EMXC vs. TLT
EMXC (iShares MSCI Emerging Markets ex China ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China 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 5 years, EMXC returned 10.90%/yr vs -8.33%/yr for TLT. Their -0.03 correlation means they have often moved in opposite directions in the past. EMXC charges 0.49%/yr vs 0.15%/yr for TLT.
Performance
EMXC vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 28.12% return, which is significantly higher than TLT's -3.18% return.
EMXC
- 1D
- 0.49%
- 1M
- -4.55%
- 6M
- 15.83%
- YTD
- 28.12%
- 1Y
- 51.73%
- 3Y*
- 23.89%
- 5Y*
- 10.90%
- 10Y*
- —
- ALL TIME*
- 9.40%
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) |
|---|---|---|---|
| $255.60M | $267.52M | $279.80M | |
| $2.39B | $2.06B | $2.20B |
EMXC vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 28.12% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
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% | 3.95% |
Correlation
The correlation between EMXC and TLT is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | -0.03 |
The correlation between EMXC and TLT shifts across timeframes, from -0.03 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMXC vs. TLT — Risk / Return Rank
EMXC
TLT
EMXC vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) 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.
| EMXC | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.97 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | -0.28 | +3.10 |
| Martin ratioReturn relative to average drawdown | 9.91 | -0.59 | +10.50 |
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Drawdowns
EMXC vs. TLT - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMXC and TLT.
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Drawdown Indicators
| EMXC | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -48.35% | +5.54% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -7.74% | -10.69% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -14.79% | -4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -43.70% | +14.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -13.07% | -42.17% | +29.10% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -14.00% | +3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.23% | 3.60% | +1.63% |
Volatility
EMXC vs. TLT - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 10.77% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that EMXC'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
| EMXC | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.77% | 2.51% | +8.26% |
Volatility (6M)Calculated over the trailing 6-month period | 25.82% | 6.84% | +18.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.64% | 9.24% | +18.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.04% | 15.74% | +3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.50% | 14.83% | +5.67% |
EMXC vs. TLT - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EMXC vs. TLT - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.08%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.08% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 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
EMXC and TLT have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (10.77%) compared to TLT (2.51%). In terms of maximum drawdown, EMXC dropped -42.81% vs TLT's -48.35%.
On 5-year performance, EMXC leads with 10.90% vs -8.33% 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 5-year period, EMXC has performed better with a 10.90% return vs -8.33%. 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 0.49% for EMXC.
TLT has the higher dividend yield at 4.75%, compared with 2.08% for EMXC.
EMXC is categorized as Emerging Markets Equities, while TLT is Government Bonds. EMXC tracks MSCI Emerging Markets ex China Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.49% for EMXC and 0.15% for TLT.
EMXC currently has the higher Sharpe Ratio (1.88 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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