FRWD vs. LTAX

Last updated Jun 24, 2026

FRWD (Nomura Transformational Technologies ETF) and LTAX (Nomura Tax-Free USA ETF) are both exchange-traded funds - FRWD is a Technology Equities fund actively managed by Nomura, while LTAX is a Municipal Bonds fund actively managed by Nomura. Both are actively managed. At a 0.35 correlation, their price movements are largely independent. FRWD charges 0.65%/yr vs 0.39%/yr for LTAX.

Performance

FRWD vs. LTAX - Performance Comparison

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

Returns By Period

FRWD

• 1D: -4.95%
• 1M: 5.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LTAX

• 1D: -0.07%
• 1M: 1.95%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRWD vs. LTAX - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	29.94%
LTAX Nomura Tax-Free USA ETF	2.00%

Correlation

The correlation between FRWD and LTAX is 0.35, 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 13, 2026	0.35

Return for Risk

FRWD vs. LTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) 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.

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

Drawdowns

FRWD vs. LTAX - Drawdown Comparison

The maximum FRWD drawdown since its inception was -18.49%, which is greater than LTAX's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for FRWD and LTAX.

Drawdown Indicators

	FRWD	LTAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-3.18%	-15.31%
Current Drawdown Current decline from peak	-5.67%	-0.08%	-5.59%
Average Drawdown Average peak-to-trough decline	-5.12%	-0.65%	-4.47%

Volatility

Volatility by Period

	FRWD	LTAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	34.12%	5.74%	+28.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.12%	5.74%	+28.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.12%	5.74%	+28.38%

FRWD vs. LTAX - Expense Ratio Comparison

FRWD has a 0.65% expense ratio, which is higher than LTAX's 0.39% expense ratio.

Dividends

FRWD vs. LTAX - Dividend Comparison

FRWD has not paid dividends to shareholders, while LTAX's dividend yield for the trailing twelve months is around 1.33%.

Position	TTM
FRWD Nomura Transformational Technologies ETF	0.00%
LTAX Nomura Tax-Free USA ETF	1.33%

Frequently Asked Questions

Can I hold both FRWD and LTAX in my portfolio?

FRWD 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, FRWD 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, FRWD or LTAX?

LTAX is cheaper with a 0.39% expense ratio, compared with 0.65% for FRWD.

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

LTAX has the higher dividend yield at 1.33%, compared with 0.00% for FRWD.

What is the main difference between FRWD and LTAX?

FRWD is categorized as Technology Equities, while LTAX is Municipal Bonds. Their fees differ too: 0.65% for FRWD and 0.39% for LTAX.