EWU vs. TLT
EWU (iShares MSCI United Kingdom ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWU is a Europe Equities fund tracking the MSCI United Kingdom 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, EWU returned 8.54%/yr vs -2.25%/yr for TLT. Their -0.20 correlation means they have often moved in opposite directions in the past. EWU charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EWU vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWU achieves a 11.49% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EWU has outperformed TLT with an annualized return of 8.54%, while TLT has yielded a comparatively lower -2.25% annualized return.
EWU
- 1D
- 0.23%
- 1M
- 2.50%
- 6M
- 5.51%
- YTD
- 11.49%
- 1Y
- 24.30%
- 3Y*
- 18.84%
- 5Y*
- 12.00%
- 10Y*
- 8.54%
- 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) |
|---|---|---|---|
| $58.72M | $68.87M | $65.85M | |
| $2.59B | $2.11B | $2.22B |
EWU vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 11.49% | 34.95% | 6.74% | 12.40% | -4.39% | 18.19% | -11.80% | 21.29% | -14.30% | 21.54% |
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 EWU and TLT is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
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 | -0.20 |
The correlation between EWU and TLT shifts across timeframes, from -0.20 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWU vs. TLT — Risk / Return Rank
EWU
TLT
EWU vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom ETF (EWU) 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.
| EWU | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.81 | ||
| Sortino ratioReturn per unit of downside risk | +2.54 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.98 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.21 | +2.67 |
| Martin ratioReturn relative to average drawdown | 8.07 | -0.45 | +8.52 |
Loading charts...
Drawdowns
EWU vs. TLT - Drawdown Comparison
The maximum EWU drawdown since its inception was -63.99%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWU and TLT.
Loading charts...
Drawdown Indicators
| EWU | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.99% | -48.35% | -15.64% |
Max Drawdown (1Y)Largest decline over 1 year | -9.92% | -7.74% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -12.63% | -14.79% | +2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.91% | -43.70% | +18.79% |
Max Drawdown (10Y)Largest decline over 10 years | -43.33% | -48.35% | +5.02% |
Current DrawdownCurrent decline from peak | -0.70% | -41.73% | +41.03% |
Average DrawdownAverage peak-to-trough decline | -14.10% | -14.00% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.63% | -0.61% |
Volatility
EWU vs. TLT - Volatility Comparison
iShares MSCI United Kingdom ETF (EWU) has a higher volatility of 3.70% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that EWU'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.
Loading charts...
Volatility by Period
| EWU | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 2.67% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.88% | 6.88% | +6.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.95% | 9.25% | +5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.39% | 15.75% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.23% | 14.83% | +3.40% |
EWU vs. TLT - Expense Ratio Comparison
EWU has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWU vs. TLT - Dividend Comparison
EWU's dividend yield for the trailing twelve months is around 3.09%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 3.09% | 3.73% | 4.16% | 4.14% | 3.43% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% |
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
EWU and TLT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWU has higher volatility (3.70%) compared to TLT (2.67%). In terms of maximum drawdown, EWU dropped -63.99% vs TLT's -48.35%.
On 10-year performance, EWU leads with 8.54% 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, EWU has performed better with a 8.54% 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 EWU.
TLT has the higher dividend yield at 4.71%, compared with 3.09% for EWU.
EWU is categorized as Europe Equities, while TLT is Government Bonds. EWU tracks MSCI United Kingdom Index (Net), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWU and 0.15% for TLT.
EWU currently has the higher Sharpe Ratio (1.63 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.
Find the right allocation for EWU and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer