TLT vs. ^DXY

Last updated Jul 17, 2026

TLT (iShares 20+ Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while ^DXY (US Dollar Currency Index) is an index. At a correlation of -0.11, they often move in opposite directions.

Performance

TLT vs. ^DXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and US Dollar Currency Index (^DXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TLT

• 1D: -0.04%
• 1M: -1.94%
• 6M: -2.48%
• YTD: -1.19%
• 1Y: 3.43%
• 3Y*: -1.99%
• 5Y*: -7.58%
• 10Y*: -2.13%

^DXY

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. ^DXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLT iShares 20+ Year Treasury Bond ETF	-1.19%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%
^DXY US Dollar Currency Index	1.13%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%

Correlation

The correlation between TLT and ^DXY is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.33
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002	-0.11

Over the past year, the inverse relationship between TLT and ^DXY has strengthened: their correlation has moved from -0.11 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

TLT vs. ^DXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLT

TLT Risk / Return Rank: 15
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 14
TLT Omega Ratio Rank: 14
TLT Calmar Ratio Rank: 15
TLT Martin Ratio Rank: 15

^DXY

^DXY Risk / Return Rank: 17
^DXY Sharpe Ratio Rank: 18
^DXY Sortino Ratio Rank: 15
^DXY Omega Ratio Rank: 15
^DXY Calmar Ratio Rank: 19
^DXY Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLT vs. ^DXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and US Dollar Currency Index (^DXY). 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.

	TLT	^DXY	Difference
Sharpe ratio: Return per unit of total volatility	0.37	—	—
Sortino ratio: Return per unit of downside risk	0.60	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.45	—	—
Martin ratio: Return relative to average drawdown	1.04	—	—

Drawdowns

Drawdown Indicators

	TLT	^DXY	Difference
Max Drawdown Largest peak-to-trough decline	-48.35%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.35%	—	—
Current Drawdown Current decline from peak	-40.99%	—	—
Average Drawdown Average peak-to-trough decline	-13.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	—	—

Volatility

Volatility by Period

	TLT	^DXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.35%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	—	—

Frequently Asked Questions

Can I hold both TLT and ^DXY in my portfolio?

TLT and ^DXY have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.