IWD vs. TLT
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 11.56%/yr vs -2.38%/yr for TLT. Their -0.26 correlation means they have often moved in opposite directions in the past. IWD charges 0.18%/yr vs 0.15%/yr for TLT.
Performance
IWD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWD achieves a 20.56% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IWD has outperformed TLT with an annualized return of 11.56%, while TLT has yielded a comparatively lower -2.38% annualized return.
IWD
- 1D
- 0.44%
- 1M
- 2.03%
- 6M
- 15.34%
- YTD
- 20.56%
- 1Y
- 32.78%
- 3Y*
- 17.82%
- 5Y*
- 11.62%
- 10Y*
- 11.56%
- ALL TIME*
- 8.29%
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) |
|---|---|---|---|
| $542.34M | $454.50M | $526.80M | |
| $2.33B | $2.02B | $2.19B |
IWD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWD iShares Russell 1000 Value ETF | 20.56% | 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 | -3.49% | 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 0.26, 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. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.26 |
The correlation between IWD and TLT shifts across timeframes, from -0.26 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWD vs. TLT — Risk / Return Rank
IWD
TLT
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.
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.
| IWD | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.93 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.99 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | -0.14 | +4.72 |
| Martin ratioReturn relative to average drawdown | 19.60 | -0.30 | +19.90 |
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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
| IWD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.10% | -48.35% | -11.75% |
Max Drawdown (1Y)Largest decline over 1 year | -6.79% | -7.74% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.71% | -14.79% | -0.92% |
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 DrawdownCurrent decline from peak | -0.09% | -42.36% | +42.27% |
Average DrawdownAverage peak-to-trough decline | -8.60% | -13.99% | +5.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 3.57% | -1.98% |
Volatility
IWD vs. TLT - Volatility Comparison
iShares Russell 1000 Value ETF (IWD) has a higher volatility of 2.86% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. 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
| IWD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 2.46% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 6.85% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.35% | 9.32% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.81% | 15.74% | -0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.25% | 14.83% | +2.42% |
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 1.39%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWD iShares Russell 1000 Value ETF | 1.39% | 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 | 4.34% | 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
IWD 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.
IWD has higher volatility (2.86%) compared to TLT (2.46%). In terms of maximum drawdown, IWD dropped -60.10% vs TLT's -48.35%.
On 10-year performance, IWD leads with 11.56% 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, IWD has performed better with a 11.56% 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 0.18% for IWD.
TLT has the higher dividend yield at 4.34%, compared with 1.39% 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 (2.75 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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