EMDV vs. TLT
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 1.91%/yr vs -2.25%/yr for TLT. Their -0.07 correlation means they have often moved in opposite directions in the past. EMDV charges 0.60%/yr vs 0.15%/yr for TLT.
Performance
EMDV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMDV achieves a 3.01% return, which is significantly higher than TLT's -2.43% return. Over the past 10 years, EMDV has outperformed TLT with an annualized return of 1.91%, while TLT has yielded a comparatively lower -2.25% annualized return.
EMDV
- 1D
- 0.81%
- 1M
- 5.84%
- 6M
- 0.85%
- YTD
- 3.01%
- 1Y
- 7.44%
- 3Y*
- 2.57%
- 5Y*
- -1.53%
- 10Y*
- 1.91%
- ALL TIME*
- 4.16%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.61K | $6.26K | $10.27K | |
| $2.59B | $2.11B | $2.22B |
EMDV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF | 3.01% | 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 | -2.43% | 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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 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.
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Return for Risk
EMDV vs. TLT — Risk / Return Rank
EMDV
TLT
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.
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.
| EMDV | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.98 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | -0.21 | +1.24 |
| Martin ratioReturn relative to average drawdown | 2.45 | -0.45 | +2.90 |
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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
| EMDV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.20% | -48.35% | +9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.24% | -7.74% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -20.71% | -14.79% | -5.92% |
Max Drawdown (5Y)Largest decline over 5 years | -33.37% | -43.70% | +10.33% |
Max Drawdown (10Y)Largest decline over 10 years | -39.20% | -48.35% | +9.15% |
Current DrawdownCurrent decline from peak | -13.25% | -41.73% | +28.48% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -14.00% | +0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 3.63% | -0.59% |
Volatility
EMDV vs. TLT - Volatility Comparison
ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) has a higher volatility of 3.12% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.67%. 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
| EMDV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 2.67% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 6.88% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.69% | 9.25% | +2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.42% | 15.75% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 14.83% | +3.15% |
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 1.87%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF | 1.87% | 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 | 4.71% | 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 (3.12%) compared to TLT (2.67%). In terms of maximum drawdown, EMDV dropped -39.20% vs TLT's -48.35%.
On 10-year performance, EMDV leads with 1.91% vs -2.25% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. 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 1.91% return vs -2.25%. 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 4.71%, compared with 1.87% 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 (0.64 vs -0.18), 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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