IWY vs. TLT
IWY (iShares Russell Top 200 Growth ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth 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, IWY returned 19.59%/yr vs -1.78%/yr for TLT. At a correlation of -0.20, they often move in opposite directions. IWY charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
IWY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWY achieves a 5.40% return, which is significantly higher than TLT's 0.21% return. Over the past 10 years, IWY has outperformed TLT with an annualized return of 19.59%, while TLT has yielded a comparatively lower -1.78% annualized return.
IWY
- 1D
- 2.34%
- 1M
- -0.22%
- YTD
- 5.40%
- 6M
- 6.65%
- 1Y
- 24.23%
- 3Y*
- 23.50%
- 5Y*
- 15.67%
- 10Y*
- 19.59%
TLT
- 1D
- -0.06%
- 1M
- 2.87%
- YTD
- 0.21%
- 6M
- 0.32%
- 1Y
- 3.82%
- 3Y*
- -1.84%
- 5Y*
- -6.36%
- 10Y*
- -1.78%
IWY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWY iShares Russell Top 200 Growth ETF | 5.40% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -0.72% | 31.69% |
TLT iShares 20+ Year Treasury Bond ETF | 0.21% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IWY and TLT is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | -0.20 |
The correlation between IWY and TLT shifts across timeframes, from -0.20 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWY vs. TLT — Risk / Return Rank
IWY
TLT
IWY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) 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.
| IWY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.07 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 0.51 | +0.96 |
| Martin ratioReturn relative to average drawdown | 4.70 | 1.22 | +3.48 |
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Drawdowns
IWY vs. TLT - Drawdown Comparison
The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWY and TLT.
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Drawdown Indicators
| IWY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -48.35% | +15.67% |
Max Drawdown (1Y)Largest decline over 1 year | -16.63% | -7.58% | -9.05% |
Max Drawdown (3Y)Largest decline over 3 years | -23.22% | -19.18% | -4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.68% | -43.70% | +11.02% |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | -48.35% | +15.67% |
Current DrawdownCurrent decline from peak | -3.47% | -40.15% | +36.68% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -13.85% | +9.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.17% | 3.14% | +2.03% |
Volatility
IWY vs. TLT - Volatility Comparison
iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.84%. This indicates that IWY'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
| IWY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 2.84% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.59% | 6.64% | +5.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.14% | 9.57% | +6.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 15.86% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.03% | 14.91% | +6.12% |
IWY vs. TLT - Expense Ratio Comparison
IWY has a 0.20% 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
IWY vs. TLT - Dividend Comparison
IWY's dividend yield for the trailing twelve months is around 0.43%, less than TLT's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWY iShares Russell Top 200 Growth ETF | 0.43% | 0.36% | 0.42% | 0.68% | 0.88% | 0.50% | 0.71% | 1.06% | 1.32% | 1.26% | 1.51% | 1.58% |
TLT iShares 20+ Year Treasury Bond ETF | 4.57% | 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
IWY and TLT have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWY has higher volatility (5.68%) compared to TLT (2.84%). In terms of maximum drawdown, IWY dropped -32.68% vs TLT's -48.35%.
On 10-year performance, IWY leads with 19.59% vs -1.78% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWY has performed better with a 19.59% return vs -1.78%. 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 0.20% for IWY.
TLT has the higher dividend yield at 4.57%, compared with 0.43% for IWY.
IWY is categorized as Large Cap Growth Equities, while TLT is Government Bonds. IWY tracks Russell Top 200 Growth Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for IWY and 0.15% for TLT.
IWY currently has the higher Sharpe Ratio (1.51 vs 0.40), 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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