FXB vs. TLT
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, 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, FXB returned 0.48%/yr vs -1.74%/yr for TLT. At a correlation of -0.01, they often move in opposite directions. FXB charges 0.40%/yr vs 0.15%/yr for TLT.
Performance
FXB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, FXB has outperformed TLT with an annualized return of 0.48%, while TLT has yielded a comparatively lower -1.74% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
FXB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FXB and TLT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | -0.01 |
The correlation between FXB and TLT shifts across timeframes, from -0.01 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXB vs. TLT — Risk / Return Rank
FXB
TLT
FXB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.51 | -0.59 |
| Martin ratioReturn relative to average drawdown | -0.15 | 1.22 | -1.37 |
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Drawdowns
FXB vs. TLT - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, roughly equal to the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXB and TLT.
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Drawdown Indicators
| FXB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -48.35% | -0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -7.58% | +3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -19.18% | +10.74% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -43.70% | +20.09% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -48.35% | +22.24% |
Current DrawdownCurrent decline from peak | -30.64% | -39.82% | +9.18% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -13.87% | -13.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 3.18% | -0.93% |
Volatility
FXB vs. TLT - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.20%. This indicates that FXB experiences smaller price fluctuations and is considered to be less risky 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
| FXB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 2.20% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 6.62% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 9.48% | -2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 15.82% | -7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 14.88% | -6.01% |
FXB vs. TLT - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FXB vs. TLT - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, less than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 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
FXB and TLT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.20%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs TLT's -48.35%.
On 10-year performance, FXB leads with 0.48% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FXB has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.48% return vs -1.74%. 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 0.40% for FXB.
TLT has the higher dividend yield at 4.54%, compared with 2.24% for FXB.
FXB is categorized as Currency, while TLT is Government Bonds. FXB tracks British Pound, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXB and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.41 vs -0.05), 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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