EWM vs. TLT
EWM (iShares MSCI Malaysia ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia 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, EWM returned 2.51%/yr vs -2.33%/yr for TLT. Their -0.15 correlation means they have often moved in opposite directions in the past. EWM charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
EWM vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWM achieves a 4.87% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWM has outperformed TLT with an annualized return of 2.51%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWM
- 1D
- 0.11%
- 1M
- 4.23%
- 6M
- -2.14%
- YTD
- 4.87%
- 1Y
- 21.56%
- 3Y*
- 13.59%
- 5Y*
- 6.70%
- 10Y*
- 2.51%
- ALL TIME*
- 1.91%
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) |
|---|---|---|---|
| $7.74M | $6.46M | $7.58M | |
| $2.39B | $2.06B | $2.20B |
EWM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWM iShares MSCI Malaysia ETF | 4.87% | 15.74% | 19.46% | -3.61% | -6.00% | -7.40% | 3.12% | -1.41% | -6.28% | 24.25% |
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 EWM and TLT is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.15 |
The correlation between EWM and TLT shifts across timeframes, from -0.15 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWM vs. TLT — Risk / Return Rank
EWM
TLT
EWM vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Malaysia ETF (EWM) 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.
| EWM | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.77 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.97 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | -0.28 | +2.32 |
| Martin ratioReturn relative to average drawdown | 5.39 | -0.59 | +5.98 |
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Drawdowns
EWM vs. TLT - Drawdown Comparison
The maximum EWM drawdown since its inception was -89.19%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWM and TLT.
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Drawdown Indicators
| EWM | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.19% | -48.35% | -40.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.61% | -7.74% | -2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -21.31% | -14.79% | -6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -22.76% | -43.70% | +20.94% |
Max Drawdown (10Y)Largest decline over 10 years | -43.81% | -48.35% | +4.54% |
Current DrawdownCurrent decline from peak | -7.32% | -42.17% | +34.85% |
Average DrawdownAverage peak-to-trough decline | -31.70% | -14.00% | -17.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 3.60% | +0.41% |
Volatility
EWM vs. TLT - Volatility Comparison
iShares MSCI Malaysia ETF (EWM) has a higher volatility of 3.61% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EWM'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
| EWM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 2.51% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 10.74% | 6.84% | +3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 9.24% | +4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.79% | 15.74% | -1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 14.83% | +1.33% |
EWM vs. TLT - Expense Ratio Comparison
EWM has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWM vs. TLT - Dividend Comparison
EWM's dividend yield for the trailing twelve months is around 3.55%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWM iShares MSCI Malaysia ETF | 3.55% | 3.41% | 3.32% | 3.47% | 3.00% | 6.48% | 1.89% | 2.91% | 3.84% | 5.58% | 5.97% | 37.54% |
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
EWM and TLT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWM has higher volatility (3.61%) compared to TLT (2.51%). In terms of maximum drawdown, EWM dropped -89.19% vs TLT's -48.35%.
On 10-year performance, EWM leads with 2.51% 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, EWM has performed better with a 2.51% 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 EWM.
TLT has the higher dividend yield at 4.75%, compared with 3.55% for EWM.
EWM is categorized as Asia Pacific Equities, while TLT is Government Bonds. EWM tracks MSCI Malaysia Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for EWM and 0.15% for TLT.
EWM currently has the higher Sharpe Ratio (1.53 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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