DEF vs. TILT

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Defensive Equity ETF (DEF) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT).

DEF and TILT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DEF is a passively managed fund by Invesco that tracks the performance of the Invesco Defensive Equity Index. It was launched on Dec 15, 2006. TILT is a passively managed fund by FlexShares that tracks the performance of the Morningstar US Market Factor Tilt Index. It was launched on Sep 16, 2011. Both DEF and TILT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DEF vs. TILT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Defensive Equity ETF (DEF) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT). The values are adjusted to include any dividend payments, if applicable.

DEF vs. TILT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEF Invesco Defensive Equity ETF	-3.82%	11.71%	13.18%	10.58%	-7.67%	24.93%	7.61%	27.98%	-3.96%	21.52%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	-2.07%	16.59%	19.88%	24.70%	-17.25%	27.61%	16.05%	29.01%	-8.93%	18.33%

Returns By Period

In the year-to-date period, DEF achieves a -3.82% return, which is significantly lower than TILT's -2.07% return. Over the past 10 years, DEF has underperformed TILT with an annualized return of 10.33%, while TILT has yielded a comparatively higher 12.86% annualized return.

DEF

• 1D: 0.42%
• 1M: -7.21%
• YTD: -3.82%
• 6M: -3.80%
• 1Y: 6.14%
• 3Y*: 9.94%
• 5Y*: 8.32%
• 10Y*: 10.33%

TILT

• 1D: 0.68%
• 1M: -4.26%
• YTD: -2.07%
• 6M: 0.55%
• 1Y: 19.29%
• 3Y*: 17.28%
• 5Y*: 10.04%
• 10Y*: 12.86%

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

DEF vs. TILT - Expense Ratio Comparison

DEF has a 0.53% expense ratio, which is higher than TILT's 0.25% expense ratio.

DEF

Invesco Defensive Equity ETF

TILT

FlexShares Morningstar US Market Factor Tilt Index Fund

Return for Risk

DEF vs. TILT — Risk / Return Rank

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

DEF

DEF Risk / Return Rank: 24
DEF Sharpe Ratio Rank: 23
DEF Sortino Ratio Rank: 23
DEF Omega Ratio Rank: 22
DEF Calmar Ratio Rank: 25
DEF Martin Ratio Rank: 27

TILT

TILT Risk / Return Rank: 59
TILT Sharpe Ratio Rank: 56
TILT Sortino Ratio Rank: 58
TILT Omega Ratio Rank: 61
TILT Calmar Ratio Rank: 54
TILT Martin Ratio Rank: 66

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.

DEF vs. TILT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Defensive Equity ETF (DEF) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT). 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.

	DEF	TILT	Difference
Sharpe ratio Return per unit of total volatility	0.40	1.04	-0.63
Sortino ratio Return per unit of downside risk	0.69	1.57	-0.87
Omega ratio Gain probability vs. loss probability	1.09	1.24	-0.15
Calmar ratio Return relative to maximum drawdown	0.58	1.50	-0.92
Martin ratio Return relative to average drawdown	2.30	7.12	-4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEF vs. TILT - Sharpe Ratio Comparison

The current DEF Sharpe Ratio is 0.40, which is lower than the TILT Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of DEF and TILT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DEF	TILT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.04	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.58	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.69	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.78	-0.25

Correlation

The correlation between DEF and TILT is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DEF vs. TILT - Dividend Comparison

DEF's dividend yield for the trailing twelve months is around 0.98%, less than TILT's 1.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEF Invesco Defensive Equity ETF	0.98%	0.94%	0.79%	1.60%	1.48%	1.06%	1.34%	1.16%	1.39%	1.63%	2.18%	3.31%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	1.21%	1.15%	1.23%	1.44%	1.60%	1.16%	1.49%	1.54%	1.97%	1.55%	1.60%	1.98%

Drawdowns

DEF vs. TILT - Drawdown Comparison

The maximum DEF drawdown since its inception was -47.91%, which is greater than TILT's maximum drawdown of -38.46%. Use the drawdown chart below to compare losses from any high point for DEF and TILT.

Drawdown Indicators

	DEF	TILT	Difference
Max Drawdown Largest peak-to-trough decline	-47.91%	-38.46%	-9.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-13.06%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-17.75%	-24.12%	+6.37%
Max Drawdown (10Y) Largest decline over 10 years	-36.53%	-38.46%	+1.93%
Current Drawdown Current decline from peak	-7.90%	-5.45%	-2.45%
Average Drawdown Average peak-to-trough decline	-6.23%	-4.27%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.75%	-0.01%

Volatility

DEF vs. TILT - Volatility Comparison

The current volatility for Invesco Defensive Equity ETF (DEF) is 4.06%, while FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) has a volatility of 5.15%. This indicates that DEF experiences smaller price fluctuations and is considered to be less risky than TILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEF	TILT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	5.15%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	9.79%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	18.69%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	17.42%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	18.74%	-2.73%