TCEHY vs. TLT
TCEHY (Tencent Holdings Limited) is a stock, while TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, TCEHY returned 11.22%/yr vs -1.85%/yr for TLT. At a correlation of -0.14, they often move in opposite directions.
Performance
TCEHY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TCEHY achieves a -25.13% return, which is significantly lower than TLT's -1.08% return. Over the past 10 years, TCEHY has outperformed TLT with an annualized return of 11.22%, while TLT has yielded a comparatively lower -1.85% annualized return.
TCEHY
- 1D
- -0.53%
- 1M
- -4.19%
- YTD
- -25.13%
- 6M
- -26.31%
- 1Y
- -13.19%
- 3Y*
- 11.01%
- 5Y*
- -3.77%
- 10Y*
- 11.22%
TLT
- 1D
- -0.52%
- 1M
- -1.31%
- YTD
- -1.08%
- 6M
- -1.51%
- 1Y
- 3.67%
- 3Y*
- -2.05%
- 5Y*
- -6.70%
- 10Y*
- -1.85%
TCEHY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TCEHY Tencent Holdings Limited | -25.13% | 45.23% | 41.92% | -5.48% | -24.97% | -18.69% | 50.09% | 21.93% | -23.83% | 115.30% |
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TCEHY and TLT is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2008 | -0.14 |
The correlation between TCEHY and TLT shifts across timeframes, from -0.14 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TCEHY vs. TLT — Risk / Return Rank
TCEHY
TLT
TCEHY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tencent Holdings Limited (TCEHY) 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.
| TCEHY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 0.49 | -0.85 |
| Martin ratioReturn relative to average drawdown | -0.78 | 1.19 | -1.97 |
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
| TCEHY | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.43 | 0.38 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.42 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | -0.12 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.25 | +0.39 |
Drawdowns
TCEHY vs. TLT - Drawdown Comparison
The maximum TCEHY drawdown since its inception was -73.17%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TCEHY and TLT.
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Drawdown Indicators
| TCEHY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.17% | -48.35% | -24.82% |
Max Drawdown (1Y)Largest decline over 1 year | -36.75% | -7.58% | -29.17% |
Max Drawdown (3Y)Largest decline over 3 years | -36.75% | -19.18% | -17.57% |
Max Drawdown (5Y)Largest decline over 5 years | -66.18% | -43.70% | -22.48% |
Max Drawdown (10Y)Largest decline over 10 years | -73.17% | -48.35% | -24.82% |
Current DrawdownCurrent decline from peak | -35.45% | -40.92% | +5.47% |
Average DrawdownAverage peak-to-trough decline | -19.67% | -13.83% | -5.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.95% | 3.08% | +13.87% |
Volatility
TCEHY vs. TLT - Volatility Comparison
Tencent Holdings Limited (TCEHY) has a higher volatility of 12.85% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.65%. This indicates that TCEHY'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
| TCEHY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.85% | 2.65% | +10.20% |
Volatility (6M)Calculated over the trailing 6-month period | 24.49% | 6.51% | +17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.80% | 9.60% | +21.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 15.85% | +27.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.84% | 14.91% | +23.93% |
Dividends
TCEHY vs. TLT - Dividend Comparison
TCEHY's dividend yield for the trailing twelve months is around 1.19%, less than TLT's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCEHY Tencent Holdings Limited | 1.19% | 0.76% | 0.82% | 6.67% | 4.15% | 0.35% | 0.19% | 0.23% | 0.26% | 0.29% | 0.51% | 0.21% |
TLT iShares 20+ Year Treasury Bond ETF | 4.63% | 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
TCEHY and TLT have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCEHY has higher volatility (12.85%) compared to TLT (2.65%). In terms of maximum drawdown, TCEHY dropped -73.17% vs TLT's -48.35%.
TLT currently has the higher Sharpe Ratio (0.38 vs -0.43), 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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