RAVI vs. TILT

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares Ultra-Short Income ETF (RAVI) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT).

RAVI and TILT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RAVI is an actively managed fund by FlexShares. It was launched on Oct 9, 2012. TILT is a passively managed fund by FlexShares that tracks the performance of the Morningstar US Market Factor Tilt Index. It was launched on Sep 16, 2011.

Performance

RAVI vs. TILT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Ultra-Short Income ETF (RAVI) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT). The values are adjusted to include any dividend payments, if applicable.

RAVI vs. TILT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RAVI FlexShares Ultra-Short Income ETF	0.72%	4.98%	5.67%	5.55%	0.15%	-0.04%	2.06%	3.49%	1.65%	1.22%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	-2.73%	16.59%	19.88%	24.70%	-17.25%	27.61%	16.05%	29.01%	-8.93%	18.33%

Returns By Period

In the year-to-date period, RAVI achieves a 0.72% return, which is significantly higher than TILT's -2.73% return. Over the past 10 years, RAVI has underperformed TILT with an annualized return of 2.61%, while TILT has yielded a comparatively higher 12.78% annualized return.

RAVI

• 1D: 0.06%
• 1M: 0.03%
• YTD: 0.72%
• 6M: 1.90%
• 1Y: 4.36%
• 3Y*: 5.24%
• 5Y*: 3.38%
• 10Y*: 2.61%

TILT

• 1D: 2.64%
• 1M: -4.75%
• YTD: -2.73%
• 6M: 0.23%
• 1Y: 18.78%
• 3Y*: 17.01%
• 5Y*: 9.89%
• 10Y*: 12.78%

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

RAVI vs. TILT - Expense Ratio Comparison

Both RAVI and TILT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

RAVI

FlexShares Ultra-Short Income ETF

TILT

FlexShares Morningstar US Market Factor Tilt Index Fund

Return for Risk

RAVI vs. TILT — Risk / Return Rank

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

RAVI

RAVI Risk / Return Rank: 99
RAVI Sharpe Ratio Rank: 99
RAVI Sortino Ratio Rank: 99
RAVI Omega Ratio Rank: 99
RAVI Calmar Ratio Rank: 99
RAVI Martin Ratio Rank: 99

TILT

TILT Risk / Return Rank: 62
TILT Sharpe Ratio Rank: 57
TILT Sortino Ratio Rank: 60
TILT Omega Ratio Rank: 64
TILT Calmar Ratio Rank: 59
TILT Martin Ratio Rank: 70

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.

RAVI vs. TILT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Ultra-Short Income ETF (RAVI) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT). 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.

	RAVI	TILT	Difference
Sharpe ratio Return per unit of total volatility	8.55	1.01	+7.54
Sortino ratio Return per unit of downside risk	14.44	1.53	+12.91
Omega ratio Gain probability vs. loss probability	3.86	1.23	+2.62
Calmar ratio Return relative to maximum drawdown	12.19	1.48	+10.71
Martin ratio Return relative to average drawdown	78.58	7.08	+71.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAVI vs. TILT - Sharpe Ratio Comparison

The current RAVI Sharpe Ratio is 8.55, which is higher than the TILT Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of RAVI and TILT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RAVI	TILT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.55	1.01	+7.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.40	0.57	+1.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.04	0.68	+1.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	0.78	+1.21

Correlation

The correlation between RAVI and TILT is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

RAVI vs. TILT - Dividend Comparison

RAVI's dividend yield for the trailing twelve months is around 4.50%, more than TILT's 1.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAVI FlexShares Ultra-Short Income ETF	4.50%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%	0.00%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	1.22%	1.15%	1.23%	1.44%	1.60%	1.16%	1.49%	1.54%	1.97%	1.55%	1.60%	1.98%

Drawdowns

RAVI vs. TILT - Drawdown Comparison

The maximum RAVI drawdown since its inception was -3.72%, smaller than the maximum TILT drawdown of -38.46%. Use the drawdown chart below to compare losses from any high point for RAVI and TILT.

Drawdown Indicators

	RAVI	TILT	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-38.46%	+34.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-13.06%	+12.70%
Max Drawdown (5Y) Largest decline over 5 years	-3.28%	-24.12%	+20.84%
Max Drawdown (10Y) Largest decline over 10 years	-3.72%	-38.46%	+34.74%
Current Drawdown Current decline from peak	0.00%	-6.09%	+6.09%
Average Drawdown Average peak-to-trough decline	-0.18%	-4.27%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	2.73%	-2.67%

Volatility

RAVI vs. TILT - Volatility Comparison

The current volatility for FlexShares Ultra-Short Income ETF (RAVI) is 0.16%, while FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) has a volatility of 5.13%. This indicates that RAVI experiences smaller price fluctuations and is considered to be less risky than TILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAVI	TILT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	5.13%	-4.97%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	9.77%	-9.49%
Volatility (1Y) Calculated over the trailing 1-year period	0.51%	18.69%	-18.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.41%	17.42%	-16.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.29%	18.75%	-17.46%