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IWS vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWS vs. TLT

Last updated Jun 4, 2026

IWS (iShares Russell Mid-Cap Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWS is a Mid Cap Value Equities fund tracking the Russell Midcap 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, IWS returned 10.23%/yr vs -1.66%/yr for TLT. At a correlation of -0.24, they often move in opposite directions. IWS charges 0.23%/yr vs 0.15%/yr for TLT.

Performance

IWS vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) 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, IWS achieves a 15.06% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IWS has outperformed TLT with an annualized return of 10.23%, while TLT has yielded a comparatively lower -1.66% annualized return.

IWS

1D
-0.04%
1M
3.74%
YTD
15.06%
6M
15.13%
1Y
27.01%
3Y*
17.40%
5Y*
8.37%
10Y*
10.23%

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)

IWS vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWS
iShares Russell Mid-Cap Value ETF		15.06%10.82%12.91%12.52%-12.29%28.10%4.83%26.73%-12.43%13.14%
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 IWS and TLT is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.27

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

0.25

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

0.09

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

-0.09

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

-0.24

The correlation between IWS and TLT shifts across timeframes, from -0.24 (all time) to 0.27 (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 Mid-Cap Value ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IWS:
IWS vs. IWPIWS vs. IWNIWS vs. IWDIWS vs. IMCVIWS vs. FIMVXIWS vs. IVVIWS vs. VBR
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IWS vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWS
IWS Risk / Return Rank: 6565
Overall Rank
IWS Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
IWS Sortino Ratio Rank: 6262
Sortino Ratio Rank
IWS Omega Ratio Rank: 5858
Omega Ratio Rank
IWS Calmar Ratio Rank: 7272
Calmar Ratio Rank
IWS Martin Ratio Rank: 7272
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.

IWS vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) 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.

IWSTLTDifference
Sharpe ratioReturn per unit of total volatility
2.06
0.51

+1.56

Sortino ratioReturn per unit of downside risk
2.95
0.80

+2.15

Omega ratioGain probability vs. loss probability

1.36

1.09

+0.27

Calmar ratioReturn relative to maximum drawdown

3.60

0.65

+2.95

Martin ratioReturn relative to average drawdown

13.59

1.63

+11.96

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

IWS vs. TLT - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.06, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IWS 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

IWSTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

0.51

+1.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

-0.40

+0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

-0.11

+0.64

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.26

+0.17

Drawdowns

IWS vs. TLT - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWS and TLT.

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Drawdown Indicators

IWSTLTDifference

Max Drawdown

Largest peak-to-trough decline

-62.40%

-48.35%

-14.05%

Max Drawdown (1Y)

Largest decline over 1 year

-7.53%

-7.58%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-20.57%

-19.18%

-1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-21.23%

-43.70%

+22.47%

Max Drawdown (10Y)

Largest decline over 10 years

-43.83%

-48.35%

+4.52%

Current Drawdown

Current decline from peak

-0.04%

-40.44%

+40.40%

Average Drawdown

Average peak-to-trough decline

-8.02%

-13.82%

+5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

3.04%

-1.05%

Volatility

IWS vs. TLT - Volatility Comparison

iShares Russell Mid-Cap Value ETF (IWS) has a higher volatility of 3.40% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that IWS'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

IWSTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.40%

2.76%

+0.64%

Volatility (6M)

Calculated over the trailing 6-month period

9.57%

6.50%

+3.07%

Volatility (1Y)

Calculated over the trailing 1-year period

13.19%

9.77%

+3.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.30%

15.87%

+1.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.36%

14.91%

+4.45%

IWS vs. TLT - Expense Ratio Comparison

IWS has a 0.23% 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

IWS vs. TLT - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.34%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IWS
iShares Russell Mid-Cap Value ETF		1.34%1.53%1.50%1.76%1.93%1.39%1.87%1.97%2.53%1.96%2.10%2.14%
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

IWS and TLT have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWS has higher volatility (3.40%) compared to TLT (2.76%). In terms of maximum drawdown, IWS dropped -62.40% vs TLT's -48.35%.

On 10-year performance, IWS leads with 10.23% 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, IWS has performed better with a 10.23% 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 0.23% for IWS.

TLT has the higher dividend yield at 4.59%, compared with 1.34% for IWS.

IWS is categorized as Mid Cap Value Equities, while TLT is Government Bonds. IWS tracks Russell Midcap Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.23% for IWS and 0.15% for TLT.

IWS currently has the higher Sharpe Ratio (2.06 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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