MXI vs. TLT
MXI (iShares Global Materials ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials 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, MXI returned 10.43%/yr vs -2.38%/yr for TLT. Their -0.22 correlation means they have often moved in opposite directions in the past. MXI charges 0.46%/yr vs 0.15%/yr for TLT.
Performance
MXI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, MXI achieves a 10.45% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, MXI has outperformed TLT with an annualized return of 10.43%, while TLT has yielded a comparatively lower -2.38% annualized return.
MXI
- 1D
- -2.15%
- 1M
- -1.96%
- 6M
- 1.26%
- YTD
- 10.45%
- 1Y
- 28.15%
- 3Y*
- 10.42%
- 5Y*
- 5.97%
- 10Y*
- 10.43%
- ALL TIME*
- 6.38%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.58M | $1.75M | $2.67M | |
| $2.33B | $2.02B | $2.19B |
MXI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MXI iShares Global Materials ETF | 10.45% | 27.43% | -8.25% | 14.37% | -9.09% | 15.06% | 22.31% | 22.19% | -16.06% | 30.33% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between MXI and TLT is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2006 | -0.22 |
The correlation between MXI and TLT shifts across timeframes, from -0.22 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MXI vs. TLT — Risk / Return Rank
MXI
TLT
MXI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) 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.
| MXI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.99 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.14 | +1.85 |
| Martin ratioReturn relative to average drawdown | 5.64 | -0.30 | +5.94 |
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Drawdowns
MXI vs. TLT - Drawdown Comparison
The maximum MXI drawdown since its inception was -68.44%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MXI and TLT.
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Drawdown Indicators
| MXI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.44% | -48.35% | -20.09% |
Max Drawdown (1Y)Largest decline over 1 year | -16.18% | -7.74% | -8.44% |
Max Drawdown (3Y)Largest decline over 3 years | -22.25% | -14.79% | -7.46% |
Max Drawdown (5Y)Largest decline over 5 years | -28.76% | -43.70% | +14.94% |
Max Drawdown (10Y)Largest decline over 10 years | -39.52% | -48.35% | +8.83% |
Current DrawdownCurrent decline from peak | -8.41% | -42.36% | +33.95% |
Average DrawdownAverage peak-to-trough decline | -17.98% | -13.99% | -3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.91% | 3.57% | +1.34% |
Volatility
MXI vs. TLT - Volatility Comparison
iShares Global Materials ETF (MXI) has a higher volatility of 6.48% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that MXI'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
| MXI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 2.46% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 18.38% | 6.85% | +11.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.95% | 9.32% | +11.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.92% | 15.74% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 14.83% | +5.59% |
MXI vs. TLT - Expense Ratio Comparison
MXI has a 0.46% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
MXI vs. TLT - Dividend Comparison
MXI's dividend yield for the trailing twelve months is around 1.73%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MXI iShares Global Materials ETF | 1.73% | 2.22% | 3.24% | 2.92% | 4.84% | 3.51% | 1.21% | 3.64% | 2.77% | 1.76% | 1.31% | 3.64% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 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
MXI and TLT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MXI has higher volatility (6.48%) compared to TLT (2.46%). In terms of maximum drawdown, MXI dropped -68.44% vs TLT's -48.35%.
On 10-year performance, MXI leads with 10.43% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MXI has performed better with a 10.43% return vs -2.38%. 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 0.46% for MXI.
TLT has the higher dividend yield at 4.34%, compared with 1.73% for MXI.
MXI is categorized as Materials, while TLT is Government Bonds. MXI tracks S&P Global Materials Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.46% for MXI and 0.15% for TLT.
MXI currently has the higher Sharpe Ratio (1.33 vs -0.11), 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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