14% | 7.47% | -13.98% | 12.84% | 0.04% | 25.92% | -20.40% | 23.70% |
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 EWK 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. | 0.26 |
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 | -0.17 |
The correlation between EWK and TLT shifts across timeframes, from -0.17 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWK vs. TLT — Risk / Return Rank
EWK
TLT
EWK vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Belgium ETF (EWK) 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.
| EWK | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.98 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | -0.21 | +1.78 |
| Martin ratioReturn relative to average drawdown | 5.53 | -0.45 | +5.99 |
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Drawdowns
EWK vs. TLT - Drawdown Comparison
The maximum EWK drawdown since its inception was -74.10%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWK and TLT.
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Drawdown Indicators
| EWK | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.10% | -48.35% | -25.75% |
Max Drawdown (1Y)Largest decline over 1 year | -15.47% | -7.74% | -7.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.47% | -14.79% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -33.24% | -43.70% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | -42.80% | -48.35% | +5.55% |
Current DrawdownCurrent decline from peak | -1.60% | -41.73% | +40.13% |
Average DrawdownAverage peak-to-trough decline | -21.43% | -14.00% | -7.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.63% | +0.74% |
Volatility
EWK vs. TLT - Volatility Comparison
iShares MSCI Belgium ETF (EWK) has a higher volatility of 3.31% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that EWK'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
| EWK | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 2.67% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.30% | 6.88% | +6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.56% | 9.25% | +6.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 15.75% | +2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.79% | 14.83% | +3.96% |
EWK vs. TLT - Expense Ratio Comparison
EWK has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWK vs. TLT - Dividend Comparison
EWK's dividend yield for the trailing twelve months is around 1.83%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWK iShares MSCI Belgium ETF | 1.83% | 1.73% | 3.25% | 2.09% | 2.58% | 3.64% | 1.66% | 2.77% | 2.78% | 2.91% | 1.75% | 2.06% |
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
EWK 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.
EWK has higher volatility (3.31%) compared to TLT (2.67%). In terms of maximum drawdown, EWK dropped -74.10% vs TLT's -48.35%.
On 10-year performance, EWK leads with 6.90% 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, EWK has performed better with a 6.90% 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 0.49% for EWK.
TLT has the higher dividend yield at 4.71%, compared with 1.83% for EWK.
EWK is categorized as Europe Equities, while TLT is Government Bonds. EWK tracks MSCI Belgium Investable Market Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for EWK and 0.15% for TLT.
EWK currently has the higher Sharpe Ratio (1.56 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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