USDX vs. TLT
USDX (SGI Enhanced Core ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. USDX is actively managed, while TLT is passively managed. Over the past year, USDX returned 6.51% vs 3.67% for TLT. At a 0.01 correlation, their price movements are largely independent. USDX charges 0.98%/yr vs 0.15%/yr for TLT.
Performance
USDX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, USDX achieves a 2.19% return, which is significantly higher than TLT's -1.08% return.
USDX
- 1D
- -0.12%
- 1M
- 0.43%
- YTD
- 2.19%
- 6M
- 2.64%
- 1Y
- 6.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
USDX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USDX SGI Enhanced Core ETF | 2.19% | 6.25% | 6.87% |
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -3.77% |
Correlation
The correlation between USDX and TLT is -0.01, 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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024 | 0.01 |
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Return for Risk
USDX vs. TLT — Risk / Return Rank
USDX
TLT
USDX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Core ETF (USDX) 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.
| USDX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.90 | ||
| Sortino ratioReturn per unit of downside risk | +4.61 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.07 | +0.77 |
| Calmar ratioReturn relative to maximum drawdown | 6.97 | 0.49 | +6.49 |
| Martin ratioReturn relative to average drawdown | 47.52 | 1.19 | +46.32 |
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
| USDX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.29 | 0.38 | +2.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.98 | 0.25 | +3.73 |
Drawdowns
USDX vs. TLT - Drawdown Comparison
The maximum USDX drawdown since its inception was -0.94%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for USDX and TLT.
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Drawdown Indicators
| USDX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.94% | -48.35% | +47.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.94% | -7.58% | +6.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.25% | -40.92% | +40.67% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -13.83% | +13.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 3.08% | -2.94% |
Volatility
USDX vs. TLT - Volatility Comparison
The current volatility for SGI Enhanced Core ETF (USDX) is 1.07%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.65%. This indicates that USDX experiences smaller price fluctuations and is considered to be less risky 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
| USDX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.65% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.80% | 6.51% | -4.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.99% | 9.60% | -7.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 15.85% | -14.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.71% | 14.91% | -13.20% |
USDX vs. TLT - Expense Ratio Comparison
USDX has a 0.98% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
USDX vs. TLT - Dividend Comparison
USDX's dividend yield for the trailing twelve months is around 5.88%, more than TLT's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USDX SGI Enhanced Core ETF | 5.88% | 5.88% | 4.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USDX and TLT have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.65%) compared to USDX (1.07%). In terms of maximum drawdown, USDX dropped -0.94% vs TLT's -48.35%.
On 1-year performance, USDX leads with 6.51% vs 3.67% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, USDX has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USDX has performed better with a 6.51% return vs 3.67%. 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 0.98% for USDX.
USDX has the higher dividend yield at 5.88%, compared with 4.63% for TLT.
USDX is categorized as Intermediate Core Bond, while TLT is Government Bonds. They also come from different issuers: Summit Global Investments and iShares. Their fees differ too: 0.98% for USDX and 0.15% for TLT.
USDX currently has the higher Sharpe Ratio (3.29 vs 0.38), 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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