EMGF vs. TLT
EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor 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, EMGF returned 9.48%/yr vs -2.33%/yr for TLT. Their -0.05 correlation means they have often moved in opposite directions in the past. EMGF charges 0.45%/yr vs 0.15%/yr for TLT.
Performance
EMGF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMGF achieves a 19.41% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, EMGF has outperformed TLT with an annualized return of 9.48%, while TLT has yielded a comparatively lower -2.33% annualized return.
EMGF
- 1D
- 0.66%
- 1M
- -2.70%
- 6M
- 9.84%
- YTD
- 19.41%
- 1Y
- 34.88%
- 3Y*
- 21.74%
- 5Y*
- 9.15%
- 10Y*
- 9.48%
- ALL TIME*
- 10.09%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.70M | $12.21M | $11.83M | |
| $2.39B | $2.06B | $2.20B |
EMGF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF | 19.41% | 31.41% | 9.06% | 10.86% | -16.55% | 6.65% | 10.27% | 20.96% | -19.71% | 42.37% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EMGF and TLT is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2015 | -0.05 |
The correlation between EMGF and TLT shifts across timeframes, from -0.05 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMGF vs. TLT — Risk / Return Rank
EMGF
TLT
EMGF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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.
| EMGF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.97 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.28 | +2.67 |
| Martin ratioReturn relative to average drawdown | 7.41 | -0.59 | +8.01 |
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Drawdowns
EMGF vs. TLT - Drawdown Comparison
The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMGF and TLT.
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Drawdown Indicators
| EMGF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.23% | -48.35% | +8.12% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -7.74% | -6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -17.65% | -14.79% | -2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.17% | -43.70% | +15.53% |
Max Drawdown (10Y)Largest decline over 10 years | -40.23% | -48.35% | +8.12% |
Current DrawdownCurrent decline from peak | -10.20% | -42.17% | +31.97% |
Average DrawdownAverage peak-to-trough decline | -10.01% | -14.00% | +3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.72% | 3.60% | +1.12% |
Volatility
EMGF vs. TLT - Volatility Comparison
iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a higher volatility of 8.57% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EMGF'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
| EMGF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.57% | 2.51% | +6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 22.19% | 6.84% | +15.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.23% | 9.24% | +14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.66% | 15.74% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 14.83% | +4.94% |
EMGF vs. TLT - Expense Ratio Comparison
EMGF has a 0.45% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EMGF vs. TLT - Dividend Comparison
EMGF's dividend yield for the trailing twelve months is around 2.11%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF | 2.11% | 2.52% | 3.42% | 5.94% | 4.04% | 2.48% | 1.95% | 2.63% | 2.73% | 1.94% | 2.04% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
EMGF and TLT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMGF has higher volatility (8.57%) compared to TLT (2.51%). In terms of maximum drawdown, EMGF dropped -40.23% vs TLT's -48.35%.
On 10-year performance, EMGF leads with 9.48% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMGF has performed better with a 9.48% return vs -2.33%. 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 0.45% for EMGF.
TLT has the higher dividend yield at 4.75%, compared with 2.11% for EMGF.
EMGF is categorized as Emerging Markets Equities, while TLT is Government Bonds. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.45% for EMGF and 0.15% for TLT.
EMGF currently has the higher Sharpe Ratio (1.45 vs -0.23), 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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