MUNC vs. TLTD
MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) are both exchange-traded funds - MUNC is a Municipal Bonds fund actively managed by Northern Trust, while TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index. MUNC is actively managed, while TLTD is passively managed. At a 0.32 correlation, their price movements are largely independent. MUNC charges 0.18%/yr vs 0.39%/yr for TLTD.
Performance
MUNC vs. TLTD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MUNC achieves a 1.32% return, which is significantly lower than TLTD's 7.12% return.
MUNC
- 1D
- 0.06%
- 1M
- 0.92%
- YTD
- 1.32%
- 6M
- 1.54%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTD
- 1D
- 0.04%
- 1M
- -2.24%
- YTD
- 7.12%
- 6M
- 6.63%
- 1Y
- 22.75%
- 3Y*
- 19.37%
- 5Y*
- 9.56%
- 10Y*
- 10.17%
MUNC vs. TLTD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 1.32% | 3.78% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 7.12% | 8.81% |
Correlation
The correlation between MUNC and TLTD is 0.32, 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 Aug 19, 2025 | 0.32 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MUNC vs. TLTD — Risk / Return Rank
MUNC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TLTD
MUNC vs. TLTD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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.
| MUNC | TLTD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.28 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.89 | — |
| Martin ratioReturn relative to average drawdown | — | 7.05 | — |
Loading charts...
Drawdowns
MUNC vs. TLTD - Drawdown Comparison
The maximum MUNC drawdown since its inception was -3.17%, smaller than the maximum TLTD drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for MUNC and TLTD.
Loading charts...
Drawdown Indicators
| MUNC | TLTD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.17% | -40.62% | +37.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.11% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.62% | — |
Current DrawdownCurrent decline from peak | -0.97% | -3.55% | +2.58% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -7.66% | +6.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.23% | — |
Volatility
MUNC vs. TLTD - Volatility Comparison
Loading charts...
Volatility by Period
| MUNC | TLTD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.46% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.63% | 14.85% | -12.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.63% | 16.02% | -13.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.63% | 16.55% | -13.92% |
MUNC vs. TLTD - Expense Ratio Comparison
MUNC has a 0.18% expense ratio, which is lower than TLTD's 0.39% expense ratio.
Dividends
MUNC vs. TLTD - Dividend Comparison
MUNC's dividend yield for the trailing twelve months is around 2.50%, less than TLTD's 3.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 2.50% | 1.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 3.41% | 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
MUNC and TLTD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MUNC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MUNC is cheaper with a 0.18% expense ratio, compared with 0.39% for TLTD.
TLTD has the higher dividend yield at 3.41%, compared with 2.50% for MUNC.
MUNC is categorized as Municipal Bonds, while TLTD is Global Equities. Their fees differ too: 0.18% for MUNC and 0.39% for TLTD.
Find the right allocation for MUNC and TLTD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer