FXI vs. TLT
FXI (iShares China Large-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 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, FXI returned 2.55%/yr vs -1.74%/yr for TLT. At a correlation of -0.21, they often move in opposite directions. FXI charges 0.74%/yr vs 0.15%/yr for TLT.
Performance
FXI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, FXI has outperformed TLT with an annualized return of 2.55%, while TLT has yielded a comparatively lower -1.74% annualized return.
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
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%
FXI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -13.61% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
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 FXI and TLT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2004 | -0.21 |
The correlation between FXI and TLT shifts across timeframes, from -0.21 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXI vs. TLT — Risk / Return Rank
FXI
TLT
FXI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.51 | -0.88 |
| Martin ratioReturn relative to average drawdown | -0.90 | 1.22 | -2.12 |
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Drawdowns
FXI vs. TLT - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXI and TLT.
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Drawdown Indicators
| FXI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -48.35% | -24.33% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -7.58% | -12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -19.18% | -9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | -43.70% | -11.24% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -48.35% | -12.46% |
Current DrawdownCurrent decline from peak | -31.97% | -39.82% | +7.85% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -13.87% | -17.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 3.18% | +4.95% |
Volatility
FXI vs. TLT - Volatility Comparison
iShares China Large-Cap ETF (FXI) has a higher volatility of 6.02% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.20%. This indicates that FXI'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
| FXI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 2.20% | +3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 6.62% | +8.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 9.48% | +10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 15.82% | +15.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 14.88% | +12.72% |
FXI vs. TLT - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FXI vs. TLT - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, less than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.07% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
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
FXI and TLT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXI has higher volatility (6.02%) compared to TLT (2.20%). In terms of maximum drawdown, FXI dropped -72.68% vs TLT's -48.35%.
On 10-year performance, FXI leads with 2.55% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXI has performed better with a 2.55% 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 0.74% for FXI.
TLT has the higher dividend yield at 4.54%, compared with 2.07% for FXI.
FXI is categorized as China Equities, while TLT is Government Bonds. FXI tracks FTSE China 50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.74% for FXI and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.41 vs -0.37), 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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