PABD vs. TLT
PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, PABD returned 22.78% vs -2.12% for TLT. Their 0.31 correlation means their historical movements had little consistent relationship. PABD charges 0.12%/yr vs 0.15%/yr for TLT.
Performance
PABD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PABD achieves a 9.56% return, which is significantly higher than TLT's -3.18% return.
PABD
- 1D
- 0.48%
- 1M
- 0.77%
- 6M
- 5.02%
- YTD
- 9.56%
- 1Y
- 22.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.35%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $83.86K | $55.85K | $338.84K | |
| $2.39B | $2.06B | $2.20B |
PABD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 9.56% | 30.06% | 5.32% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -3.06% |
Correlation
The correlation between PABD and TLT is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.31 |
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Return for Risk
PABD vs. TLT — Risk / Return Rank
PABD
TLT
PABD vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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.
| PABD | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.97 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | -0.28 | +2.10 |
| Martin ratioReturn relative to average drawdown | 6.86 | -0.59 | +7.45 |
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Drawdowns
PABD vs. TLT - Drawdown Comparison
The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PABD and TLT.
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Drawdown Indicators
| PABD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -48.35% | +34.98% |
Max Drawdown (1Y)Largest decline over 1 year | -12.55% | -7.74% | -4.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.18% | -42.17% | +41.99% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -14.00% | +11.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 3.60% | -0.27% |
Volatility
PABD vs. TLT - Volatility Comparison
iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a higher volatility of 4.50% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that PABD'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
| PABD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 2.51% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 6.84% | +7.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.20% | 9.24% | +6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 15.74% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.60% | 14.83% | +0.77% |
PABD vs. TLT - Expense Ratio Comparison
PABD has a 0.12% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PABD vs. TLT - Dividend Comparison
PABD's dividend yield for the trailing twelve months is around 2.98%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 2.98% | 2.74% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
PABD and TLT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PABD has higher volatility (4.50%) compared to TLT (2.51%). In terms of maximum drawdown, PABD dropped -13.37% vs TLT's -48.35%.
On 1-year performance, PABD leads with 22.78% vs -2.12% for TLT. On fees, PABD is cheaper at 0.12% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PABD has performed better with a 22.78% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PABD is cheaper with a 0.12% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.75%, compared with 2.98% for PABD.
PABD is categorized as Foreign Large Cap Equities, while TLT is Government Bonds. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.12% for PABD and 0.15% for TLT.
PABD currently has the higher Sharpe Ratio (1.42 vs -0.23), 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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