EMEQ vs. LTAX

Last updated Aug 4, 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 Equities fund actively managed by Nomura, while LTAX is a Municipal Bonds fund actively managed by Nomura. Both are actively managed. Their 0.35 correlation means their historical movements had little consistent relationship. 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: 1.31%
• 1M: -7.03%
• 6M: 33.20%
• YTD: 55.77%
• 1Y: 113.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.83%

LTAX

• 1D: 0.06%
• 1M: -2.07%
• 6M: 0.91%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMEQ Nomura Focused Emerging Markets Equity ETF	$8.80M	$8.80M	$11.41M
LTAX Nomura Tax-Free USA ETF	$8.80K	$7.39K	$9.74K

EMEQ vs. LTAX - Yearly Performance Comparison

	2026 (YTD)
EMEQ Nomura Focused Emerging Markets Equity ETF	43.32%
LTAX Nomura Tax-Free USA ETF	0.83%

Correlation

The correlation between EMEQ and LTAX is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.35

Return for Risk

EMEQ vs. LTAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EMEQ

EMEQ Risk / Return Rank: 92
EMEQ Sharpe Ratio Rank: 95
EMEQ Sortino Ratio Rank: 89
EMEQ Omega Ratio Rank: 91
EMEQ Calmar Ratio Rank: 92
EMEQ Martin Ratio Rank: 91

LTAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMEQ	LTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	—	—
Sortino ratio: Return per unit of downside risk	3.10	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	4.35	—	—
Martin ratio: Return relative to average drawdown	15.65	—	—

Drawdowns

EMEQ vs. LTAX - Drawdown Comparison

The maximum EMEQ drawdown since its inception was -26.25%, 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	-26.25%	-3.18%	-23.07%
Max Drawdown (1Y) Largest decline over 1 year	-26.25%	—	—
Current Drawdown Current decline from peak	-19.83%	-2.16%	-17.67%
Average Drawdown Average peak-to-trough decline	-4.70%	-0.74%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.29%	—	—

Volatility

Volatility by Period

	EMEQ	LTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.45%	5.57%	+34.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.13%	5.57%	+28.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.13%	5.57%	+28.56%

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 1.77%, less than LTAX's 2.03% yield.

Position	TTM	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	1.77%	2.76%	0.84%
LTAX Nomura Tax-Free USA ETF	2.03%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMEQ and LTAX in my portfolio?

EMEQ and LTAX have a correlation of 0.35, 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?

LTAX has the higher dividend yield at 2.03%, compared with 1.77% for EMEQ.

What is the main difference between EMEQ and LTAX?

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