MCHI vs. TLT
MCHI (iShares MSCI China ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China 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, MCHI returned 4.49%/yr vs -1.56%/yr for TLT. At a correlation of -0.17, they often move in opposite directions. MCHI charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
MCHI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -7.22% return, which is significantly lower than TLT's -0.05% return. Over the past 10 years, MCHI has outperformed TLT with an annualized return of 4.49%, while TLT has yielded a comparatively lower -1.56% annualized return.
MCHI
- 1D
- -0.45%
- 1M
- -2.60%
- YTD
- -7.22%
- 6M
- -8.98%
- 1Y
- 3.98%
- 3Y*
- 9.73%
- 5Y*
- -5.76%
- 10Y*
- 4.49%
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
MCHI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -7.22% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between MCHI and TLT is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011 | -0.17 |
The correlation between MCHI and TLT shifts across timeframes, from -0.17 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. TLT — Risk / Return Rank
MCHI
TLT
MCHI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.07 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.46 | -0.23 |
| Martin ratioReturn relative to average drawdown | 0.48 | 1.14 | -0.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MCHI | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 0.36 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.19 | -0.40 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | -0.11 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.26 | -0.16 |
Drawdowns
MCHI vs. TLT - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MCHI and TLT.
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Drawdown Indicators
| MCHI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -48.35% | -14.60% |
Max Drawdown (1Y)Largest decline over 1 year | -17.17% | -7.58% | -9.59% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -19.18% | -6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -56.98% | -43.70% | -13.28% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -48.35% | -14.60% |
Current DrawdownCurrent decline from peak | -36.74% | -40.31% | +3.57% |
Average DrawdownAverage peak-to-trough decline | -24.53% | -13.82% | -10.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 3.05% | +5.31% |
Volatility
MCHI vs. TLT - Volatility Comparison
iShares MSCI China ETF (MCHI) has a higher volatility of 7.27% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.71%. This indicates that MCHI'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
| MCHI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.27% | 2.71% | +4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 14.51% | 6.50% | +8.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.16% | 9.77% | +10.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.71% | 15.86% | +14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.39% | 14.90% | +12.49% |
MCHI vs. TLT - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
MCHI vs. TLT - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.28%, less than TLT's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.28% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 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
MCHI 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.
MCHI has higher volatility (7.27%) compared to TLT (2.71%). In terms of maximum drawdown, MCHI dropped -62.95% vs TLT's -48.35%.
On 10-year performance, MCHI leads with 4.49% vs -1.56% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 4.49% return vs -1.56%. 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 0.59% for MCHI.
TLT has the higher dividend yield at 4.58%, compared with 2.28% for MCHI.
MCHI is categorized as China Equities, while TLT is Government Bonds. MCHI tracks MSCI China Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.59% for MCHI and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.36 vs 0.20), 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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