EWZS vs. TLT
EWZS (iShares MSCI Brazil Small-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil 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, EWZS returned 4.94%/yr vs -2.38%/yr for TLT. Their -0.06 correlation means they have often moved in opposite directions in the past. EWZS charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
EWZS vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EWZS achieves a 3.21% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, EWZS has outperformed TLT with an annualized return of 4.94%, while TLT has yielded a comparatively lower -2.38% annualized return.
EWZS
- 1D
- -0.23%
- 1M
- 1.77%
- 6M
- -10.01%
- YTD
- 3.21%
- 1Y
- 15.12%
- 3Y*
- -1.60%
- 5Y*
- -2.31%
- 10Y*
- 4.94%
- ALL TIME*
- -1.15%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.16M | $1.70M | $5.15M | |
| $2.33B | $2.02B | $2.19B |
EWZS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZS iShares MSCI Brazil Small-Cap ETF | 3.21% | 45.18% | -35.95% | 32.65% | -11.20% | -14.09% | -20.86% | 50.60% | -7.13% | 54.18% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EWZS 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. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | -0.06 |
The correlation between EWZS and TLT shifts across timeframes, from -0.06 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWZS vs. TLT — Risk / Return Rank
EWZS
TLT
EWZS vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) 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.
| EWZS | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.99 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.14 | +0.89 |
| Martin ratioReturn relative to average drawdown | 1.67 | -0.30 | +1.96 |
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Drawdowns
EWZS vs. TLT - Drawdown Comparison
The maximum EWZS drawdown since its inception was -79.23%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EWZS and TLT.
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Drawdown Indicators
| EWZS | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.23% | -48.35% | -30.88% |
Max Drawdown (1Y)Largest decline over 1 year | -21.53% | -7.74% | -13.79% |
Max Drawdown (3Y)Largest decline over 3 years | -37.33% | -14.79% | -22.54% |
Max Drawdown (5Y)Largest decline over 5 years | -42.60% | -43.70% | +1.10% |
Max Drawdown (10Y)Largest decline over 10 years | -63.15% | -48.35% | -14.80% |
Current DrawdownCurrent decline from peak | -32.13% | -42.36% | +10.23% |
Average DrawdownAverage peak-to-trough decline | -36.52% | -13.99% | -22.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.67% | 3.57% | +6.10% |
Volatility
EWZS vs. TLT - Volatility Comparison
iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.00% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that EWZS'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
| EWZS | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.00% | 2.46% | +5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 24.39% | 6.85% | +17.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.89% | 9.32% | +21.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.01% | 15.74% | +17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 14.83% | +21.86% |
EWZS vs. TLT - Expense Ratio Comparison
EWZS has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EWZS vs. TLT - Dividend Comparison
EWZS's dividend yield for the trailing twelve months is around 3.87%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZS iShares MSCI Brazil Small-Cap ETF | 3.87% | 3.88% | 4.93% | 2.75% | 4.61% | 4.51% | 1.15% | 1.77% | 4.35% | 3.41% | 3.62% | 4.35% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
EWZS 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.
EWZS has higher volatility (8.00%) compared to TLT (2.46%). In terms of maximum drawdown, EWZS dropped -79.23% vs TLT's -48.35%.
On 10-year performance, EWZS leads with 4.94% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZS has performed better with a 4.94% return vs -2.38%. 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 EWZS.
TLT has the higher dividend yield at 4.34%, compared with 3.87% for EWZS.
EWZS is categorized as Latin America Equities, while TLT is Government Bonds. EWZS tracks MSCI Brazil Small Cap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for EWZS and 0.15% for TLT.
EWZS currently has the higher Sharpe Ratio (0.52 vs -0.11), 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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