^FVX vs. TLT
^FVX (Treasury Yield 5 Years) is an index, while TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, ^FVX returned 15.29%/yr vs -2.38%/yr for TLT. Their -0.78 correlation means they have often moved in opposite directions in the past.
Performance
^FVX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ^FVX achieves a 19.83% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, ^FVX has outperformed TLT with an annualized return of 15.29%, while TLT has yielded a comparatively lower -2.38% annualized return.
^FVX
- 1D
- 1.94%
- 1M
- 5.44%
- 6M
- 17.46%
- YTD
- 19.83%
- 1Y
- 18.27%
- 3Y*
- 1.63%
- 5Y*
- 44.70%
- 10Y*
- 15.29%
- ALL TIME*
- -1.07%
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) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.33B | $2.02B | $2.19B |
^FVX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^FVX Treasury Yield 5 Years | 19.83% | -15.02% | 14.06% | -4.00% | 216.71% | 249.86% | -78.68% | -32.55% | 13.78% | 14.06% |
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 ^FVX and TLT is -0.74, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.74 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | -0.78 |
The correlation between ^FVX and TLT has been stable across timeframes, ranging from -0.80 to -0.74 - a consistent structural relationship.
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Return for Risk
^FVX vs. TLT — Risk / Return Rank
^FVX
TLT
^FVX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 5 Years (^FVX) 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.
| ^FVX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.99 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | -0.14 | +1.55 |
| Martin ratioReturn relative to average drawdown | 3.30 | -0.30 | +3.59 |
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Drawdowns
^FVX vs. TLT - Drawdown Comparison
The maximum ^FVX drawdown since its inception was -98.80%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ^FVX and TLT.
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Drawdown Indicators
| ^FVX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.80% | -48.35% | -50.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.97% | -7.74% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -14.79% | -16.57% |
Max Drawdown (5Y)Largest decline over 5 years | -31.36% | -43.70% | +12.34% |
Max Drawdown (10Y)Largest decline over 10 years | -93.69% | -48.35% | -45.34% |
Current DrawdownCurrent decline from peak | -72.59% | -42.36% | -30.23% |
Average DrawdownAverage peak-to-trough decline | -58.57% | -13.99% | -44.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 3.57% | +1.97% |
Volatility
^FVX vs. TLT - Volatility Comparison
Treasury Yield 5 Years (^FVX) has a higher volatility of 4.47% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that ^FVX'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
| ^FVX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.47% | 2.46% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.74% | 6.85% | +6.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 9.32% | +8.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.52% | 15.74% | +20.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.13% | 14.83% | +43.30% |
Frequently Asked Questions
^FVX and TLT have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^FVX has higher volatility (4.47%) compared to TLT (2.46%). In terms of maximum drawdown, ^FVX dropped -98.80% vs TLT's -48.35%.
^FVX currently has the higher Sharpe Ratio (0.70 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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