TILT vs. DEF

Last updated Jun 24, 2026

TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and DEF (Invesco Defensive Equity ETF) are both exchange-traded funds - TILT is a Large Cap Blend Equities fund tracking the Morningstar US Market Factor Tilt Index, while DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index. Both are passively managed. At a 0.26 correlation, their price movements are largely independent. TILT charges 0.25%/yr vs 0.53%/yr for DEF.

Performance

TILT vs. DEF - Performance Comparison

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

Returns By Period

TILT

• 1D: -0.90%
• 1M: 0.03%
• YTD: 9.45%
• 6M: 8.42%
• 1Y: 25.74%
• 3Y*: 19.88%
• 5Y*: 11.30%
• 10Y*: 14.16%

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TILT vs. DEF - Yearly Performance Comparison

	2026 (YTD)
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	0.53%
DEF Invesco Defensive Equity ETF	-11.11%

Correlation

The correlation between TILT and DEF is 0.26, 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 Jun 8, 2026	0.26

TILT vs. DEF - Sectors Allocation Comparison

Sectors	TILT	DEF
Technology	30.4%	12.1%
Financial Services	15.3%	16.1%
Consumer Cyclical	10.6%	10.1%
Industrials	9.7%	15.6%
Healthcare	9.2%	16.8%
Communication Services	8.3%	4.7%
Energy	4.3%	1.0%
Consumer Defensive	4.3%	12.9%
Real Estate	3.0%	3.8%
Basic Materials	2.7%	2.1%
Utilities	2.2%	4.8%

Return for Risk

TILT vs. DEF — Risk / Return Rank

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

TILT

TILT Risk / Return Rank: 68
TILT Sharpe Ratio Rank: 67
TILT Sortino Ratio Rank: 66
TILT Omega Ratio Rank: 66
TILT Calmar Ratio Rank: 65
TILT Martin Ratio Rank: 75

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TILT vs. DEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and Invesco Defensive Equity ETF (DEF). 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.

	TILT	DEF	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.82	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	3.04	—	—
Martin ratio: Return relative to average drawdown	13.10	—	—

Drawdowns

TILT vs. DEF - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, which is greater than DEF's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for TILT and DEF.

Drawdown Indicators

	TILT	DEF	Difference
Max Drawdown Largest peak-to-trough decline	-38.46%	-11.11%	-27.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.46%	—	—
Current Drawdown Current decline from peak	-1.90%	-11.11%	+9.21%
Average Drawdown Average peak-to-trough decline	-4.22%	-9.26%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	TILT	DEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	66.96%	-54.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	66.96%	-49.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	66.96%	-48.21%

TILT vs. DEF - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is lower than DEF's 0.53% expense ratio.

Dividends

TILT vs. DEF - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.10%, while DEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEF Invesco Defensive Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TILT FlexShares Morningstar US Market Factor Tilt Index Fund	1.10%	1.15%	1.23%	1.44%	1.60%	1.16%	1.49%	1.54%	1.97%	1.55%	1.60%	1.98%

Frequently Asked Questions

Can I hold both TILT and DEF in my portfolio?

TILT and DEF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TILT or DEF?

On fees, TILT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TILT or DEF?

TILT is cheaper with a 0.25% expense ratio, compared with 0.53% for DEF.

Which ETF pays a higher dividend yield, TILT or DEF?

TILT has the higher dividend yield at 1.10%, compared with 0.00% for DEF.

What is the main difference between TILT and DEF?

TILT is categorized as Large Cap Blend Equities, while DEF is Large Cap Growth Equities. TILT tracks Morningstar US Market Factor Tilt Index, while DEF tracks Invesco Defensive Equity Index. They also come from different issuers: FlexShares and Invesco. Their fees differ too: 0.25% for TILT and 0.53% for DEF.