HAWX vs. TLT
HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, 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, HAWX returned 12.07%/yr vs -2.33%/yr for TLT. Their -0.12 correlation means they have often moved in opposite directions in the past. HAWX charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
HAWX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, HAWX achieves a 15.61% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, HAWX has outperformed TLT with an annualized return of 12.07%, while TLT has yielded a comparatively lower -2.33% annualized return.
HAWX
- 1D
- 0.28%
- 1M
- -0.61%
- 6M
- 9.66%
- YTD
- 15.61%
- 1Y
- 32.57%
- 3Y*
- 20.58%
- 5Y*
- 12.79%
- 10Y*
- 12.07%
- ALL TIME*
- 9.97%
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) |
|---|---|---|---|
| $978.55K | $1.69M | $1.20M | |
| $2.39B | $2.06B | $2.20B |
HAWX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 15.61% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
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 HAWX and TLT is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015 | -0.12 |
The correlation between HAWX and TLT shifts across timeframes, from -0.12 (10 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HAWX vs. TLT — Risk / Return Rank
HAWX
TLT
HAWX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) 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.
| HAWX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.21 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.97 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | -0.28 | +3.76 |
| Martin ratioReturn relative to average drawdown | 12.99 | -0.59 | +13.59 |
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Drawdowns
HAWX vs. TLT - Drawdown Comparison
The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for HAWX and TLT.
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Drawdown Indicators
| HAWX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.63% | -48.35% | +17.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -7.74% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -13.30% | -14.79% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -17.47% | -43.70% | +26.23% |
Max Drawdown (10Y)Largest decline over 10 years | -30.63% | -48.35% | +17.72% |
Current DrawdownCurrent decline from peak | -3.38% | -42.17% | +38.79% |
Average DrawdownAverage peak-to-trough decline | -4.26% | -14.00% | +9.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.60% | -1.09% |
Volatility
HAWX vs. TLT - Volatility Comparison
iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 4.90% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that HAWX'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
| HAWX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 2.51% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.22% | 6.84% | +6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.91% | 9.24% | +5.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 15.74% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.30% | 14.83% | +0.47% |
HAWX vs. TLT - Expense Ratio Comparison
HAWX has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
HAWX vs. TLT - Dividend Comparison
HAWX's dividend yield for the trailing twelve months is around 2.50%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.50% | 2.80% | 3.31% | 2.95% | 16.94% | 2.63% | 2.00% | 3.23% | 2.51% | 2.40% | 2.49% | 3.86% |
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
HAWX and TLT have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HAWX has higher volatility (4.90%) compared to TLT (2.51%). In terms of maximum drawdown, HAWX dropped -30.63% vs TLT's -48.35%.
On 10-year performance, HAWX leads with 12.07% 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, HAWX has performed better with a 12.07% 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 0.35% for HAWX.
TLT has the higher dividend yield at 4.75%, compared with 2.50% for HAWX.
HAWX is categorized as Foreign Large Cap Equities, while TLT is Government Bonds. HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.35% for HAWX and 0.15% for TLT.
HAWX currently has the higher Sharpe Ratio (2.20 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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