SMMV vs. TLT
SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SMMV is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) 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 5 years, SMMV returned 4.97%/yr vs -6.27%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. SMMV charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
SMMV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SMMV achieves a 2.54% return, which is significantly higher than TLT's -0.05% return.
SMMV
- 1D
- 0.49%
- 1M
- -1.40%
- YTD
- 2.54%
- 6M
- 3.30%
- 1Y
- 7.22%
- 3Y*
- 11.50%
- 5Y*
- 4.97%
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
SMMV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 2.54% | 6.42% | 18.29% | 5.63% | -10.00% | 16.64% | -2.88% | 24.21% | 1.15% | 14.31% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SMMV 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 | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2016 | -0.01 |
The correlation between SMMV and TLT shifts across timeframes, from -0.01 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMMV vs. TLT — Risk / Return Rank
SMMV
TLT
SMMV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) 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.
| SMMV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 0.46 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.27 | 1.14 | +2.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMMV | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.36 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.40 | +0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.26 | +0.27 |
Drawdowns
SMMV vs. TLT - Drawdown Comparison
The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SMMV and TLT.
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Drawdown Indicators
| SMMV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.77% | -48.35% | +9.58% |
Max Drawdown (1Y)Largest decline over 1 year | -7.02% | -7.58% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -13.68% | -19.18% | +5.50% |
Max Drawdown (5Y)Largest decline over 5 years | -18.00% | -43.70% | +25.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -3.98% | -40.31% | +36.33% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -13.82% | +8.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 3.05% | -0.83% |
Volatility
SMMV vs. TLT - Volatility Comparison
The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.29%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that SMMV experiences smaller price fluctuations and is considered to be less risky 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
| SMMV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 2.71% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 6.50% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 9.77% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 15.86% | -2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.69% | 14.90% | +0.79% |
SMMV vs. TLT - Expense Ratio Comparison
SMMV 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
SMMV vs. TLT - Dividend Comparison
SMMV's dividend yield for the trailing twelve months is around 1.74%, less than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.74% | 1.77% | 1.76% | 2.30% | 1.67% | 1.08% | 1.39% | 1.64% | 1.72% | 1.63% | 0.79% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 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
SMMV 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.
TLT has higher volatility (2.71%) compared to SMMV (2.29%). In terms of maximum drawdown, SMMV dropped -38.77% vs TLT's -48.35%.
On 5-year performance, SMMV leads with 4.97% vs -6.27% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, SMMV has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMMV has performed better with a 4.97% return vs -6.27%. 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 SMMV.
TLT has the higher dividend yield at 4.58%, compared with 1.74% for SMMV.
SMMV is categorized as Small Cap Growth Equities, while TLT is Government Bonds. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for SMMV and 0.15% for TLT.
SMMV currently has the higher Sharpe Ratio (0.75 vs 0.36), 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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