SIZE vs. TLT
SIZE (iShares MSCI USA Size Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size 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, SIZE returned 11.70%/yr vs -2.38%/yr for TLT. Their -0.10 correlation means they have often moved in opposite directions in the past. Both charge a 0.15% expense ratio.
Performance
SIZE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SIZE achieves a 11.20% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, SIZE has outperformed TLT with an annualized return of 11.70%, while TLT has yielded a comparatively lower -2.38% annualized return.
SIZE
- 1D
- -0.35%
- 1M
- 0.26%
- 6M
- 8.60%
- YTD
- 11.20%
- 1Y
- 17.37%
- 3Y*
- 13.59%
- 5Y*
- 7.99%
- 10Y*
- 11.70%
- ALL TIME*
- 11.92%
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) |
|---|---|---|---|
| $662.14K | $788.99K | $1.01M | |
| $2.33B | $2.02B | $2.19B |
SIZE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIZE iShares MSCI USA Size Factor ETF | 11.20% | 10.51% | 14.37% | 17.78% | -15.86% | 25.05% | 16.26% | 28.97% | -6.59% | 18.76% |
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 SIZE and TLT is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | -0.10 |
The correlation between SIZE and TLT shifts across timeframes, from -0.10 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SIZE vs. TLT — Risk / Return Rank
SIZE
TLT
SIZE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.
| SIZE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.99 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | -0.14 | +2.16 |
| Martin ratioReturn relative to average drawdown | 7.91 | -0.30 | +8.21 |
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Drawdowns
SIZE vs. TLT - Drawdown Comparison
The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SIZE and TLT.
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Drawdown Indicators
| SIZE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.15% | -48.35% | +9.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.97% | -7.74% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -18.71% | -14.79% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.03% | -43.70% | +19.67% |
Max Drawdown (10Y)Largest decline over 10 years | -39.15% | -48.35% | +9.20% |
Current DrawdownCurrent decline from peak | -1.39% | -42.36% | +40.97% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -13.99% | +9.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 3.57% | -1.54% |
Volatility
SIZE vs. TLT - Volatility Comparison
iShares MSCI USA Size Factor ETF (SIZE) has a higher volatility of 3.12% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that SIZE'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
| SIZE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 2.46% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.56% | 6.85% | +2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.93% | 9.32% | +3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 15.74% | +1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.67% | 14.83% | +3.84% |
SIZE vs. TLT - Expense Ratio Comparison
Both SIZE and TLT have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SIZE vs. TLT - Dividend Comparison
SIZE's dividend yield for the trailing twelve months is around 1.37%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIZE iShares MSCI USA Size Factor ETF | 1.37% | 1.50% | 1.53% | 1.42% | 1.59% | 1.19% | 1.43% | 1.35% | 2.43% | 1.58% | 1.88% | 1.95% |
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
SIZE and TLT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIZE has higher volatility (3.12%) compared to TLT (2.46%). In terms of maximum drawdown, SIZE dropped -39.15% vs TLT's -48.35%.
On 10-year performance, SIZE leads with 11.70% vs -2.38% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIZE has performed better with a 11.70% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIZE and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.34%, compared with 1.37% for SIZE.
SIZE is categorized as Mid Cap Blend Equities, while TLT is Government Bonds. SIZE tracks MSCI USA Low Size Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
SIZE currently has the higher Sharpe Ratio (1.25 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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