EWW vs. TLT
EWW (iShares MSCI Mexico ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 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, EWW returned 7.05%/yr vs -2.33%/yr for TLT. Their -0.17 correlation means they have often moved in opposite directions in the past. EWW charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EWW vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWW achieves a 12.04% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EWW has outperformed TLT with an annualized return of 7.05%, while TLT has yielded a comparatively lower -2.33% annualized return.
EWW
- 1D
- -0.34%
- 1M
- 1.39%
- 6M
- 2.98%
- YTD
- 12.04%
- 1Y
- 32.83%
- 3Y*
- 10.69%
- 5Y*
- 12.92%
- 10Y*
- 7.05%
- ALL TIME*
- 8.92%
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) |
|---|---|---|---|
| $81.87M | $77.20M | $92.45M | |
| $2.39B | $2.06B | $2.20B |
EWW vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWW iShares MSCI Mexico ETF | 12.04% | 53.65% | -28.22% | 40.32% | 1.24% | 20.27% | -3.06% | 12.64% | -14.58% | 14.47% |
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 EWW and TLT is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.17 |
The correlation between EWW and TLT shifts across timeframes, from -0.17 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWW vs. TLT — Risk / Return Rank
EWW
TLT
EWW vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) 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.
| EWW | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.97 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | -0.28 | +2.63 |
| Martin ratioReturn relative to average drawdown | 7.62 | -0.59 | +8.22 |
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Drawdowns
EWW vs. TLT - Drawdown Comparison
The maximum EWW drawdown since its inception was -64.94%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWW and TLT.
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Drawdown Indicators
| EWW | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.94% | -48.35% | -16.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.98% | -7.74% | -6.24% |
Max Drawdown (3Y)Largest decline over 3 years | -31.17% | -14.79% | -16.38% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -43.70% | +12.53% |
Max Drawdown (10Y)Largest decline over 10 years | -53.62% | -48.35% | -5.27% |
Current DrawdownCurrent decline from peak | -4.37% | -42.17% | +37.80% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -14.00% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 3.60% | +0.72% |
Volatility
EWW vs. TLT - Volatility Comparison
iShares MSCI Mexico ETF (EWW) has a higher volatility of 5.26% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EWW'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
| EWW | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 2.51% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 18.05% | 6.84% | +11.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.07% | 9.24% | +12.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.57% | 15.74% | +6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.25% | 14.83% | +10.42% |
EWW vs. TLT - Expense Ratio Comparison
EWW has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWW vs. TLT - Dividend Comparison
EWW's dividend yield for the trailing twelve months is around 3.22%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWW iShares MSCI Mexico ETF | 3.22% | 3.48% | 4.39% | 2.19% | 3.64% | 2.06% | 1.43% | 2.92% | 2.30% | 2.22% | 1.77% | 2.34% |
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
EWW and TLT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWW has higher volatility (5.26%) compared to TLT (2.51%). In terms of maximum drawdown, EWW dropped -64.94% vs TLT's -48.35%.
On 10-year performance, EWW leads with 7.05% 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, EWW has performed better with a 7.05% 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 0.50% for EWW.
TLT has the higher dividend yield at 4.75%, compared with 3.22% for EWW.
EWW is categorized as Latin America Equities, while TLT is Government Bonds. EWW tracks MSCI Mexico IMI 25/50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EWW and 0.15% for TLT.
EWW currently has the higher Sharpe Ratio (1.50 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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