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 11.76%/yr vs -1.66%/yr for TLT. At a correlation of -0.10, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
SIZE vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SIZE achieves a 9.07% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, SIZE has outperformed TLT with an annualized return of 11.76%, while TLT has yielded a comparatively lower -1.66% annualized return.
SIZE
- 1D
- -0.68%
- 1M
- 3.62%
- YTD
- 9.07%
- 6M
- 8.29%
- 1Y
- 18.11%
- 3Y*
- 15.94%
- 5Y*
- 8.07%
- 10Y*
- 11.76%
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%
SIZE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIZE iShares MSCI USA Size Factor ETF | 9.07% | 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 | -0.27% | 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 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013 | -0.10 |
The correlation between SIZE and TLT shifts across timeframes, from -0.10 (all time) to 0.28 (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
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.
| SIZE | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.09 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.65 | +1.63 |
| Martin ratioReturn relative to average drawdown | 8.88 | 1.63 | +7.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SIZE | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 0.51 | +0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.40 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | -0.11 | +0.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.26 | +0.43 |
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.
Loading charts...
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% | -7.58% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -18.71% | -19.18% | +0.47% |
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 | -0.68% | -40.44% | +39.76% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -13.82% | +9.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 3.04% | -1.00% |
Volatility
SIZE vs. TLT - Volatility Comparison
iShares MSCI USA Size Factor ETF (SIZE) has a higher volatility of 3.17% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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.
Loading charts...
Volatility by Period
| SIZE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 2.76% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 9.54% | 6.50% | +3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 9.77% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 15.87% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 14.91% | +3.78% |
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 1.42%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIZE iShares MSCI USA Size Factor ETF | 1.42% | 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 | 4.59% | 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
SIZE and TLT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIZE has higher volatility (3.17%) compared to TLT (2.76%). In terms of maximum drawdown, SIZE dropped -39.15% vs TLT's -48.35%.
On 10-year performance, SIZE leads with 11.76% vs -1.66% for TLT. Both ETFs have the same 0.15% expense ratio. 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, SIZE has performed better with a 11.76% return vs -1.66%. 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 4.59%, compared with 1.42% 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 (1.43 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.
Find the right allocation for SIZE 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