TDTF vs. SMLF

Last updated Apr 2, 2026

Compare and contrast key facts about FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF).

TDTF and SMLF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TDTF is a passively managed fund by Northern Trust that tracks the performance of the iBoxx 5-Year Target Duration TIPS. It was launched on Sep 19, 2011. SMLF is a passively managed fund by iShares that tracks the performance of the MSCI USA Small Cap Diversified Multi-Factor. It was launched on Apr 28, 2015. Both TDTF and SMLF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TDTF vs. SMLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). The values are adjusted to include any dividend payments, if applicable.

TDTF vs. SMLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDTF FlexShares iBoxx 5-Year Target Duration TIPS Index Fund	0.50%	7.83%	2.40%	4.10%	-9.73%	5.54%	9.98%	7.99%	-0.82%	1.93%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.81%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%

Returns By Period

In the year-to-date period, TDTF achieves a 0.50% return, which is significantly lower than SMLF's 1.81% return. Over the past 10 years, TDTF has underperformed SMLF with an annualized return of 2.87%, while SMLF has yielded a comparatively higher 11.32% annualized return.

TDTF

• 1D: -0.10%
• 1M: -0.84%
• YTD: 0.50%
• 6M: 0.44%
• 1Y: 3.86%
• 3Y*: 3.67%
• 5Y*: 1.99%
• 10Y*: 2.87%

SMLF

• 1D: 0.73%
• 1M: -3.90%
• YTD: 1.81%
• 6M: 2.85%
• 1Y: 23.23%
• 3Y*: 15.50%
• 5Y*: 8.70%
• 10Y*: 11.32%

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

TDTF vs. SMLF - Expense Ratio Comparison

TDTF has a 0.18% expense ratio, which is lower than SMLF's 0.30% expense ratio.

SMLF

iShares MSCI USA Small-Cap Multifactor ETF

TDTF

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund

Return for Risk

TDTF vs. SMLF — Risk / Return Rank

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

TDTF

TDTF Risk / Return Rank: 52
TDTF Sharpe Ratio Rank: 54
TDTF Sortino Ratio Rank: 52
TDTF Omega Ratio Rank: 46
TDTF Calmar Ratio Rank: 54
TDTF Martin Ratio Rank: 53

SMLF

SMLF Risk / Return Rank: 59
SMLF Sharpe Ratio Rank: 56
SMLF Sortino Ratio Rank: 59
SMLF Omega Ratio Rank: 54
SMLF Calmar Ratio Rank: 61
SMLF Martin Ratio Rank: 66

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.

TDTF vs. SMLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.

	TDTF	SMLF	Difference
Sharpe ratio Return per unit of total volatility	1.02	1.03	-0.01
Sortino ratio Return per unit of downside risk	1.45	1.56	-0.11
Omega ratio Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio Return relative to maximum drawdown	1.46	1.63	-0.17
Martin ratio Return relative to average drawdown	5.43	7.01	-1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDTF vs. SMLF - Sharpe Ratio Comparison

The current TDTF Sharpe Ratio is 1.02, which is comparable to the SMLF Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of TDTF and SMLF, 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

	TDTF	SMLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.03	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.41	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.52	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.49	-0.03

Correlation

The correlation between TDTF and SMLF is 0.02, 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

TDTF vs. SMLF - Dividend Comparison

TDTF's dividend yield for the trailing twelve months is around 3.82%, more than SMLF's 1.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TDTF FlexShares iBoxx 5-Year Target Duration TIPS Index Fund	3.82%	4.58%	3.98%	3.97%	7.60%	4.55%	1.13%	1.80%	2.60%	2.20%	1.51%	0.21%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.16%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%

Drawdowns

TDTF vs. SMLF - Drawdown Comparison

The maximum TDTF drawdown since its inception was -12.02%, smaller than the maximum SMLF drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for TDTF and SMLF.

Drawdown Indicators

	TDTF	SMLF	Difference
Max Drawdown Largest peak-to-trough decline	-12.02%	-41.89%	+29.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-14.59%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-12.02%	-26.28%	+14.26%
Max Drawdown (10Y) Largest decline over 10 years	-12.02%	-41.89%	+29.87%
Current Drawdown Current decline from peak	-1.03%	-4.98%	+3.95%
Average Drawdown Average peak-to-trough decline	-2.94%	-6.68%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	3.40%	-2.71%

Volatility

TDTF vs. SMLF - Volatility Comparison

The current volatility for FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (TDTF) is 1.15%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 7.01%. This indicates that TDTF experiences smaller price fluctuations and is considered to be less risky than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDTF	SMLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	7.01%	-5.86%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	13.38%	-11.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	22.68%	-18.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.70%	21.13%	-15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	21.74%	-16.66%