EWQ vs. TLT
EWQ (iShares MSCI France ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France 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, EWQ returned 10.16%/yr vs -2.25%/yr for TLT. Their -0.20 correlation means they have often moved in opposite directions in the past. EWQ charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EWQ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWQ achieves a 8.17% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EWQ has outperformed TLT with an annualized return of 10.16%, while TLT has yielded a comparatively lower -2.25% annualized return.
EWQ
- 1D
- 1.11%
- 1M
- 3.51%
- 6M
- 6.51%
- YTD
- 8.17%
- 1Y
- 16.85%
- 3Y*
- 10.87%
- 5Y*
- 7.54%
- 10Y*
- 10.16%
- ALL TIME*
- 7.01%
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) |
|---|---|---|---|
| $16.77M | $14.69M | $16.24M | |
| $2.59B | $2.11B | $2.22B |
EWQ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWQ iShares MSCI France ETF | 8.17% | 28.90% | -5.63% | 21.71% | -12.05% | 21.43% | 2.86% | 26.69% | -12.90% | 29.11% |
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 EWQ and TLT is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.20 |
The correlation between EWQ and TLT shifts across timeframes, from -0.20 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWQ vs. TLT — Risk / Return Rank
EWQ
TLT
EWQ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) 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.
| EWQ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.98 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.21 | +1.44 |
| Martin ratioReturn relative to average drawdown | 3.68 | -0.45 | +4.13 |
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Drawdowns
EWQ vs. TLT - Drawdown Comparison
The maximum EWQ drawdown since its inception was -61.41%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWQ and TLT.
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Drawdown Indicators
| EWQ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.41% | -48.35% | -13.06% |
Max Drawdown (1Y)Largest decline over 1 year | -13.80% | -7.74% | -6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -14.79% | -0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -31.46% | -43.70% | +12.24% |
Max Drawdown (10Y)Largest decline over 10 years | -39.23% | -48.35% | +9.12% |
Current DrawdownCurrent decline from peak | 0.00% | -41.73% | +41.73% |
Average DrawdownAverage peak-to-trough decline | -16.01% | -14.00% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 3.63% | +0.96% |
Volatility
EWQ vs. TLT - Volatility Comparison
iShares MSCI France ETF (EWQ) has a higher volatility of 4.41% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that EWQ'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
| EWQ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 2.67% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.71% | 6.88% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.38% | 9.25% | +8.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.86% | 15.75% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.40% | 14.83% | +5.57% |
EWQ vs. TLT - Expense Ratio Comparison
EWQ has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWQ vs. TLT - Dividend Comparison
EWQ's dividend yield for the trailing twelve months is around 2.77%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWQ iShares MSCI France ETF | 2.77% | 2.63% | 3.31% | 2.73% | 3.23% | 3.79% | 1.02% | 2.44% | 2.90% | 1.90% | 2.84% | 2.25% |
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
EWQ and TLT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWQ has higher volatility (4.41%) compared to TLT (2.67%). In terms of maximum drawdown, EWQ dropped -61.41% vs TLT's -48.35%.
On 10-year performance, EWQ leads with 10.16% 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, EWQ has performed better with a 10.16% 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 0.50% for EWQ.
TLT has the higher dividend yield at 4.71%, compared with 2.77% for EWQ.
EWQ is categorized as Europe Equities, while TLT is Government Bonds. EWQ tracks MSCI France Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWQ and 0.15% for TLT.
EWQ currently has the higher Sharpe Ratio (0.98 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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