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EMDV vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMDV vs. TLT

Last updated Jun 4, 2026

EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EMDV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Dividend Masters 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, EMDV returned 2.64%/yr vs -1.66%/yr for TLT. At a correlation of -0.07, they often move in opposite directions. EMDV charges 0.60%/yr vs 0.15%/yr for TLT.

Performance

EMDV vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMDV achieves a 1.17% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, EMDV has outperformed TLT with an annualized return of 2.64%, while TLT has yielded a comparatively lower -1.66% annualized return.

EMDV

1D
-1.57%
1M
0.78%
YTD
1.17%
6M
1.13%
1Y
7.88%
3Y*
2.77%
5Y*
-3.15%
10Y*
2.64%

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

EMDV vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMDV
ProShares MSCI Emerging Markets Dividend Growers ETF		1.17%11.90%0.06%-1.03%-18.19%1.11%-0.09%14.93%-7.52%26.98%
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 EMDV and TLT is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

-0.07

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2016

-0.07

The correlation between EMDV and TLT shifts across timeframes, from -0.07 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares MSCI Emerging Markets Dividend Growers ETF

iShares 20+ Year Treasury Bond ETF

Often compared with EMDV:
EMDV vs. CRBNEMDV vs. VWOEMDV vs. SCHDEMDV vs. EMBEMDV vs. DIVOEMDV vs. NOBLEMDV vs. BDVG
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

EMDV vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMDV
EMDV Risk / Return Rank: 2222
Overall Rank
EMDV Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
EMDV Sortino Ratio Rank: 2020
Sortino Ratio Rank
EMDV Omega Ratio Rank: 2020
Omega Ratio Rank
EMDV Calmar Ratio Rank: 2424
Calmar Ratio Rank
EMDV Martin Ratio Rank: 2424
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
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.

EMDV vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) 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.

EMDVTLTDifference
Sharpe ratioReturn per unit of total volatility
0.71
0.51

+0.20

Sortino ratioReturn per unit of downside risk
1.07
0.80

+0.27

Omega ratioGain probability vs. loss probability

1.13

1.09

+0.04

Calmar ratioReturn relative to maximum drawdown

1.09

0.65

+0.44

Martin ratioReturn relative to average drawdown

3.33

1.63

+1.70

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDV vs. TLT - Sharpe Ratio Comparison

The current EMDV Sharpe Ratio is 0.71, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of EMDV and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMDVTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.71

0.51

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.21

-0.40

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

-0.11

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.26

-0.04

Drawdowns

EMDV vs. TLT - Drawdown Comparison

The maximum EMDV drawdown since its inception was -39.20%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMDV and TLT.

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Drawdown Indicators

EMDVTLTDifference

Max Drawdown

Largest peak-to-trough decline

-39.20%

-48.35%

+9.15%

Max Drawdown (1Y)

Largest decline over 1 year

-7.24%

-7.58%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-20.71%

-19.18%

-1.53%

Max Drawdown (5Y)

Largest decline over 5 years

-34.97%

-43.70%

+8.73%

Max Drawdown (10Y)

Largest decline over 10 years

-39.20%

-48.35%

+9.15%

Current Drawdown

Current decline from peak

-14.80%

-40.44%

+25.64%

Average Drawdown

Average peak-to-trough decline

-13.55%

-13.82%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

3.04%

-0.67%

Volatility

EMDV vs. TLT - Volatility Comparison

ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) has a higher volatility of 4.17% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that EMDV'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

EMDVTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.17%

2.76%

+1.41%

Volatility (6M)

Calculated over the trailing 6-month period

9.21%

6.50%

+2.71%

Volatility (1Y)

Calculated over the trailing 1-year period

11.21%

9.77%

+1.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.42%

15.87%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.26%

14.91%

+3.35%

EMDV vs. TLT - Expense Ratio Comparison

EMDV has a 0.60% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

EMDV vs. TLT - Dividend Comparison

EMDV's dividend yield for the trailing twelve months is around 2.41%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EMDV
ProShares MSCI Emerging Markets Dividend Growers ETF		2.41%2.46%2.79%1.88%3.68%2.12%3.12%2.38%1.27%2.09%2.87%0.00%
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

EMDV and TLT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMDV has higher volatility (4.17%) compared to TLT (2.76%). In terms of maximum drawdown, EMDV dropped -39.20% vs TLT's -48.35%.

On 10-year performance, EMDV leads with 2.64% 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, EMDV has performed better with a 2.64% 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 0.60% for EMDV.

TLT has the higher dividend yield at 4.59%, compared with 2.41% for EMDV.

EMDV is categorized as Emerging Markets Equities, while TLT is Government Bonds. EMDV tracks MSCI Emerging Markets Dividend Masters Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.60% for EMDV and 0.15% for TLT.

EMDV currently has the higher Sharpe Ratio (0.71 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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