QAT vs. TLT
QAT (iShares MSCI Qatar ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped 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, QAT returned 3.20%/yr vs -2.13%/yr for TLT. At a correlation of -0.07, they often move in opposite directions. QAT charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
QAT vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAT achieves a -3.28% return, which is significantly lower than TLT's -1.19% return. Over the past 10 years, QAT has outperformed TLT with an annualized return of 3.20%, while TLT has yielded a comparatively lower -2.13% annualized return.
QAT
- 1D
- -1.07%
- 1M
- -4.88%
- 6M
- -6.30%
- YTD
- -3.28%
- 1Y
- -1.91%
- 3Y*
- 3.89%
- 5Y*
- 2.76%
- 10Y*
- 3.20%
TLT
- 1D
- -0.04%
- 1M
- -1.94%
- 6M
- -2.48%
- YTD
- -1.19%
- 1Y
- 3.43%
- 3Y*
- -1.99%
- 5Y*
- -7.58%
- 10Y*
- -2.13%
QAT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | -3.28% | 8.81% | 5.20% | 2.72% | -7.23% | 14.42% | 6.94% | -0.44% | 20.03% | -11.66% |
TLT iShares 20+ Year Treasury Bond ETF | -1.19% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between QAT and TLT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | -0.07 |
The correlation between QAT and TLT shifts across timeframes, from -0.07 (all time) to 0.17 (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.
Return for Risk
QAT vs. TLT — Risk / Return Rank
QAT
TLT
QAT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) 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.
| QAT | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.45 | -0.64 |
| Martin ratioReturn relative to average drawdown | -0.31 | 1.04 | -1.35 |
Loading charts...
Drawdowns
QAT vs. TLT - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for QAT and TLT.
Loading charts...
Drawdown Indicators
| QAT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -48.35% | +3.14% |
Max Drawdown (1Y)Largest decline over 1 year | -10.60% | -7.58% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -18.88% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -43.70% | +10.53% |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | -48.35% | +14.31% |
Current DrawdownCurrent decline from peak | -15.31% | -40.99% | +25.68% |
Average DrawdownAverage peak-to-trough decline | -19.11% | -13.94% | -5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 3.31% | +2.84% |
Volatility
QAT vs. TLT - Volatility Comparison
iShares MSCI Qatar ETF (QAT) has a higher volatility of 3.17% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.59%. This indicates that QAT'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.
Loading charts...
Volatility by Period
| QAT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 2.59% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 11.12% | 6.79% | +4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 9.35% | +4.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.09% | 15.78% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 14.83% | +2.68% |
QAT vs. TLT - Expense Ratio Comparison
QAT has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
QAT vs. TLT - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.84%, more than TLT's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | 4.84% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
TLT iShares 20+ Year Treasury Bond ETF | 4.64% | 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
QAT and TLT have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAT has higher volatility (3.17%) compared to TLT (2.59%). In terms of maximum drawdown, QAT dropped -45.21% vs TLT's -48.35%.
On 10-year performance, QAT leads with 3.20% vs -2.13% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QAT has performed better with a 3.20% return vs -2.13%. 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 0.59% for QAT.
QAT has the higher dividend yield at 4.84%, compared with 4.64% for TLT.
QAT is categorized as Emerging Markets Equities, while TLT is Government Bonds. QAT tracks MSCI All Qatar Capped Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for QAT and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.37 vs -0.14), 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.
Find the right allocation for QAT and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer