IWN vs. TLT
IWN (iShares Russell 2000 Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 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, IWN returned 10.28%/yr vs -2.38%/yr for TLT. Their -0.25 correlation means they have often moved in opposite directions in the past. IWN charges 0.24%/yr vs 0.15%/yr for TLT.
Performance
IWN vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWN achieves a 22.87% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IWN has outperformed TLT with an annualized return of 10.28%, while TLT has yielded a comparatively lower -2.38% annualized return.
IWN
- 1D
- -0.25%
- 1M
- -0.04%
- 6M
- 14.84%
- YTD
- 22.87%
- 1Y
- 43.20%
- 3Y*
- 15.76%
- 5Y*
- 8.77%
- 10Y*
- 10.28%
- ALL TIME*
- 9.49%
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) |
|---|---|---|---|
| $142.85M | $119.46M | $143.70M | |
| $2.33B | $2.02B | $2.19B |
IWN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWN iShares Russell 2000 Value ETF | 22.87% | 12.40% | 7.63% | 14.56% | -14.77% | 27.96% | 4.66% | 22.01% | -13.01% | 7.69% |
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 IWN and TLT is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
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 | -0.25 |
The correlation between IWN and TLT shifts across timeframes, from -0.25 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWN vs. TLT — Risk / Return Rank
IWN
TLT
IWN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) 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.
| IWN | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +3.41 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.99 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 4.79 | -0.14 | +4.92 |
| Martin ratioReturn relative to average drawdown | 17.22 | -0.30 | +17.51 |
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Drawdowns
IWN vs. TLT - Drawdown Comparison
The maximum IWN drawdown since its inception was -61.55%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWN and TLT.
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Drawdown Indicators
| IWN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -48.35% | -13.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -7.74% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -14.79% | -11.91% |
Max Drawdown (5Y)Largest decline over 5 years | -26.70% | -43.70% | +17.00% |
Max Drawdown (10Y)Largest decline over 10 years | -46.08% | -48.35% | +2.27% |
Current DrawdownCurrent decline from peak | -1.31% | -42.36% | +41.05% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -13.99% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 3.57% | -1.22% |
Volatility
IWN vs. TLT - Volatility Comparison
iShares Russell 2000 Value ETF (IWN) has a higher volatility of 3.21% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that IWN'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
| IWN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 2.46% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 11.81% | 6.85% | +4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.38% | 9.32% | +8.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.22% | 15.74% | +5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.33% | 14.83% | +8.50% |
IWN vs. TLT - Expense Ratio Comparison
IWN has a 0.24% 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
IWN vs. TLT - Dividend Comparison
IWN's dividend yield for the trailing twelve months is around 1.44%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWN iShares Russell 2000 Value ETF | 1.44% | 1.70% | 1.80% | 2.04% | 2.12% | 1.48% | 1.60% | 1.92% | 1.99% | 1.78% | 1.74% | 2.15% |
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
IWN and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWN has higher volatility (3.21%) compared to TLT (2.46%). In terms of maximum drawdown, IWN dropped -61.55% vs TLT's -48.35%.
On 10-year performance, IWN leads with 10.28% 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, IWN has performed better with a 10.28% 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 0.24% for IWN.
TLT has the higher dividend yield at 4.34%, compared with 1.44% for IWN.
IWN is categorized as Small Cap Value Equities, while TLT is Government Bonds. IWN tracks Russell 2000 Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.24% for IWN and 0.15% for TLT.
IWN currently has the higher Sharpe Ratio (2.33 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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