ECNS vs. TLT
ECNS (iShares MSCI China Small-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ECNS is a China Equities fund tracking the MSCI China Small Cap 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, ECNS returned 1.06%/yr vs -2.13%/yr for TLT. At a correlation of -0.14, they often move in opposite directions. ECNS charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
ECNS vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ECNS achieves a -10.09% return, which is significantly lower than TLT's -1.19% return. Over the past 10 years, ECNS has outperformed TLT with an annualized return of 1.06%, while TLT has yielded a comparatively lower -2.13% annualized return.
ECNS
- 1D
- 0.55%
- 1M
- -3.75%
- 6M
- -16.01%
- YTD
- -10.09%
- 1Y
- -8.73%
- 3Y*
- 5.03%
- 5Y*
- -7.86%
- 10Y*
- 1.06%
TLT
- 1D
- -0.04%
- 1M
- -1.94%
- 6M
- -2.48%
- YTD
- -1.19%
- 1Y
- 3.43%
- 3Y*
- -1.99%
- 5Y*
- -7.58%
- 10Y*
- -2.13%
ECNS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | -10.09% | 36.49% | 5.64% | -23.05% | -24.58% | 2.11% | 25.42% | 7.84% | -18.27% | 27.55% |
TLT iShares 20+ Year Treasury Bond ETF | -1.19% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ECNS and TLT is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | -0.14 |
The correlation between ECNS and TLT shifts across timeframes, from -0.14 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ECNS vs. TLT — Risk / Return Rank
ECNS
TLT
ECNS vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) 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.
| ECNS | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 0.45 | -0.79 |
| Martin ratioReturn relative to average drawdown | -0.73 | 1.04 | -1.77 |
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Drawdowns
ECNS vs. TLT - Drawdown Comparison
The maximum ECNS drawdown since its inception was -63.43%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ECNS and TLT.
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Drawdown Indicators
| ECNS | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.43% | -48.35% | -15.08% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -7.58% | -18.15% |
Max Drawdown (3Y)Largest decline over 3 years | -31.72% | -18.88% | -12.84% |
Max Drawdown (5Y)Largest decline over 5 years | -58.03% | -43.70% | -14.33% |
Max Drawdown (10Y)Largest decline over 10 years | -63.43% | -48.35% | -15.08% |
Current DrawdownCurrent decline from peak | -42.13% | -40.99% | -1.14% |
Average DrawdownAverage peak-to-trough decline | -29.47% | -13.94% | -15.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.92% | 3.31% | +8.61% |
Volatility
ECNS vs. TLT - Volatility Comparison
iShares MSCI China Small-Cap ETF (ECNS) has a higher volatility of 6.40% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.59%. This indicates that ECNS'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
| ECNS | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 2.59% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 14.01% | 6.79% | +7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 9.35% | +11.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.48% | 15.78% | +13.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.80% | 14.83% | +10.97% |
ECNS vs. TLT - Expense Ratio Comparison
ECNS has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ECNS vs. TLT - Dividend Comparison
ECNS's dividend yield for the trailing twelve months is around 6.54%, more than TLT's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | 6.54% | 6.20% | 5.98% | 4.89% | 3.54% | 4.87% | 3.59% | 3.23% | 6.16% | 3.18% | 4.29% | 3.58% |
TLT iShares 20+ Year Treasury Bond ETF | 4.64% | 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
ECNS and TLT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ECNS has higher volatility (6.40%) compared to TLT (2.59%). In terms of maximum drawdown, ECNS dropped -63.43% vs TLT's -48.35%.
On 10-year performance, ECNS leads with 1.06% vs -2.13% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ECNS has performed better with a 1.06% return vs -2.13%. 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 0.59% for ECNS.
ECNS has the higher dividend yield at 6.54%, compared with 4.64% for TLT.
ECNS is categorized as China Equities, while TLT is Government Bonds. ECNS tracks MSCI China Small Cap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for ECNS and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.37 vs -0.42), 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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