EWT vs. TLT
EWT (iShares MSCI Taiwan ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 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, EWT returned 17.92%/yr vs -2.33%/yr for TLT. Their -0.18 correlation means they have often moved in opposite directions in the past. EWT charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
EWT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWT achieves a 54.23% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWT has outperformed TLT with an annualized return of 17.92%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWT
- 1D
- 1.48%
- 1M
- -6.56%
- 6M
- 42.12%
- YTD
- 54.23%
- 1Y
- 75.51%
- 3Y*
- 36.58%
- 5Y*
- 16.78%
- 10Y*
- 17.92%
- ALL TIME*
- 7.06%
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) |
|---|---|---|---|
| $570.84M | $674.34M | $671.50M | |
| $2.39B | $2.06B | $2.20B |
EWT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 54.23% | 28.38% | 16.11% | 29.00% | -28.90% | 26.18% | 31.50% | 33.36% | -9.90% | 26.81% |
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 EWT and TLT is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
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 | -0.18 |
The correlation between EWT and TLT shifts across timeframes, from -0.18 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWT vs. TLT — Risk / Return Rank
EWT
TLT
EWT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Taiwan ETF (EWT) 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.
| EWT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.70 | ||
| Sortino ratioReturn per unit of downside risk | +3.20 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.97 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | -0.28 | +4.10 |
| Martin ratioReturn relative to average drawdown | 15.47 | -0.59 | +16.06 |
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Drawdowns
EWT vs. TLT - Drawdown Comparison
The maximum EWT drawdown since its inception was -64.37%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWT and TLT.
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Drawdown Indicators
| EWT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.37% | -48.35% | -16.02% |
Max Drawdown (1Y)Largest decline over 1 year | -19.83% | -7.74% | -12.09% |
Max Drawdown (3Y)Largest decline over 3 years | -25.66% | -14.79% | -10.87% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -43.70% | +4.82% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -48.35% | +9.47% |
Current DrawdownCurrent decline from peak | -12.15% | -42.17% | +30.02% |
Average DrawdownAverage peak-to-trough decline | -19.09% | -14.00% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.90% | 3.60% | +1.30% |
Volatility
EWT vs. TLT - Volatility Comparison
iShares MSCI Taiwan ETF (EWT) has a higher volatility of 13.53% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EWT'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
| EWT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.53% | 2.51% | +11.02% |
Volatility (6M)Calculated over the trailing 6-month period | 27.44% | 6.84% | +20.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.86% | 9.24% | +21.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.96% | 15.74% | +8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 14.83% | +7.37% |
EWT vs. TLT - Expense Ratio Comparison
EWT has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWT vs. TLT - Dividend Comparison
EWT's dividend yield for the trailing twelve months is around 2.87%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 2.87% | 4.43% | 3.32% | 12.01% | 18.82% | 0.55% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% |
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
EWT and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWT has higher volatility (13.53%) compared to TLT (2.51%). In terms of maximum drawdown, EWT dropped -64.37% vs TLT's -48.35%.
On 10-year performance, EWT leads with 17.92% 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, EWT has performed better with a 17.92% 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 0.59% for EWT.
TLT has the higher dividend yield at 4.75%, compared with 2.87% for EWT.
EWT is categorized as Taiwan Equities, while TLT is Government Bonds. EWT tracks MSCI Taiwan 25/50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for EWT and 0.15% for TLT.
EWT currently has the higher Sharpe Ratio (2.46 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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