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 2.59%/yr vs -2.33%/yr for TLT. Their -0.21 correlation means they have often moved in opposite directions in the past. 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 -4.06% return, which is significantly lower than TLT's -3.18% return. Over the past 10 years, FXI has outperformed TLT with an annualized return of 2.59%, while TLT has yielded a comparatively lower -2.33% annualized return.
FXI
- 1D
- -0.11%
- 1M
- 14.26%
- 6M
- -6.22%
- YTD
- -4.06%
- 1Y
- 0.82%
- 3Y*
- 10.52%
- 5Y*
- -0.17%
- 10Y*
- 2.59%
- ALL TIME*
- 5.58%
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) |
|---|---|---|---|
| $711.55M | $774.56M | $979.33M | |
| $2.39B | $2.06B | $2.20B |
FXI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -4.06% | 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 | -3.18% | 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 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.07 |
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 0.09 (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 | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.97 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | -0.28 | +0.31 |
| Martin ratioReturn relative to average drawdown | 0.08 | -0.59 | +0.67 |
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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 | -22.94% | -7.74% | -15.20% |
Max Drawdown (3Y)Largest decline over 3 years | -25.56% | -14.79% | -10.77% |
Max Drawdown (5Y)Largest decline over 5 years | -49.88% | -43.70% | -6.18% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -48.35% | -12.46% |
Current DrawdownCurrent decline from peak | -24.45% | -42.17% | +17.72% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -14.00% | -17.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.03% | 3.60% | +6.43% |
Volatility
FXI vs. TLT - Volatility Comparison
iShares China Large-Cap ETF (FXI) has a higher volatility of 5.13% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. 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 | 5.13% | 2.51% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 6.84% | +7.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.27% | 9.24% | +11.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.44% | 15.74% | +15.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.61% | 14.83% | +12.78% |
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 1.86%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 1.86% | 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 | 4.75% | 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
FXI and TLT have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXI has higher volatility (5.13%) compared to TLT (2.51%). In terms of maximum drawdown, FXI dropped -72.68% vs TLT's -48.35%.
On 10-year performance, FXI leads with 2.59% vs -2.33% 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 10-year period, FXI has performed better with a 2.59% return vs -2.33%. 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 0.74% for FXI.
TLT has the higher dividend yield at 4.75%, compared with 1.86% 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.
FXI currently has the higher Sharpe Ratio (0.04 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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