NOEQ vs. TLTD
NOEQ (Northern Trust US Equity ETF) and TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) are both exchange-traded funds - NOEQ is a Large Cap Blend Equities fund actively managed by Northern Trust, while TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index. NOEQ is actively managed, while TLTD is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. NOEQ charges 0.12%/yr vs 0.39%/yr for TLTD.
Performance
NOEQ vs. TLTD - Performance Comparison
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Returns By Period
NOEQ
- 1D
- 0.21%
- 1M
- 0.78%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTD
- 1D
- 1.14%
- 1M
- 0.05%
- 6M
- 7.62%
- YTD
- 8.50%
- 1Y
- 22.25%
- 3Y*
- 19.25%
- 5Y*
- 9.90%
- 10Y*
- 9.97%
NOEQ vs. TLTD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NOEQ Northern Trust US Equity ETF | 13.97% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 11.16% |
Correlation
The correlation between NOEQ and TLTD is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 23, 2026 | 0.69 |
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Return for Risk
NOEQ vs. TLTD — Risk / Return Rank
NOEQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TLTD
NOEQ vs. TLTD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust US Equity ETF (NOEQ) 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.
| NOEQ | 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 | — | 1.87 | — |
| Martin ratioReturn relative to average drawdown | — | 6.94 | — |
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Drawdowns
NOEQ vs. TLTD - Drawdown Comparison
The maximum NOEQ drawdown since its inception was -3.70%, smaller than the maximum TLTD drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for NOEQ and TLTD.
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Drawdown Indicators
| NOEQ | TLTD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.70% | -40.62% | +36.92% |
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 | -0.63% | -2.30% | +1.67% |
Average DrawdownAverage peak-to-trough decline | -0.80% | -7.65% | +6.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.26% | — |
Volatility
NOEQ vs. TLTD - Volatility Comparison
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Volatility by Period
| NOEQ | TLTD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.53% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.60% | 14.82% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 16.03% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.60% | 16.53% | -2.93% |
NOEQ vs. TLTD - Expense Ratio Comparison
NOEQ has a 0.12% expense ratio, which is lower than TLTD's 0.39% expense ratio.
Dividends
NOEQ vs. TLTD - Dividend Comparison
NOEQ's dividend yield for the trailing twelve months is around 0.17%, less than TLTD's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOEQ Northern Trust US Equity ETF | 0.17% | 0.00% | 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 | 3.37% | 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
NOEQ and TLTD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NOEQ is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NOEQ is cheaper with a 0.12% expense ratio, compared with 0.39% for TLTD.
TLTD has the higher dividend yield at 3.37%, compared with 0.17% for NOEQ.
NOEQ is categorized as Large Cap Blend Equities, while TLTD is Global Equities. Their fees differ too: 0.12% for NOEQ and 0.39% for TLTD.
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