PICK vs. TLT
PICK (iShares MSCI Global Metals & Mining Producers ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - PICK is a Metals fund tracking the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market 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, PICK returned 14.91%/yr vs -2.38%/yr for TLT. Their -0.16 correlation means they have often moved in opposite directions in the past. PICK charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
PICK vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PICK achieves a 16.18% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, PICK has outperformed TLT with an annualized return of 14.91%, while TLT has yielded a comparatively lower -2.38% annualized return.
PICK
- 1D
- -0.68%
- 1M
- 2.44%
- 6M
- 2.29%
- YTD
- 16.18%
- 1Y
- 58.79%
- 3Y*
- 15.08%
- 5Y*
- 9.26%
- 10Y*
- 14.91%
- ALL TIME*
- 5.11%
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) |
|---|---|---|---|
| $52.34M | $45.18M | $51.90M | |
| $2.33B | $2.02B | $2.19B |
PICK vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 16.18% | 51.89% | -16.37% | 9.69% | 2.54% | 22.61% | 27.46% | 16.47% | -18.65% | 38.42% |
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 PICK and TLT is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.16 |
The correlation between PICK and TLT shifts across timeframes, from -0.16 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PICK vs. TLT — Risk / Return Rank
PICK
TLT
PICK vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Metals & Mining Producers ETF (PICK) 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.
| PICK | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.99 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | -0.14 | +3.11 |
| Martin ratioReturn relative to average drawdown | 8.10 | -0.30 | +8.40 |
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Drawdowns
PICK vs. TLT - Drawdown Comparison
The maximum PICK drawdown since its inception was -68.87%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PICK and TLT.
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Drawdown Indicators
| PICK | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.87% | -48.35% | -20.52% |
Max Drawdown (1Y)Largest decline over 1 year | -19.54% | -7.74% | -11.80% |
Max Drawdown (3Y)Largest decline over 3 years | -32.52% | -14.79% | -17.73% |
Max Drawdown (5Y)Largest decline over 5 years | -36.37% | -43.70% | +7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -52.72% | -48.35% | -4.37% |
Current DrawdownCurrent decline from peak | -13.47% | -42.36% | +28.89% |
Average DrawdownAverage peak-to-trough decline | -23.99% | -13.99% | -10.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.17% | 3.57% | +3.60% |
Volatility
PICK vs. TLT - Volatility Comparison
iShares MSCI Global Metals & Mining Producers ETF (PICK) has a higher volatility of 8.26% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that PICK'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
| PICK | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.26% | 2.46% | +5.80% |
Volatility (6M)Calculated over the trailing 6-month period | 26.71% | 6.85% | +19.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.29% | 9.32% | +20.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.11% | 15.74% | +12.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.29% | 14.83% | +13.46% |
PICK vs. TLT - Expense Ratio Comparison
PICK has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PICK vs. TLT - Dividend Comparison
PICK's dividend yield for the trailing twelve months is around 2.23%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 2.23% | 2.88% | 3.26% | 4.19% | 6.93% | 5.89% | 2.27% | 5.51% | 4.77% | 2.41% | 1.15% | 15.77% |
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
PICK and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICK has higher volatility (8.26%) compared to TLT (2.46%). In terms of maximum drawdown, PICK dropped -68.87% vs TLT's -48.35%.
On 10-year performance, PICK leads with 14.91% 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, PICK has performed better with a 14.91% 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 0.39% for PICK.
TLT has the higher dividend yield at 4.34%, compared with 2.23% for PICK.
PICK is categorized as Metals, while TLT is Government Bonds. PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for PICK and 0.15% for TLT.
PICK currently has the higher Sharpe Ratio (1.92 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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