We have examined the micromechanical behavior of in situ formed metallic glass composites by performing in situ high-energy synchrotron X-ray scattering during uniaxial compression. The load partitioning between the amorphous matrix and the reinforcing particles was examined by measuring the lattice strains in the crystalline particles during compressive loading. The crystalline particles yield in compression during loading followed by tensile yielding during unloading. The large elastic mismatch between the two phases leads to large residual strains after each loading cycle. The load partitioning was also examined with finite element modeling (FEM). The predicted von Mises effective stress in the crystalline particles from the FEM calculations compares well with the experimentally determined von Mises effective stress so long as the deformation is elastic in both particles and matrix. After the particles yield, the model predicts strain hardening of the particles that is not observed experimentally.