EWP vs. TLT
EWP (iShares MSCI Spain ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain 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, EWP returned 12.83%/yr vs -2.38%/yr for TLT. Their -0.19 correlation means they have often moved in opposite directions in the past. EWP charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EWP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWP achieves a 15.87% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, EWP has outperformed TLT with an annualized return of 12.83%, while TLT has yielded a comparatively lower -2.38% annualized return.
EWP
- 1D
- 0.07%
- 1M
- 3.05%
- 6M
- 10.97%
- YTD
- 15.87%
- 1Y
- 42.25%
- 3Y*
- 33.14%
- 5Y*
- 20.97%
- 10Y*
- 12.83%
- ALL TIME*
- 8.75%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.85M | $23.74M | $20.93M | |
| $2.33B | $2.02B | $2.19B |
EWP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 15.87% | 78.03% | 5.70% | 30.26% | -5.18% | 0.25% | -3.94% | 11.93% | -15.32% | 26.98% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EWP and TLT is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
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. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.19 |
The correlation between EWP and TLT shifts across timeframes, from -0.19 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWP vs. TLT — Risk / Return Rank
EWP
TLT
EWP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Spain ETF (EWP) 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.
| EWP | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.99 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | -0.14 | +3.81 |
| Martin ratioReturn relative to average drawdown | 13.09 | -0.30 | +13.38 |
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Drawdowns
EWP vs. TLT - Drawdown Comparison
The maximum EWP drawdown since its inception was -61.19%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWP and TLT.
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Drawdown Indicators
| EWP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.19% | -48.35% | -12.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -7.74% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -12.19% | -14.79% | +2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -30.26% | -43.70% | +13.44% |
Max Drawdown (10Y)Largest decline over 10 years | -46.36% | -48.35% | +1.99% |
Current DrawdownCurrent decline from peak | 0.00% | -42.36% | +42.36% |
Average DrawdownAverage peak-to-trough decline | -21.33% | -13.99% | -7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.57% | -0.38% |
Volatility
EWP vs. TLT - Volatility Comparison
iShares MSCI Spain ETF (EWP) has a higher volatility of 5.92% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that EWP'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
| EWP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.92% | 2.46% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 16.53% | 6.85% | +9.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 9.32% | +9.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.28% | 15.74% | +4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.50% | 14.83% | +6.67% |
EWP vs. TLT - Expense Ratio Comparison
EWP has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWP vs. TLT - Dividend Comparison
EWP's dividend yield for the trailing twelve months is around 2.71%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWP iShares MSCI Spain ETF | 2.71% | 2.27% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
EWP and TLT have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWP has higher volatility (5.92%) compared to TLT (2.46%). In terms of maximum drawdown, EWP dropped -61.19% vs TLT's -48.35%.
On 10-year performance, EWP leads with 12.83% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWP has performed better with a 12.83% return vs -2.38%. 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 EWP.
TLT has the higher dividend yield at 4.34%, compared with 2.71% for EWP.
EWP is categorized as Europe Equities, while TLT is Government Bonds. EWP tracks MSCI Spain 25/50 Index (Net), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWP and 0.15% for TLT.
EWP currently has the higher Sharpe Ratio (2.19 vs -0.11), 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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