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 Asia Pacific 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 1.88%/yr vs -1.66%/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 -4.50% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, ECNS has outperformed TLT with an annualized return of 1.88%, while TLT has yielded a comparatively lower -1.66% annualized return.
ECNS
- 1D
- -2.25%
- 1M
- -6.37%
- YTD
- -4.50%
- 6M
- -7.48%
- 1Y
- 13.77%
- 3Y*
- 7.43%
- 5Y*
- -6.97%
- 10Y*
- 1.88%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
ECNS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | -4.50% | 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 | -0.27% | 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 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010 | -0.14 |
The correlation between ECNS and TLT shifts across timeframes, from -0.14 (all time) to 0.15 (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.
| ECNS | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.09 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 0.65 | +0.11 |
| Martin ratioReturn relative to average drawdown | 1.51 | 1.63 | -0.12 |
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
| ECNS | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 0.51 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | -0.40 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | -0.11 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.26 | -0.23 |
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 | -18.08% | -7.58% | -10.50% |
Max Drawdown (3Y)Largest decline over 3 years | -31.72% | -19.18% | -12.54% |
Max Drawdown (5Y)Largest decline over 5 years | -59.61% | -43.70% | -15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -63.43% | -48.35% | -15.08% |
Current DrawdownCurrent decline from peak | -38.52% | -40.44% | +1.92% |
Average DrawdownAverage peak-to-trough decline | -29.39% | -13.82% | -15.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.14% | 3.04% | +6.10% |
Volatility
ECNS vs. TLT - Volatility Comparison
iShares MSCI China Small-Cap ETF (ECNS) has a higher volatility of 5.64% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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 | 5.64% | 2.76% | +2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.87% | 6.50% | +6.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 9.77% | +11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.44% | 15.87% | +13.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.90% | 14.91% | +10.99% |
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 6.49%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECNS iShares MSCI China Small-Cap ETF | 6.49% | 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 | 4.59% | 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 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ECNS has higher volatility (5.64%) compared to TLT (2.76%). In terms of maximum drawdown, ECNS dropped -63.43% vs TLT's -48.35%.
On 10-year performance, ECNS leads with 1.88% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 1.88% return vs -1.66%. 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 6.49%, compared with 4.59% for TLT.
ECNS is categorized as Asia Pacific 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.
ECNS currently has the higher Sharpe Ratio (0.66 vs 0.51), 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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