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LEMB vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LEMB vs. TLT

Last updated Jun 4, 2026

LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor, 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, LEMB returned 1.37%/yr vs -1.66%/yr for TLT. At a 0.08 correlation, their price movements are largely independent. LEMB charges 0.30%/yr vs 0.15%/yr for TLT.

Performance

LEMB vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) 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, LEMB achieves a 1.19% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, LEMB has outperformed TLT with an annualized return of 1.37%, while TLT has yielded a comparatively lower -1.66% annualized return.

LEMB

1D
-0.57%
1M
1.13%
YTD
1.19%
6M
2.18%
1Y
9.81%
3Y*
6.09%
5Y*
0.59%
10Y*
1.37%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LEMB vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		1.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%
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 LEMB and TLT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.40

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

0.34

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

0.18

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

0.08

Over the past year, LEMB and TLT have become more correlated (0.41) than their long-term average of 0.08, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan EM Local Currency Bond ETF

iShares 20+ Year Treasury Bond ETF

Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

LEMB vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LEMB
LEMB Risk / Return Rank: 3939
Overall Rank
LEMB Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 4141
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4444
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3333
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3636
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
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.

LEMB vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) 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.

LEMBTLTDifference
Sharpe ratioReturn per unit of total volatility
1.51
0.51

+1.00

Sortino ratioReturn per unit of downside risk
2.10
0.80

+1.31

Omega ratioGain probability vs. loss probability

1.29

1.09

+0.20

Calmar ratioReturn relative to maximum drawdown

1.64

0.65

+0.99

Martin ratioReturn relative to average drawdown

5.58

1.63

+3.96

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

LEMB vs. TLT - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.51, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of LEMB 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

LEMBTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

0.51

+1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

-0.40

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

-0.11

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.26

-0.21

Drawdowns

LEMB vs. TLT - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for LEMB and TLT.

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Drawdown Indicators

LEMBTLTDifference

Max Drawdown

Largest peak-to-trough decline

-30.82%

-48.35%

+17.53%

Max Drawdown (1Y)

Largest decline over 1 year

-6.00%

-7.58%

+1.58%

Max Drawdown (3Y)

Largest decline over 3 years

-10.09%

-19.18%

+9.09%

Max Drawdown (5Y)

Largest decline over 5 years

-25.29%

-43.70%

+18.41%

Max Drawdown (10Y)

Largest decline over 10 years

-29.09%

-48.35%

+19.26%

Current Drawdown

Current decline from peak

-4.87%

-40.44%

+35.57%

Average Drawdown

Average peak-to-trough decline

-12.74%

-13.82%

+1.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

3.04%

-1.28%

Volatility

LEMB vs. TLT - Volatility Comparison

The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 2.09%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that LEMB 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

LEMBTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

2.76%

-0.67%

Volatility (6M)

Calculated over the trailing 6-month period

5.34%

6.50%

-1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

6.54%

9.77%

-3.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.24%

15.87%

-7.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.29%

14.91%

-5.62%

LEMB vs. TLT - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

LEMB vs. TLT - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.41%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.41%2.44%0.00%1.34%0.86%3.89%0.00%4.39%3.46%0.00%0.00%0.64%
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

LEMB and TLT have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.76%) compared to LEMB (2.09%). In terms of maximum drawdown, LEMB dropped -30.82% vs TLT's -48.35%.

On 10-year performance, LEMB leads with 1.37% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, LEMB has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, LEMB has performed better with a 1.37% 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 0.30% for LEMB.

TLT has the higher dividend yield at 4.59%, compared with 2.41% for LEMB.

LEMB is categorized as Emerging Markets Bonds, while TLT is Government Bonds. LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.30% for LEMB and 0.15% for TLT.

LEMB currently has the higher Sharpe Ratio (1.51 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.

Portfolio Optimizer

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