HEWJ vs. TLT
HEWJ (iShares Currency Hedged MSCI Japan ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD 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, HEWJ returned 16.67%/yr vs -2.25%/yr for TLT. Their -0.26 correlation means they have often moved in opposite directions in the past. HEWJ charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
HEWJ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.71% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, HEWJ has outperformed TLT with an annualized return of 16.67%, while TLT has yielded a comparatively lower -2.25% annualized return.
HEWJ
- 1D
- 2.48%
- 1M
- -0.17%
- 6M
- 12.75%
- YTD
- 20.71%
- 1Y
- 45.11%
- 3Y*
- 28.13%
- 5Y*
- 21.79%
- 10Y*
- 16.67%
- ALL TIME*
- 14.05%
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) |
|---|---|---|---|
| $1.73M | $2.71M | $4.09M | |
| $2.59B | $2.11B | $2.22B |
HEWJ vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.71% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -14.68% | 21.47% |
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 HEWJ and TLT is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | -0.26 |
The correlation between HEWJ and TLT shifts across timeframes, from -0.26 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEWJ vs. TLT — Risk / Return Rank
HEWJ
TLT
HEWJ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) 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.
| HEWJ | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.98 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | -0.21 | +4.58 |
| Martin ratioReturn relative to average drawdown | 14.87 | -0.45 | +15.32 |
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Drawdowns
HEWJ vs. TLT - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for HEWJ and TLT.
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Drawdown Indicators
| HEWJ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -48.35% | +16.82% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -7.74% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -14.79% | -6.11% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -43.70% | +22.80% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -48.35% | +16.82% |
Current DrawdownCurrent decline from peak | -4.58% | -41.73% | +37.15% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -14.00% | +7.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 3.63% | -0.59% |
Volatility
HEWJ vs. TLT - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 6.48% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. This indicates that HEWJ'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
| HEWJ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 2.67% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 6.88% | +9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 9.25% | +10.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.42% | 15.75% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 14.83% | +4.66% |
HEWJ vs. TLT - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
HEWJ vs. TLT - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.12%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.12% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
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
HEWJ 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.
HEWJ has higher volatility (6.48%) compared to TLT (2.67%). In terms of maximum drawdown, HEWJ dropped -31.53% vs TLT's -48.35%.
On 10-year performance, HEWJ leads with 16.67% 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, HEWJ has performed better with a 16.67% 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 0.49% for HEWJ.
TLT has the higher dividend yield at 4.71%, compared with 4.12% for HEWJ.
HEWJ is categorized as Japan Equities, while TLT is Government Bonds. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for HEWJ and 0.15% for TLT.
HEWJ currently has the higher Sharpe Ratio (2.25 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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