TLT vs. MCHI
TLT (iShares 20+ Year Treasury Bond ETF) and MCHI (iShares MSCI China ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while MCHI is a China Equities fund tracking the MSCI China Index. Both are passively managed. Over the past 10 years, TLT returned -2.07%/yr vs 3.56%/yr for MCHI. At a correlation of -0.17, they often move in opposite directions. TLT charges 0.15%/yr vs 0.59%/yr for MCHI.
Performance
TLT vs. MCHI - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 1.03% return, which is significantly higher than MCHI's -14.49% return. Over the past 10 years, TLT has underperformed MCHI with an annualized return of -2.07%, while MCHI has yielded a comparatively higher 3.56% annualized return.
TLT
- 1D
- -1.18%
- 1M
- 1.17%
- YTD
- 1.03%
- 6M
- 0.22%
- 1Y
- 2.39%
- 3Y*
- -1.69%
- 5Y*
- -6.66%
- 10Y*
- -2.07%
MCHI
- 1D
- 0.46%
- 1M
- -6.78%
- YTD
- -14.49%
- 6M
- -15.21%
- 1Y
- -5.64%
- 3Y*
- 7.17%
- 5Y*
- -7.11%
- 10Y*
- 3.56%
TLT vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 1.03% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
MCHI iShares MSCI China ETF | -14.49% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
Correlation
The correlation between TLT and MCHI is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.17 |
The correlation between TLT and MCHI shifts across timeframes, from -0.17 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. MCHI — Risk / Return Rank
TLT
MCHI
TLT vs. MCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and iShares MSCI China ETF (MCHI). 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 | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.97 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | -0.24 | +0.56 |
| Martin ratioReturn relative to average drawdown | 0.75 | -0.58 | +1.33 |
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Drawdowns
TLT vs. MCHI - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum MCHI drawdown of -62.95%. Use the drawdown chart below to compare losses from any high point for TLT and MCHI.
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Drawdown Indicators
| TLT | MCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -62.95% | +14.60% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -23.22% | +15.64% |
Max Drawdown (3Y)Largest decline over 3 years | -18.88% | -25.85% | +6.97% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -55.41% | +11.71% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -62.95% | +14.60% |
Current DrawdownCurrent decline from peak | -39.66% | -41.69% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -24.59% | +10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 9.81% | -6.61% |
Volatility
TLT vs. MCHI - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.77%, while iShares MSCI China ETF (MCHI) has a volatility of 6.10%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than MCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | MCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 6.10% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.81% | 14.88% | -8.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.58% | 20.17% | -10.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 30.74% | -14.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.86% | 27.33% | -12.47% |
TLT vs. MCHI - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than MCHI's 0.59% expense ratio.
Dividends
TLT vs. MCHI - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.53%, more than MCHI's 2.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.15% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
TLT iShares 20+ Year Treasury Bond ETF | 4.53% | 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
TLT and MCHI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (6.10%) compared to TLT (2.77%). In terms of maximum drawdown, TLT dropped -48.35% vs MCHI's -62.95%.
On 10-year performance, MCHI leads with 3.56% vs -2.07% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MCHI has performed better with a 3.56% return vs -2.07%. 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 0.59% for MCHI.
TLT has the higher dividend yield at 4.53%, compared with 2.15% for MCHI.
TLT is categorized as Government Bonds, while MCHI is China Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while MCHI tracks MSCI China Index. Their fees differ too: 0.15% for TLT and 0.59% for MCHI.
TLT currently has the higher Sharpe Ratio (0.25 vs -0.28), 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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