IQDF vs. TLTD

Last updated Jun 25, 2026

IQDF (FlexShares International Quality Dividend Index Fund) and TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) are both exchange-traded funds - IQDF is a Foreign Large Cap Equities fund tracking the Northern Trust International Quality Dividend Index, while TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index. Both are passively managed. Over the past 10 years, IQDF returned 10.06%/yr vs 10.05%/yr for TLTD. Their correlation of 0.92 suggests significant overlap in exposure. IQDF charges 0.47%/yr vs 0.39%/yr for TLTD.

Performance

IQDF vs. TLTD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares International Quality Dividend Index Fund (IQDF) and FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQDF achieves a 13.68% return, which is significantly higher than TLTD's 6.70% return. Both investments have delivered pretty close results over the past 10 years, with IQDF having a 10.06% annualized return and TLTD not far behind at 10.05%.

IQDF

• 1D: -0.64%
• 1M: 0.13%
• YTD: 13.68%
• 6M: 13.23%
• 1Y: 31.34%
• 3Y*: 22.30%
• 5Y*: 10.35%
• 10Y*: 10.06%

TLTD

• 1D: -0.37%
• 1M: -1.64%
• YTD: 6.70%
• 6M: 6.13%
• 1Y: 23.40%
• 3Y*: 19.54%
• 5Y*: 9.48%
• 10Y*: 10.05%

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

IQDF vs. TLTD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQDF FlexShares International Quality Dividend Index Fund	13.68%	35.42%	6.62%	20.10%	-14.69%	10.18%	3.54%	20.96%	-17.39%	23.87%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	6.70%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	21.26%	-17.57%	26.27%

Correlation

The correlation between IQDF and TLTD is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013	0.92

The correlation between IQDF and TLTD has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

IQDF vs. TLTD - Sectors Allocation Comparison

Sectors	IQDF	TLTD
Financial Services	28.2%	24.4%
Technology	22.9%	7.8%
Industrials	11.8%	19.0%
Basic Materials	7.4%	10.7%
Consumer Cyclical	6.0%	10.2%
Consumer Defensive	4.9%	5.4%
Healthcare	4.8%	6.0%
Energy	4.2%	6.6%
Utilities	3.2%	3.1%
Communication Services	2.6%	3.5%
Real Estate	1.2%	3.3%

Return for Risk

IQDF vs. TLTD — Risk / Return Rank

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

IQDF

IQDF Risk / Return Rank: 70
IQDF Sharpe Ratio Rank: 72
IQDF Sortino Ratio Rank: 67
IQDF Omega Ratio Rank: 69
IQDF Calmar Ratio Rank: 70
IQDF Martin Ratio Rank: 72

TLTD

TLTD Risk / Return Rank: 49
TLTD Sharpe Ratio Rank: 52
TLTD Sortino Ratio Rank: 52
TLTD Omega Ratio Rank: 50
TLTD Calmar Ratio Rank: 43
TLTD Martin Ratio Rank: 48

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.

IQDF vs. TLTD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares International Quality Dividend Index Fund (IQDF) and FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD). 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.

	IQDF	TLTD	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.58	+0.46
Sortino ratio: Return per unit of downside risk	2.73	2.25	+0.48
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	3.14	1.94	+1.20
Martin ratio: Return relative to average drawdown	11.93	7.29	+4.64

IQDF vs. TLTD - Sharpe Ratio Comparison

The current IQDF Sharpe Ratio is 2.04, which is comparable to the TLTD Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of IQDF and TLTD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IQDF vs. TLTD - Drawdown Comparison

The maximum IQDF drawdown since its inception was -39.83%, roughly equal to the maximum TLTD drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for IQDF and TLTD.

Drawdown Indicators

	IQDF	TLTD	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-40.62%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-12.11%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-13.92%	-13.10%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-29.36%	-28.96%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	-40.62%	+0.79%
Current Drawdown Current decline from peak	-3.30%	-3.93%	+0.63%
Average Drawdown Average peak-to-trough decline	-9.30%	-7.66%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.22%	-0.59%

Volatility

IQDF vs. TLTD - Volatility Comparison

FlexShares International Quality Dividend Index Fund (IQDF) has a higher volatility of 6.69% compared to FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) at 4.59%. This indicates that IQDF's price experiences larger fluctuations and is considered to be riskier than TLTD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQDF	TLTD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	4.59%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	12.52%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	14.88%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	16.03%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	16.58%	-0.07%

IQDF vs. TLTD - Expense Ratio Comparison

IQDF has a 0.47% expense ratio, which is higher than TLTD's 0.39% expense ratio.

Dividends

IQDF vs. TLTD - Dividend Comparison

IQDF's dividend yield for the trailing twelve months is around 3.07%, less than TLTD's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQDF FlexShares International Quality Dividend Index Fund	3.07%	3.27%	6.72%	6.06%	5.59%	4.13%	3.31%	4.46%	5.78%	3.89%	3.75%	4.27%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.43%	3.44%	3.88%	3.39%	2.76%	3.44%	2.04%	3.46%	3.16%	2.71%	2.93%	2.56%

Frequently Asked Questions

Can I hold both IQDF and TLTD in my portfolio?

IQDF and TLTD have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQDF or TLTD?

IQDF has higher volatility (6.69%) compared to TLTD (4.59%). In terms of maximum drawdown, IQDF dropped -39.83% vs TLTD's -40.62%.

Which ETF is better, IQDF or TLTD?

On 10-year performance, IQDF leads with 10.06% vs 10.05% for TLTD. On fees, TLTD is cheaper at 0.39% per year. On volatility, TLTD has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQDF or TLTD?

Over the 10-year period, IQDF has performed better with a 10.06% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDF or TLTD?

TLTD is cheaper with a 0.39% expense ratio, compared with 0.47% for IQDF.

Which ETF pays a higher dividend yield, IQDF or TLTD?

TLTD has the higher dividend yield at 3.43%, compared with 3.07% for IQDF.

What is the main difference between IQDF and TLTD?

IQDF is categorized as Foreign Large Cap Equities, while TLTD is Global Equities. IQDF tracks Northern Trust International Quality Dividend Index, while TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index. Their fees differ too: 0.47% for IQDF and 0.39% for TLTD.

Which has better risk-adjusted returns?

IQDF currently has the higher Sharpe Ratio (2.04 vs 1.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.