EWZ vs. TLT
EWZ (iShares MSCI Brazil ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 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, EWZ returned 7.81%/yr vs -1.66%/yr for TLT. At a correlation of -0.14, they often move in opposite directions. EWZ charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
EWZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 9.03% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, EWZ has outperformed TLT with an annualized return of 7.81%, while TLT has yielded a comparatively lower -1.66% annualized return.
EWZ
- 1D
- -3.19%
- 1M
- -11.27%
- YTD
- 9.03%
- 6M
- 4.84%
- 1Y
- 32.42%
- 3Y*
- 11.04%
- 5Y*
- 4.31%
- 10Y*
- 7.81%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
EWZ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 9.03% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EWZ and TLT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | -0.14 |
The correlation between EWZ and TLT shifts across timeframes, from -0.14 (all time) to 0.21 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. TLT — Risk / Return Rank
EWZ
TLT
EWZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) 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.
| EWZ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.09 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 0.65 | +1.26 |
| Martin ratioReturn relative to average drawdown | 6.10 | 1.63 | +4.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWZ | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 0.51 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.40 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | -0.11 | +0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.26 | -0.09 |
Drawdowns
EWZ vs. TLT - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWZ and TLT.
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Drawdown Indicators
| EWZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -48.35% | -28.90% |
Max Drawdown (1Y)Largest decline over 1 year | -16.99% | -7.58% | -9.41% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -19.18% | -12.18% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -43.70% | +11.46% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -48.35% | -8.64% |
Current DrawdownCurrent decline from peak | -24.07% | -40.44% | +16.37% |
Average DrawdownAverage peak-to-trough decline | -35.95% | -13.82% | -22.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 3.04% | +2.29% |
Volatility
EWZ vs. TLT - Volatility Comparison
iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.84% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that EWZ'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
| EWZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.84% | 2.76% | +5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 6.50% | +14.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.97% | 9.77% | +15.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.68% | 15.87% | +11.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.10% | 14.91% | +19.19% |
EWZ vs. TLT - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWZ vs. TLT - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.76%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.76% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 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
EWZ and TLT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (7.84%) compared to TLT (2.76%). In terms of maximum drawdown, EWZ dropped -77.25% vs TLT's -48.35%.
On 10-year performance, EWZ leads with 7.81% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZ has performed better with a 7.81% return vs -1.66%. 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 EWZ.
EWZ has the higher dividend yield at 4.76%, compared with 4.59% for TLT.
EWZ is categorized as Latin America Equities, while TLT is Government Bonds. EWZ tracks MSCI Brazil 25/50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for EWZ and 0.15% for TLT.
EWZ currently has the higher Sharpe Ratio (1.31 vs 0.51), 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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