EMIF vs. TLT
EMIF (iShares Emerging Markets Infrastructure ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EMIF is a Infrastructure Equities fund tracking the S&P Emerging Markets Infrastructure 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, EMIF returned 1.66%/yr vs -2.38%/yr for TLT. Their -0.16 correlation means they have often moved in opposite directions in the past. EMIF charges 0.75%/yr vs 0.15%/yr for TLT.
Performance
EMIF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMIF achieves a 0.44% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, EMIF has outperformed TLT with an annualized return of 1.66%, while TLT has yielded a comparatively lower -2.38% annualized return.
EMIF
- 1D
- -0.46%
- 1M
- 0.38%
- 6M
- -7.11%
- YTD
- 0.44%
- 1Y
- 16.15%
- 3Y*
- 10.24%
- 5Y*
- 5.68%
- 10Y*
- 1.66%
- ALL TIME*
- 3.28%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.09K | $40.45K | $71.84K | |
| $2.33B | $2.02B | $2.19B |
EMIF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMIF iShares Emerging Markets Infrastructure ETF | 0.44% | 33.90% | 1.21% | 5.67% | -12.59% | 3.76% | -19.98% | 16.36% | -13.70% | 20.70% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EMIF and TLT is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.16 |
The correlation between EMIF and TLT shifts across timeframes, from -0.16 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMIF vs. TLT — Risk / Return Rank
EMIF
TLT
EMIF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) 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.
| EMIF | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.99 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | -0.14 | +1.13 |
| Martin ratioReturn relative to average drawdown | 2.23 | -0.30 | +2.53 |
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Drawdowns
EMIF vs. TLT - Drawdown Comparison
The maximum EMIF drawdown since its inception was -48.02%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMIF and TLT.
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Drawdown Indicators
| EMIF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.02% | -48.35% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -15.71% | -7.74% | -7.97% |
Max Drawdown (3Y)Largest decline over 3 years | -16.70% | -14.79% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -23.29% | -43.70% | +20.41% |
Max Drawdown (10Y)Largest decline over 10 years | -48.02% | -48.35% | +0.33% |
Current DrawdownCurrent decline from peak | -13.57% | -42.36% | +28.79% |
Average DrawdownAverage peak-to-trough decline | -15.89% | -13.99% | -1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 3.57% | +3.43% |
Volatility
EMIF vs. TLT - Volatility Comparison
iShares Emerging Markets Infrastructure ETF (EMIF) has a higher volatility of 4.41% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that EMIF'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
| EMIF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 2.46% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 6.85% | +6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.21% | 9.32% | +6.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 15.74% | +3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 14.83% | +5.71% |
EMIF vs. TLT - Expense Ratio Comparison
EMIF has a 0.75% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EMIF vs. TLT - Dividend Comparison
EMIF's dividend yield for the trailing twelve months is around 4.21%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMIF iShares Emerging Markets Infrastructure ETF | 4.21% | 4.96% | 4.12% | 2.64% | 3.08% | 3.94% | 2.54% | 2.07% | 2.64% | 2.58% | 3.16% | 2.07% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
EMIF and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMIF has higher volatility (4.41%) compared to TLT (2.46%). In terms of maximum drawdown, EMIF dropped -48.02% vs TLT's -48.35%.
On 10-year performance, EMIF leads with 1.66% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMIF has performed better with a 1.66% return vs -2.38%. 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 0.75% for EMIF.
TLT has the higher dividend yield at 4.34%, compared with 4.21% for EMIF.
EMIF is categorized as Infrastructure Equities, while TLT is Government Bonds. EMIF tracks S&P Emerging Markets Infrastructure Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.75% for EMIF and 0.15% for TLT.
EMIF currently has the higher Sharpe Ratio (0.97 vs -0.11), 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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