TLTD vs. ACWV

Last updated Jul 15, 2026

TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and ACWV (iShares MSCI Global Min Vol Factor ETF) are both Global Equities funds - TLTD tracks the Morningstar Developed Markets ex-US Factor Tilt Index while ACWV tracks the MSCI ACWI Minimum Volatility Index. Both are passively managed. Over the past 10 years, TLTD returned 9.72%/yr vs 6.98%/yr for ACWV. A 0.76 correlation means they provide meaningful diversification when combined. TLTD charges 0.39%/yr vs 0.20%/yr for ACWV.

Performance

TLTD vs. ACWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and iShares MSCI Global Min Vol Factor ETF (ACWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTD achieves a 8.79% return, which is significantly higher than ACWV's 3.42% return. Over the past 10 years, TLTD has outperformed ACWV with an annualized return of 9.72%, while ACWV has yielded a comparatively lower 6.98% annualized return.

TLTD

• 1D: 0.76%
• 1M: -0.16%
• 6M: 6.01%
• YTD: 8.79%
• 1Y: 23.34%
• 3Y*: 18.46%
• 5Y*: 10.20%
• 10Y*: 9.72%

ACWV

• 1D: -0.39%
• 1M: 0.53%
• 6M: 2.85%
• YTD: 3.42%
• 1Y: 5.53%
• 3Y*: 9.73%
• 5Y*: 5.39%
• 10Y*: 6.98%

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

TLTD vs. ACWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	8.79%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	21.26%	-17.57%	26.27%
ACWV iShares MSCI Global Min Vol Factor ETF	3.42%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%

Correlation

The correlation between TLTD and ACWV is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012	0.76

The correlation between TLTD and ACWV shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

TLTD vs. ACWV - Sectors Allocation Comparison

Sectors	TLTD	ACWV
Financial Services	24.4%	13.2%
Industrials	19.0%	8.1%
Basic Materials	10.7%	1.5%
Consumer Cyclical	10.2%	5.1%
Technology	7.8%	25.8%
Energy	6.6%	3.7%
Healthcare	6.0%	13.0%
Consumer Defensive	5.4%	9.8%
Communication Services	3.5%	11.9%
Real Estate	3.3%	0.6%
Utilities	3.1%	7.3%

Return for Risk

TLTD vs. ACWV — Risk / Return Rank

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

TLTD

TLTD Risk / Return Rank: 55
TLTD Sharpe Ratio Rank: 59
TLTD Sortino Ratio Rank: 59
TLTD Omega Ratio Rank: 58
TLTD Calmar Ratio Rank: 47
TLTD Martin Ratio Rank: 53

ACWV

ACWV Risk / Return Rank: 23
ACWV Sharpe Ratio Rank: 24
ACWV Sortino Ratio Rank: 22
ACWV Omega Ratio Rank: 21
ACWV Calmar Ratio Rank: 23
ACWV Martin Ratio Rank: 24

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.

TLTD vs. ACWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and iShares MSCI Global Min Vol Factor ETF (ACWV). 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.

	TLTD	ACWV	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.69	+0.89
Sortino ratio: Return per unit of downside risk	2.24	1.03	+1.21
Omega ratio: Gain probability vs. loss probability	1.29	1.13	+0.16
Calmar ratio: Return relative to maximum drawdown	1.94	0.87	+1.06
Martin ratio: Return relative to average drawdown	7.16	2.49	+4.66

TLTD vs. ACWV - Sharpe Ratio Comparison

The current TLTD Sharpe Ratio is 1.58, which is higher than the ACWV Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of TLTD and ACWV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TLTD vs. ACWV - Drawdown Comparison

The maximum TLTD drawdown since its inception was -40.62%, which is greater than ACWV's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for TLTD and ACWV.

Drawdown Indicators

	TLTD	ACWV	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-28.82%	-11.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-6.37%	-5.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-7.56%	-5.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-18.14%	-10.82%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	-28.82%	-11.80%
Current Drawdown Current decline from peak	-2.05%	-1.91%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.64%	-3.11%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.22%	+1.05%

Volatility

TLTD vs. ACWV - Volatility Comparison

FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and iShares MSCI Global Min Vol Factor ETF (ACWV) have volatilities of 3.21% and 3.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTD	ACWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.15%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	6.25%	+6.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	8.06%	+6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	10.27%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	12.29%	+4.22%

TLTD vs. ACWV - Expense Ratio Comparison

TLTD has a 0.39% expense ratio, which is higher than ACWV's 0.20% expense ratio.

Dividends

TLTD vs. ACWV - Dividend Comparison

TLTD's dividend yield for the trailing twelve months is around 3.36%, more than ACWV's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	1.94%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.36%	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

Can I hold both TLTD and ACWV in my portfolio?

TLTD and ACWV have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTD or ACWV?

TLTD has higher volatility (3.21%) compared to ACWV (3.15%). In terms of maximum drawdown, TLTD dropped -40.62% vs ACWV's -28.82%.

Which ETF is better, TLTD or ACWV?

On 10-year performance, TLTD leads with 9.72% vs 6.98% for ACWV. On fees, ACWV is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTD or ACWV?

Over the 10-year period, TLTD has performed better with a 9.72% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTD or ACWV?

ACWV is cheaper with a 0.20% expense ratio, compared with 0.39% for TLTD.

Which ETF pays a higher dividend yield, TLTD or ACWV?

TLTD has the higher dividend yield at 3.36%, compared with 1.94% for ACWV.

What is the main difference between TLTD and ACWV?

TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index, while ACWV tracks MSCI ACWI Minimum Volatility Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.39% for TLTD and 0.20% for ACWV.

Which has better risk-adjusted returns?

TLTD currently has the higher Sharpe Ratio (1.58 vs 0.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.