TLT vs. BWX
TLT (iShares 20+ Year Treasury Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs -1.24%/yr for BWX. At a 0.34 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.35%/yr for BWX.
Performance
TLT vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than BWX's -1.69% return. Over the past 10 years, TLT has underperformed BWX with an annualized return of -1.75%, while BWX has yielded a comparatively higher -1.24% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.54%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 2.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
BWX
- 1D
- 0.00%
- 1M
- -0.57%
- YTD
- -1.69%
- 6M
- -1.37%
- 1Y
- -3.77%
- 3Y*
- 1.14%
- 5Y*
- -4.44%
- 10Y*
- -1.24%
TLT vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between TLT and BWX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.34 |
Over the past year, TLT and BWX have become more correlated (0.62) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
TLT vs. BWX — Risk / Return Rank
TLT
BWX
TLT vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.
| TLT | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.93 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.61 | +1.00 |
| Martin ratioReturn relative to average drawdown | 0.92 | -1.21 | +2.13 |
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Drawdowns
TLT vs. BWX - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for TLT and BWX.
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Drawdown Indicators
| TLT | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -34.05% | -14.30% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -6.16% | -1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -10.22% | -8.96% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -30.95% | -12.75% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -34.05% | -14.30% |
Current DrawdownCurrent decline from peak | -40.12% | -23.81% | -16.31% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -10.06% | -3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.13% | +0.01% |
Volatility
TLT vs. BWX - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.49% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 5.91% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 7.78% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 9.70% | +6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 8.67% | +6.24% |
TLT vs. BWX - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
TLT vs. BWX - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, more than BWX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 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
TLT and BWX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to BWX (2.49%). In terms of maximum drawdown, TLT dropped -48.35% vs BWX's -34.05%.
On 10-year performance, BWX leads with -1.24% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWX has performed better with a -1.24% return vs -1.75%. 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 0.35% for BWX.
TLT has the higher dividend yield at 4.56%, compared with 2.37% for BWX.
TLT is categorized as Government Bonds, while BWX is International Government Bonds. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for TLT and 0.35% for BWX.
TLT currently has the higher Sharpe Ratio (0.30 vs -0.49), 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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