TLTD vs. AVDV

Last updated Jun 26, 2026

TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. TLTD is passively managed, while AVDV is actively managed. Over the past 5 years, TLTD returned 9.56%/yr vs 13.59%/yr for AVDV. With a 0.95 correlation, they move nearly in lockstep. TLTD charges 0.39%/yr vs 0.36%/yr for AVDV.

Performance

TLTD vs. AVDV - 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 Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTD achieves a 7.08% return, which is significantly lower than AVDV's 12.51% return.

TLTD

• 1D: 0.35%
• 1M: -2.32%
• YTD: 7.08%
• 6M: 6.51%
• 1Y: 24.38%
• 3Y*: 19.60%
• 5Y*: 9.56%
• 10Y*: 10.42%

AVDV

• 1D: 0.12%
• 1M: -4.35%
• YTD: 12.51%
• 6M: 11.83%
• 1Y: 39.31%
• 3Y*: 27.10%
• 5Y*: 13.59%
• 10Y*: —

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

TLTD vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	7.08%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	9.36%
AVDV Avantis International Small Cap Value ETF	12.51%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between TLTD and AVDV is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.95

The correlation between TLTD and AVDV has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

TLTD vs. AVDV - Sectors Allocation Comparison

Sectors	TLTD	AVDV
Financial Services	24.4%	13.6%
Industrials	19.0%	22.8%
Basic Materials	10.7%	21.0%
Consumer Cyclical	10.2%	15.4%
Technology	7.8%	6.6%
Energy	6.6%	9.6%
Healthcare	6.0%	2.3%
Consumer Defensive	5.4%	3.4%
Communication Services	3.5%	2.4%
Real Estate	3.3%	1.3%
Utilities	3.1%	1.7%

Return for Risk

TLTD vs. AVDV — Risk / Return Rank

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

TLTD

TLTD Risk / Return Rank: 52
TLTD Sharpe Ratio Rank: 55
TLTD Sortino Ratio Rank: 55
TLTD Omega Ratio Rank: 54
TLTD Calmar Ratio Rank: 46
TLTD Martin Ratio Rank: 50

AVDV

AVDV Risk / Return Rank: 79
AVDV Sharpe Ratio Rank: 86
AVDV Sortino Ratio Rank: 83
AVDV Omega Ratio Rank: 83
AVDV Calmar Ratio Rank: 69
AVDV Martin Ratio Rank: 73

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. AVDV - 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 Avantis International Small Cap Value ETF (AVDV). 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	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.40	-0.75
Sortino ratio: Return per unit of downside risk	2.33	3.18	-0.85
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.02	2.99	-0.97
Martin ratio: Return relative to average drawdown	7.58	11.82	-4.24

TLTD vs. AVDV - Sharpe Ratio Comparison

The current TLTD Sharpe Ratio is 1.65, which is lower than the AVDV Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of TLTD and AVDV, 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. AVDV - Drawdown Comparison

The maximum TLTD drawdown since its inception was -40.62%, smaller than the maximum AVDV drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for TLTD and AVDV.

Drawdown Indicators

	TLTD	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-43.01%	+2.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-13.19%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-14.17%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-28.08%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	—	—
Current Drawdown Current decline from peak	-3.59%	-4.35%	+0.76%
Average Drawdown Average peak-to-trough decline	-7.66%	-6.74%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.33%	-0.10%

Volatility

TLTD vs. AVDV - Volatility Comparison

The current volatility for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) is 4.46%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 5.88%. This indicates that TLTD experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTD	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	5.88%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	14.12%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	16.44%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	17.41%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	19.75%	-3.17%

TLTD vs. AVDV - Expense Ratio Comparison

TLTD has a 0.39% expense ratio, which is higher than AVDV's 0.36% expense ratio.

Dividends

TLTD vs. AVDV - Dividend Comparison

TLTD's dividend yield for the trailing twelve months is around 3.42%, more than AVDV's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	2.81%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.42%	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 AVDV in my portfolio?

With a correlation of 0.92, TLTD and AVDV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TLTD or AVDV?

AVDV has higher volatility (5.88%) compared to TLTD (4.46%). In terms of maximum drawdown, TLTD dropped -40.62% vs AVDV's -43.01%.

Which ETF is better, TLTD or AVDV?

On 5-year performance, AVDV leads with 13.59% vs 9.56% for TLTD. On fees, AVDV is cheaper at 0.36% per year. On volatility, TLTD has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTD or AVDV?

Over the 5-year period, AVDV has performed better with a 13.59% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTD or AVDV?

AVDV is cheaper with a 0.36% expense ratio, compared with 0.39% for TLTD.

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

TLTD has the higher dividend yield at 3.42%, compared with 2.81% for AVDV.

What is the main difference between TLTD and AVDV?

TLTD is categorized as Global Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: Northern Trust and Avantis. Their fees differ too: 0.39% for TLTD and 0.36% for AVDV.

Which has better risk-adjusted returns?

AVDV currently has the higher Sharpe Ratio (2.40 vs 1.65), 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.