IWR vs. TLT
IWR (iShares Russell Midcap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWR is a Mid Cap Blend Equities fund tracking the Russell Midcap 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, IWR returned 11.43%/yr vs -2.38%/yr for TLT. Their -0.23 correlation means they have often moved in opposite directions in the past. IWR charges 0.19%/yr vs 0.15%/yr for TLT.
Performance
IWR vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWR achieves a 14.55% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, IWR has outperformed TLT with an annualized return of 11.43%, while TLT has yielded a comparatively lower -2.38% annualized return.
IWR
- 1D
- -0.28%
- 1M
- -0.59%
- 6M
- 11.19%
- YTD
- 14.55%
- 1Y
- 20.25%
- 3Y*
- 14.75%
- 5Y*
- 8.04%
- 10Y*
- 11.43%
- ALL TIME*
- 9.95%
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) |
|---|---|---|---|
| $186.41M | $266.84M | $222.00M | |
| $2.33B | $2.02B | $2.19B |
IWR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 14.55% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
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 IWR and TLT is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.23 |
The correlation between IWR and TLT shifts across timeframes, from -0.23 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWR vs. TLT — Risk / Return Rank
IWR
TLT
IWR vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.
| IWR | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.99 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | -0.14 | +2.42 |
| Martin ratioReturn relative to average drawdown | 8.85 | -0.30 | +9.15 |
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Drawdowns
IWR vs. TLT - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWR and TLT.
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Drawdown Indicators
| IWR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -48.35% | -10.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -7.74% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -14.79% | -6.30% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -43.70% | +17.52% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -48.35% | +7.76% |
Current DrawdownCurrent decline from peak | -0.93% | -42.36% | +41.43% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -13.99% | +6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 3.57% | -1.47% |
Volatility
IWR vs. TLT - Volatility Comparison
iShares Russell Midcap ETF (IWR) and iShares 20+ Year Treasury Bond ETF (TLT) have volatilities of 2.48% and 2.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.46% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 6.85% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.67% | 9.32% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 15.74% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.31% | 14.83% | +4.48% |
IWR vs. TLT - Expense Ratio Comparison
IWR has a 0.19% 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
IWR vs. TLT - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.16%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 1.16% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
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
IWR and TLT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWR has higher volatility (2.48%) compared to TLT (2.46%). In terms of maximum drawdown, IWR dropped -58.78% vs TLT's -48.35%.
On 10-year performance, IWR leads with 11.43% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWR has performed better with a 11.43% 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 0.19% for IWR.
TLT has the higher dividend yield at 4.34%, compared with 1.16% for IWR.
IWR is categorized as Mid Cap Blend Equities, while TLT is Government Bonds. IWR tracks Russell Midcap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.19% for IWR and 0.15% for TLT.
IWR currently has the higher Sharpe Ratio (1.36 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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