EXI vs. TLT
EXI (iShares Global Industrials ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EXI is a Industrials Equities fund tracking the S&P Global 1200 / Industrials -SEC, 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, EXI returned 12.43%/yr vs -1.66%/yr for TLT. At a correlation of -0.25, they often move in opposite directions. EXI charges 0.43%/yr vs 0.15%/yr for TLT.
Performance
EXI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EXI achieves a 10.88% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, EXI has outperformed TLT with an annualized return of 12.43%, while TLT has yielded a comparatively lower -1.66% annualized return.
EXI
- 1D
- -0.21%
- 1M
- 1.21%
- YTD
- 10.88%
- 6M
- 13.08%
- 1Y
- 22.09%
- 3Y*
- 20.74%
- 5Y*
- 11.17%
- 10Y*
- 12.43%
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%
EXI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EXI iShares Global Industrials ETF | 10.88% | 25.88% | 12.47% | 22.04% | -12.36% | 17.37% | 11.33% | 27.13% | -14.41% | 25.16% |
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 EXI and TLT is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006 | -0.25 |
The correlation between EXI and TLT shifts across timeframes, from -0.25 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EXI vs. TLT — Risk / Return Rank
EXI
TLT
EXI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Industrials ETF (EXI) 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.
| EXI | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 0.51 | +0.89 |
Sortino ratioReturn per unit of downside risk | 2.09 | 0.80 | +1.29 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.09 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.80 | 0.65 | +1.14 |
Martin ratioReturn relative to average drawdown | 7.30 | 1.63 | +5.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EXI | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.51 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | -0.40 | +1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | -0.11 | +0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.26 | +0.17 |
Drawdowns
EXI vs. TLT - Drawdown Comparison
The maximum EXI drawdown since its inception was -62.60%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EXI and TLT.
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Drawdown Indicators
| EXI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.60% | -48.35% | -14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -12.35% | -7.58% | -4.77% |
Max Drawdown (3Y)Largest decline over 3 years | -14.38% | -19.18% | +4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -43.70% | +16.47% |
Max Drawdown (10Y)Largest decline over 10 years | -39.56% | -48.35% | +8.79% |
Current DrawdownCurrent decline from peak | -3.16% | -40.44% | +37.28% |
Average DrawdownAverage peak-to-trough decline | -9.97% | -13.82% | +3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 3.04% | -0.01% |
Volatility
EXI vs. TLT - Volatility Comparison
iShares Global Industrials ETF (EXI) has a higher volatility of 5.33% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that EXI'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
| EXI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 2.76% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.42% | 6.50% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 9.77% | +6.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.99% | 15.87% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.41% | 14.91% | +3.50% |
EXI vs. TLT - Expense Ratio Comparison
EXI has a 0.43% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EXI vs. TLT - Dividend Comparison
EXI's dividend yield for the trailing twelve months is around 1.19%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXI iShares Global Industrials ETF | 1.19% | 1.32% | 1.47% | 1.84% | 1.63% | 1.42% | 1.26% | 1.72% | 2.21% | 1.48% | 1.75% | 1.95% |
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
EXI and TLT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EXI has higher volatility (5.33%) compared to TLT (2.76%). In terms of maximum drawdown, EXI dropped -62.60% vs TLT's -48.35%.
On 10-year performance, EXI leads with 12.43% 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, EXI has performed better with a 12.43% 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 0.43% for EXI.
TLT has the higher dividend yield at 4.59%, compared with 1.19% for EXI.
EXI is categorized as Industrials Equities, while TLT is Government Bonds. EXI tracks S&P Global 1200 / Industrials -SEC, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.43% for EXI and 0.15% for TLT.
EXI currently has the higher Sharpe Ratio (1.39 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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