^TNX vs. ^FVX

Last updated Jun 3, 2026

^TNX (Treasury Yield 10 Years) and ^FVX (Treasury Yield 5 Years) are both indexes. Over the past 10 years, ^TNX returned 10.14%/yr vs 12.99%/yr for ^FVX. Their correlation of 0.93 suggests significant overlap in exposure.

Performance

^TNX vs. ^FVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 10 Years (^TNX) and Treasury Yield 5 Years (^FVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^TNX achieves a 7.49% return, which is significantly lower than ^FVX's 12.22% return. Over the past 10 years, ^TNX has underperformed ^FVX with an annualized return of 10.14%, while ^FVX has yielded a comparatively higher 12.99% annualized return.

^TNX

• 1D: 0.49%
• 1M: 2.22%
• YTD: 7.49%
• 6M: 9.52%
• 1Y: 0.29%
• 3Y*: 6.63%
• 5Y*: 22.98%
• 10Y*: 10.14%

^FVX

• 1D: -0.22%
• 1M: 3.88%
• YTD: 12.22%
• 6M: 14.16%
• 1Y: 3.98%
• 3Y*: 2.83%
• 5Y*: 37.66%
• 10Y*: 12.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^TNX vs. ^FVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^TNX Treasury Yield 10 Years	7.49%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%
^FVX Treasury Yield 5 Years	12.22%	-15.02%	14.06%	-4.00%	216.71%	249.86%	-78.68%	-32.55%	13.78%	14.06%

Correlation

The correlation between ^TNX and ^FVX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 3, 1993	0.93

The correlation between ^TNX and ^FVX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

^TNX vs. ^FVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 12
^TNX Sortino Ratio Rank: 12
^TNX Omega Ratio Rank: 12
^TNX Calmar Ratio Rank: 13
^TNX Martin Ratio Rank: 12

^FVX

^FVX Risk / Return Rank: 20
^FVX Sharpe Ratio Rank: 19
^FVX Sortino Ratio Rank: 19
^FVX Omega Ratio Rank: 17
^FVX Calmar Ratio Rank: 23
^FVX Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^TNX vs. ^FVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and Treasury Yield 5 Years (^FVX). 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.

	^TNX	^FVX	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.21	-0.13
Sortino ratio Return per unit of downside risk	0.23	0.43	-0.20
Omega ratio Gain probability vs. loss probability	1.03	1.05	-0.02
Calmar ratio Return relative to maximum drawdown	0.09	0.33	-0.24
Martin ratio Return relative to average drawdown	0.17	0.58	-0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TNX vs. ^FVX - Sharpe Ratio Comparison

The current ^TNX Sharpe Ratio is 0.09, which is lower than the ^FVX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of ^TNX and ^FVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^TNX	^FVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.21	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.98	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.22	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.01	-0.01

Drawdowns

^TNX vs. ^FVX - Drawdown Comparison

The maximum ^TNX drawdown since its inception was -93.78%, roughly equal to the maximum ^FVX drawdown of -97.53%. Use the drawdown chart below to compare losses from any high point for ^TNX and ^FVX.

Drawdown Indicators

	^TNX	^FVX	Difference
Max Drawdown Largest peak-to-trough decline	-93.78%	-97.53%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-14.88%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-27.41%	-31.36%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.41%	-31.36%	+3.95%
Max Drawdown (10Y) Largest decline over 10 years	-84.57%	-93.69%	+9.12%
Current Drawdown Current decline from peak	-44.22%	-47.10%	+2.88%
Average Drawdown Average peak-to-trough decline	-51.35%	-56.54%	+5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.96%	8.52%	-1.56%

Volatility

^TNX vs. ^FVX - Volatility Comparison

The current volatility for Treasury Yield 10 Years (^TNX) is 5.23%, while Treasury Yield 5 Years (^FVX) has a volatility of 5.99%. This indicates that ^TNX experiences smaller price fluctuations and is considered to be less risky than ^FVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TNX	^FVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	5.99%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	13.21%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	18.75%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.50%	38.75%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.04%	58.61%	-10.57%

Frequently Asked Questions

Can I hold both ^TNX and ^FVX in my portfolio?

With a correlation of 0.95, ^TNX and ^FVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^TNX or ^FVX?

^FVX has higher volatility (5.99%) compared to ^TNX (5.23%). In terms of maximum drawdown, ^TNX dropped -93.78% vs ^FVX's -97.53%.

Which has better risk-adjusted returns?

^FVX currently has the higher Sharpe Ratio (0.21 vs 0.09), 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.