LTAX vs. FRWD

Last updated Jun 23, 2026

LTAX (Nomura Tax-Free USA ETF) and FRWD (Nomura Transformational Technologies ETF) are both exchange-traded funds - LTAX is a Municipal Bonds fund actively managed by Nomura, while FRWD is a Technology Equities fund actively managed by Nomura. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. LTAX charges 0.39%/yr vs 0.65%/yr for FRWD.

Performance

LTAX vs. FRWD - Performance Comparison

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

Returns By Period

LTAX

• 1D: -0.01%
• 1M: 2.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRWD

• 1D: -0.75%
• 1M: 10.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LTAX vs. FRWD - Yearly Performance Comparison

	2026 (YTD)
LTAX Nomura Tax-Free USA ETF	2.07%
FRWD Nomura Transformational Technologies ETF	36.71%

Correlation

The correlation between LTAX and FRWD is 0.34, 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	0.34

Return for Risk

LTAX vs. FRWD - Risk-Adjusted Trends Comparison

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

LTAX vs. FRWD - Drawdown Comparison

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

Drawdown Indicators

	LTAX	FRWD	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-18.49%	+15.31%
Current Drawdown Current decline from peak	-0.01%	-0.75%	+0.74%
Average Drawdown Average peak-to-trough decline	-0.65%	-5.11%	+4.46%

Volatility

Volatility by Period

	LTAX	FRWD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	33.34%	-27.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	33.34%	-27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	33.34%	-27.58%

LTAX vs. FRWD - Expense Ratio Comparison

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

Dividends

LTAX vs. FRWD - Dividend Comparison

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

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

Frequently Asked Questions

Can I hold both LTAX and FRWD in my portfolio?

LTAX and FRWD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LTAX or FRWD?

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, LTAX or FRWD?

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

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

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

What is the main difference between LTAX and FRWD?

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