EMEQ vs. LTAX

Last updated Jun 3, 2026

EMEQ (Nomura Focused Emerging Markets Equity ETF) and LTAX (Nomura Tax-Free USA ETF) are both exchange-traded funds - EMEQ is a Emerging Markets Diversified fund actively managed by Nomura, while LTAX is a Municipal Bonds fund actively managed by Nomura. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. EMEQ charges 0.86%/yr vs 0.39%/yr for LTAX.

Performance

EMEQ vs. LTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Focused Emerging Markets Equity ETF (EMEQ) and Nomura Tax-Free USA ETF (LTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EMEQ

• 1D: 2.38%
• 1M: 28.19%
• YTD: 80.39%
• 6M: 91.18%
• 1Y: 170.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LTAX

• 1D: 0.23%
• 1M: 1.03%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMEQ vs. LTAX - Yearly Performance Comparison

	2026 (YTD)
EMEQ Nomura Focused Emerging Markets Equity ETF	68.61%
LTAX Nomura Tax-Free USA ETF	1.85%

Correlation

The correlation between EMEQ and LTAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.40

Return for Risk

EMEQ vs. LTAX — Risk / Return Rank

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

EMEQ

EMEQ Risk / Return Rank: 96
EMEQ Sharpe Ratio Rank: 98
EMEQ Sortino Ratio Rank: 95
EMEQ Omega Ratio Rank: 96
EMEQ Calmar Ratio Rank: 96
EMEQ Martin Ratio Rank: 96

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.

EMEQ vs. LTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) and Nomura Tax-Free USA ETF (LTAX). 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.

	EMEQ	LTAX	Difference
Sharpe ratio Return per unit of total volatility	5.37	—	—
Sortino ratio Return per unit of downside risk	5.35	—	—
Omega ratio Gain probability vs. loss probability	1.77	—	—
Calmar ratio Return relative to maximum drawdown	9.68	—	—
Martin ratio Return relative to average drawdown	38.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EMEQ	LTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.00	0.83	+2.17

Drawdowns

EMEQ vs. LTAX - Drawdown Comparison

The maximum EMEQ drawdown since its inception was -19.99%, which is greater than LTAX's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for EMEQ and LTAX.

Drawdown Indicators

	EMEQ	LTAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.99%	-3.18%	-16.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.97%	-0.72%	-3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	—	—

Volatility

Volatility by Period

	EMEQ	LTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.05%	5.96%	+26.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.98%	5.96%	+24.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.98%	5.96%	+24.02%

EMEQ vs. LTAX - Expense Ratio Comparison

EMEQ has a 0.86% expense ratio, which is higher than LTAX's 0.39% expense ratio.

Dividends

EMEQ vs. LTAX - Dividend Comparison

EMEQ's dividend yield for the trailing twelve months is around 1.53%, more than LTAX's 1.34% yield.

Position	TTM	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	1.53%	2.76%	0.84%
LTAX Nomura Tax-Free USA ETF	1.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMEQ and LTAX in my portfolio?

EMEQ and LTAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMEQ or LTAX?

On fees, LTAX is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMEQ or LTAX?

LTAX is cheaper with a 0.39% expense ratio, compared with 0.86% for EMEQ.

Which ETF pays a higher dividend yield, EMEQ or LTAX?

EMEQ has the higher dividend yield at 1.53%, compared with 1.34% for LTAX.

What is the main difference between EMEQ and LTAX?

EMEQ is categorized as Emerging Markets Diversified, while LTAX is Municipal Bonds. Their fees differ too: 0.86% for EMEQ and 0.39% for LTAX.