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 -1.79%/yr vs 4.50%/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 -0.49% return, which is significantly higher than MCHI's -9.61% return. Over the past 10 years, TLT has underperformed MCHI with an annualized return of -1.79%, while MCHI has yielded a comparatively higher 4.50% annualized return.
TLT
- 1D
- 0.59%
- 1M
- -0.73%
- YTD
- -0.49%
- 6M
- -1.03%
- 1Y
- 4.17%
- 3Y*
- -1.86%
- 5Y*
- -6.70%
- 10Y*
- -1.79%
MCHI
- 1D
- 0.69%
- 1M
- -6.89%
- YTD
- -9.61%
- 6M
- -10.41%
- 1Y
- -0.02%
- 3Y*
- 8.57%
- 5Y*
- -6.07%
- 10Y*
- 4.50%
TLT vs. MCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -0.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
MCHI iShares MSCI China ETF | -9.61% | 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 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
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 0.11 (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.
| TLT | MCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.02 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | -0.00 | +0.55 |
| Martin ratioReturn relative to average drawdown | 1.35 | -0.00 | +1.35 |
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
| TLT | MCHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | -0.00 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.20 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.12 | 0.16 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.09 | +0.17 |
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% | -18.51% | +10.93% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -25.85% | +6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -56.98% | +13.28% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -62.95% | +14.60% |
Current DrawdownCurrent decline from peak | -40.57% | -38.36% | -2.21% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -24.53% | +10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 8.59% | -5.49% |
Volatility
TLT vs. MCHI - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.67%, while iShares MSCI China ETF (MCHI) has a volatility of 7.10%. 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 | 2.67% | 7.10% | -4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 14.67% | -8.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.60% | 20.23% | -10.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 30.73% | -14.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 27.40% | -12.49% |
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 4.60%, more than MCHI's 2.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.34% | 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 | 4.60% | 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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MCHI has higher volatility (7.10%) compared to TLT (2.67%). In terms of maximum drawdown, TLT dropped -48.35% vs MCHI's -62.95%.
On 10-year performance, MCHI leads with 4.50% vs -1.79% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.67%. 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 4.50% return vs -1.79%. 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 4.60%, compared with 2.34% 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 (0.44 vs -0.00), 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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