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IWD vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWD vs. TLT

Last updated Jun 4, 2026

IWD (iShares Russell 1000 Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWD is a Large Cap Value Equities fund tracking the Russell 1000 Value 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, IWD returned 11.23%/yr vs -1.66%/yr for TLT. At a correlation of -0.26, they often move in opposite directions. IWD charges 0.18%/yr vs 0.15%/yr for TLT.

Performance

IWD vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Value ETF (IWD) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWD achieves a 14.20% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IWD has outperformed TLT with an annualized return of 11.23%, while TLT has yielded a comparatively lower -1.66% annualized return.

IWD

1D
-0.01%
1M
4.22%
YTD
14.20%
6M
14.76%
1Y
28.16%
3Y*
18.40%
5Y*
10.17%
10Y*
11.23%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWD vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWD
iShares Russell 1000 Value ETF		14.20%15.68%14.17%11.34%-7.75%24.95%2.73%26.12%-8.45%13.45%
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 IWD and TLT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.12

Correlation (All Time)
Calculated using the full available price history since Jul 29, 2002

-0.26

The correlation between IWD and TLT shifts across timeframes, from -0.26 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 1000 Value ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IWD:
IWD vs. IWFIWD vs. VTVIWD vs. IWBIWD vs. QQQIWD vs. VONVIWD vs. IWVIWD vs. IWR
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IWD vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWD
IWD Risk / Return Rank: 8080
Overall Rank
IWD Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IWD Sortino Ratio Rank: 8282
Sortino Ratio Rank
IWD Omega Ratio Rank: 7878
Omega Ratio Rank
IWD Calmar Ratio Rank: 7979
Calmar Ratio Rank
IWD Martin Ratio Rank: 8484
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWD vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Value ETF (IWD) 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.

IWDTLTDifference
Sharpe ratioReturn per unit of total volatility
2.63
0.51

+2.12

Sortino ratioReturn per unit of downside risk
3.71
0.80

+2.91

Omega ratioGain probability vs. loss probability

1.47

1.09

+0.38

Calmar ratioReturn relative to maximum drawdown

4.17

0.65

+3.52

Martin ratioReturn relative to average drawdown

17.46

1.63

+15.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWD vs. TLT - Sharpe Ratio Comparison

The current IWD Sharpe Ratio is 2.63, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IWD and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IWDTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.63

0.51

+2.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

-0.40

+1.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

-0.11

+0.76

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.26

+0.17

Drawdowns

IWD vs. TLT - Drawdown Comparison

The maximum IWD drawdown since its inception was -60.10%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWD and TLT.

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Drawdown Indicators

IWDTLTDifference

Max Drawdown

Largest peak-to-trough decline

-60.10%

-48.35%

-11.75%

Max Drawdown (1Y)

Largest decline over 1 year

-6.79%

-7.58%

+0.79%

Max Drawdown (3Y)

Largest decline over 3 years

-15.71%

-19.18%

+3.47%

Max Drawdown (5Y)

Largest decline over 5 years

-19.04%

-43.70%

+24.66%

Max Drawdown (10Y)

Largest decline over 10 years

-38.51%

-48.35%

+9.84%

Current Drawdown

Current decline from peak

-0.01%

-40.44%

+40.43%

Average Drawdown

Average peak-to-trough decline

-8.65%

-13.82%

+5.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.62%

3.04%

-1.42%

Volatility

IWD vs. TLT - Volatility Comparison

iShares Russell 1000 Value ETF (IWD) has a higher volatility of 2.90% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that IWD'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

IWDTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

2.76%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

8.06%

6.50%

+1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

10.77%

9.77%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.81%

15.87%

-1.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.29%

14.91%

+2.38%

IWD vs. TLT - Expense Ratio Comparison

IWD has a 0.18% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWD vs. TLT - Dividend Comparison

IWD's dividend yield for the trailing twelve months is around 1.50%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IWD
iShares Russell 1000 Value ETF		1.50%1.69%1.87%2.02%2.15%1.62%2.05%2.45%2.71%2.09%2.25%2.47%
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

IWD and TLT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWD has higher volatility (2.90%) compared to TLT (2.76%). In terms of maximum drawdown, IWD dropped -60.10% vs TLT's -48.35%.

On 10-year performance, IWD leads with 11.23% 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, IWD has performed better with a 11.23% 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 0.18% for IWD.

TLT has the higher dividend yield at 4.59%, compared with 1.50% for IWD.

IWD is categorized as Large Cap Value Equities, while TLT is Government Bonds. IWD tracks Russell 1000 Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.18% for IWD and 0.15% for TLT.

IWD currently has the higher Sharpe Ratio (2.63 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.

Portfolio Optimizer

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