EWUS vs. TLT
EWUS (iShares MSCI United Kingdom Small-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWUS is a Europe Equities fund tracking the MSCI United Kingdom Small Cap 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, EWUS returned 5.50%/yr vs -2.25%/yr for TLT. Their -0.06 correlation means they have often moved in opposite directions in the past. EWUS charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
EWUS vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWUS achieves a 9.03% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EWUS has outperformed TLT with an annualized return of 5.50%, while TLT has yielded a comparatively lower -2.25% annualized return.
EWUS
- 1D
- 1.41%
- 1M
- 5.34%
- 6M
- 3.64%
- YTD
- 9.03%
- 1Y
- 15.70%
- 3Y*
- 14.50%
- 5Y*
- 1.50%
- 10Y*
- 5.50%
- ALL TIME*
- 6.84%
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) |
|---|---|---|---|
| $138.90K | $173.11K | $230.43K | |
| $2.59B | $2.11B | $2.22B |
EWUS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWUS iShares MSCI United Kingdom Small-Cap ETF | 9.03% | 25.13% | 3.55% | 15.41% | -31.19% | 12.55% | -2.58% | 35.16% | -20.16% | 32.17% |
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 EWUS 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. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2012 | -0.06 |
The correlation between EWUS and TLT shifts across timeframes, from -0.06 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWUS vs. TLT — Risk / Return Rank
EWUS
TLT
EWUS vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.
| EWUS | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.98 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.21 | +1.25 |
| Martin ratioReturn relative to average drawdown | 3.27 | -0.45 | +3.72 |
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Drawdowns
EWUS vs. TLT - Drawdown Comparison
The maximum EWUS drawdown since its inception was -49.33%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWUS and TLT.
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Drawdown Indicators
| EWUS | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.33% | -48.35% | -0.98% |
Max Drawdown (1Y)Largest decline over 1 year | -15.21% | -7.74% | -7.47% |
Max Drawdown (3Y)Largest decline over 3 years | -19.84% | -14.79% | -5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -48.14% | -43.70% | -4.44% |
Max Drawdown (10Y)Largest decline over 10 years | -49.33% | -48.35% | -0.98% |
Current DrawdownCurrent decline from peak | 0.00% | -41.73% | +41.73% |
Average DrawdownAverage peak-to-trough decline | -12.98% | -14.00% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 3.63% | +1.19% |
Volatility
EWUS vs. TLT - Volatility Comparison
iShares MSCI United Kingdom Small-Cap ETF (EWUS) has a higher volatility of 5.34% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that EWUS'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
| EWUS | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.34% | 2.67% | +2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 6.88% | +8.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 9.25% | +8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 15.75% | +5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.50% | 14.83% | +6.67% |
EWUS vs. TLT - Expense Ratio Comparison
EWUS has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWUS vs. TLT - Dividend Comparison
EWUS's dividend yield for the trailing twelve months is around 3.02%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWUS iShares MSCI United Kingdom Small-Cap ETF | 3.02% | 3.59% | 3.67% | 2.88% | 2.03% | 3.54% | 1.97% | 2.59% | 3.53% | 2.61% | 3.18% | 2.85% |
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
EWUS 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.
EWUS has higher volatility (5.34%) compared to TLT (2.67%). In terms of maximum drawdown, EWUS dropped -49.33% vs TLT's -48.35%.
On 10-year performance, EWUS leads with 5.50% 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, EWUS has performed better with a 5.50% 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 0.59% for EWUS.
TLT has the higher dividend yield at 4.71%, compared with 3.02% for EWUS.
EWUS is categorized as Europe Equities, while TLT is Government Bonds. EWUS tracks MSCI United Kingdom Small Cap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for EWUS and 0.15% for TLT.
EWUS currently has the higher Sharpe Ratio (0.87 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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