RING vs. TLT
RING (iShares MSCI Global Gold Miners ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners 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, RING returned 10.69%/yr vs -2.38%/yr for TLT. Their 0.18 correlation means their historical movements had little consistent relationship. RING charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
RING vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -12.74% return, which is significantly lower than TLT's -3.49% return. Over the past 10 years, RING has outperformed TLT with an annualized return of 10.69%, while TLT has yielded a comparatively lower -2.38% annualized return.
RING
- 1D
- -3.07%
- 1M
- -5.09%
- 6M
- -20.44%
- YTD
- -12.74%
- 1Y
- 45.25%
- 3Y*
- 41.73%
- 5Y*
- 19.27%
- 10Y*
- 10.69%
- ALL TIME*
- 2.79%
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) |
|---|---|---|---|
| $77.74M | $52.06M | $43.86M | |
| $2.33B | $2.02B | $2.19B |
RING vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -12.74% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
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 RING and TLT is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.18 |
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Return for Risk
RING vs. TLT — Risk / Return Rank
RING
TLT
RING vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.
| RING | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.99 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.14 | +1.38 |
| Martin ratioReturn relative to average drawdown | 2.72 | -0.30 | +3.02 |
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Drawdowns
RING vs. TLT - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for RING and TLT.
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Drawdown Indicators
| RING | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -48.35% | -31.12% |
Max Drawdown (1Y)Largest decline over 1 year | -38.61% | -7.74% | -30.87% |
Max Drawdown (3Y)Largest decline over 3 years | -38.61% | -14.79% | -23.82% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -43.70% | -4.24% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | -48.35% | -3.69% |
Current DrawdownCurrent decline from peak | -35.37% | -42.36% | +6.99% |
Average DrawdownAverage peak-to-trough decline | -47.24% | -13.99% | -33.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.57% | 3.57% | +14.00% |
Volatility
RING vs. TLT - Volatility Comparison
iShares MSCI Global Gold Miners ETF (RING) has a higher volatility of 12.19% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that RING'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
| RING | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.19% | 2.46% | +9.73% |
Volatility (6M)Calculated over the trailing 6-month period | 39.42% | 6.85% | +32.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.68% | 9.32% | +39.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.26% | 15.74% | +21.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.65% | 14.83% | +21.82% |
RING vs. TLT - Expense Ratio Comparison
RING has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
RING vs. TLT - Dividend Comparison
RING's dividend yield for the trailing twelve months is around 1.42%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | 1.42% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
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
RING and TLT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (12.19%) compared to TLT (2.46%). In terms of maximum drawdown, RING dropped -79.47% vs TLT's -48.35%.
On 10-year performance, RING leads with 10.69% 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, RING has performed better with a 10.69% 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 RING.
TLT has the higher dividend yield at 4.34%, compared with 1.42% for RING.
RING is categorized as Gold, while TLT is Government Bonds. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for RING and 0.15% for TLT.
RING currently has the higher Sharpe Ratio (0.99 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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