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FXB vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXB vs. TLT

Last updated Jun 3, 2026

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 0.04%/yr vs -1.62%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXB achieves a 0.73% return, which is significantly higher than TLT's 0.13% return. Over the past 10 years, FXB has outperformed TLT with an annualized return of 0.04%, while TLT has yielded a comparatively lower -1.62% annualized return.

FXB

1D
0.04%
1M
-0.65%
YTD
0.73%
6M
2.98%
1Y
1.58%
3Y*
5.52%
5Y*
0.93%
10Y*
0.04%

TLT

1D
0.21%
1M
0.44%
YTD
0.13%
6M
-1.35%
1Y
5.16%
3Y*
-1.67%
5Y*
-5.98%
10Y*
-1.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXB vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXB
Invesco CurrencyShares® British Pound Sterling Trust		0.73%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		0.13%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 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2006

-0.01

The correlation between FXB and TLT shifts across timeframes, from -0.01 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Invesco CurrencyShares® British Pound Sterling Trust

iShares 20+ Year Treasury Bond ETF

Often compared with FXB:
FXB vs. FXEFXB vs. FXAFXB vs. FXCFXB vs. BRK-BFXB vs. SPYFXB vs. VOOFXB vs. XLK
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

FXB vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXB
FXB Risk / Return Rank: 1212
Overall Rank
FXB Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
FXB Sortino Ratio Rank: 1111
Sortino Ratio Rank
FXB Omega Ratio Rank: 1111
Omega Ratio Rank
FXB Calmar Ratio Rank: 1414
Calmar Ratio Rank
FXB Martin Ratio Rank: 1313
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1717
Sortino Ratio Rank
TLT Omega Ratio Rank: 1616
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

FXBTLTDifference

Sharpe ratio

Return per unit of total volatility

0.24

0.53

-0.29

Sortino ratio

Return per unit of downside risk

0.39

0.83

-0.44

Omega ratio

Gain probability vs. loss probability

1.05

1.09

-0.05

Calmar ratio

Return relative to maximum drawdown

0.48

0.55

-0.07

Martin ratio

Return relative to average drawdown

1.00

1.38

-0.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXB vs. TLT - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is 0.24, which is lower than the TLT Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of FXB and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXBTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

0.53

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

-0.38

+0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.00

-0.11

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

0.26

-0.33

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

FXBTLTDifference

Max Drawdown

Largest 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

-24.83%

-43.70%

+18.87%

Max Drawdown (10Y)

Largest decline over 10 years

-29.30%

-48.35%

+19.05%

Current Drawdown

Current decline from peak

-29.31%

-40.20%

+10.89%

Average Drawdown

Average peak-to-trough decline

-27.54%

-13.81%

-13.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

3.02%

-0.86%

Volatility

FXB vs. TLT - Volatility Comparison

The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.77%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.84%. 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

FXBTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.77%

2.84%

-1.07%

Volatility (6M)

Calculated over the trailing 6-month period

4.83%

6.60%

-1.77%

Volatility (1Y)

Calculated over the trailing 1-year period

6.56%

9.81%

-3.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.48%

15.87%

-7.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.31%

14.91%

-5.60%

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 2.20%, less than TLT's 4.57% yield.

PositionTTM20252024202320222021202020192018201720162015
FXB
Invesco CurrencyShares® British Pound Sterling Trust		2.20%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		4.57%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 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.84%) compared to FXB (1.77%). In terms of maximum drawdown, FXB dropped -48.99% vs TLT's -48.35%.

On 10-year performance, FXB leads with 0.04% vs -1.62% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FXB has been the lower-risk option at 1.77%. 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 0.04% return vs -1.62%. 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 4.57%, compared with 2.20% 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 (0.53 vs 0.24), 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.

Portfolio Optimizer

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