TLTD vs. BOAT

Last updated Aug 4, 2026

TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index, while BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index. Both are passively managed. Over the past 5 years, TLTD returned 10.43%/yr vs 25.20%/yr for BOAT. Their 0.53 correlation means they have sometimes moved together and sometimes differently. TLTD charges 0.39%/yr vs 0.69%/yr for BOAT.

Performance

TLTD vs. BOAT - 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 SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTD achieves a 11.20% return, which is significantly lower than BOAT's 45.07% return.

TLTD

• 1D: 0.36%
• 1M: 2.49%
• 6M: 5.50%
• YTD: 11.20%
• 1Y: 27.13%
• 3Y*: 19.91%
• 5Y*: 10.43%
• 10Y*: 9.84%
• ALL TIME*: 8.38%

BOAT

• 1D: 0.20%
• 1M: 13.47%
• 6M: 27.28%
• YTD: 45.07%
• 1Y: 59.66%
• 3Y*: 26.95%
• 5Y*: 25.20%
• 10Y*: —
• ALL TIME*: 24.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOAT SonicShares Global Shipping ETF	$1.71M	$1.08M	$1.06M
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	$470.57K	$675.01K	$784.22K

TLTD vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	11.20%	39.69%	4.78%	17.19%	-13.74%	-0.70%
BOAT SonicShares Global Shipping ETF	45.07%	22.77%	5.97%	24.53%	6.26%	21.24%

Correlation

The correlation between TLTD and BOAT is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.53

The correlation between TLTD and BOAT has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

TLTD vs. BOAT - Sectors Allocation Comparison

Sectors	TLTD	BOAT
Financial Services	25.3%	6.6%
Industrials	17.2%	29.2%
Consumer Cyclical	10.2%	-
Basic Materials	9.7%	-
Technology	6.7%	-
Healthcare	6.1%	-
Energy	5.7%	10.3%
Consumer Defensive	5.0%	-
Real Estate	3.6%	-
Communication Services	3.5%	-
Utilities	3.1%	-

Return for Risk

TLTD vs. BOAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLTD

TLTD Risk / Return Rank: 71
TLTD Sharpe Ratio Rank: 77
TLTD Sortino Ratio Rank: 76
TLTD Omega Ratio Rank: 76
TLTD Calmar Ratio Rank: 61
TLTD Martin Ratio Rank: 66

BOAT

BOAT Risk / Return Rank: 93
BOAT Sharpe Ratio Rank: 95
BOAT Sortino Ratio Rank: 94
BOAT Omega Ratio Rank: 92
BOAT Calmar Ratio Rank: 94
BOAT Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TLTD vs. BOAT - 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 SonicShares Global Shipping ETF (BOAT). 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	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.90	-1.07
Sortino ratio: Return per unit of downside risk	2.57	3.75	-1.18
Omega ratio: Gain probability vs. loss probability	1.33	1.46	-0.14
Calmar ratio: Return relative to maximum drawdown	2.25	5.17	-2.92
Martin ratio: Return relative to average drawdown	8.35	14.58	-6.24

TLTD vs. BOAT - Sharpe Ratio Comparison

The current TLTD Sharpe Ratio is 1.83, which is lower than the BOAT Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of TLTD and BOAT, 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. BOAT - Drawdown Comparison

The maximum TLTD drawdown since its inception was -40.62%, which is greater than BOAT's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for TLTD and BOAT.

Drawdown Indicators

	TLTD	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-33.94%	-6.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-11.60%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-33.94%	+20.84%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-33.94%	+4.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.54%	+0.31%
Average Drawdown Average peak-to-trough decline	-7.62%	-9.51%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	4.10%	-0.84%

Volatility

TLTD vs. BOAT - Volatility Comparison

The current volatility for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) is 4.05%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 6.64%. This indicates that TLTD experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTD	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	6.64%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	16.86%	-4.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	20.72%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	25.06%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	25.06%	-8.52%

TLTD vs. BOAT - Expense Ratio Comparison

TLTD has a 0.39% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

TLTD vs. BOAT - Dividend Comparison

TLTD's dividend yield for the trailing twelve months is around 3.29%, less than BOAT's 6.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOAT SonicShares Global Shipping ETF	6.34%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.29%	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 BOAT in my portfolio?

TLTD and BOAT have a correlation of 0.44, 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 BOAT?

BOAT has higher volatility (6.64%) compared to TLTD (4.05%). In terms of maximum drawdown, TLTD dropped -40.62% vs BOAT's -33.94%.

Which ETF is better, TLTD or BOAT?

On 5-year performance, BOAT leads with 25.20% vs 10.43% for TLTD. On fees, TLTD is cheaper at 0.39% per year. On volatility, TLTD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTD or BOAT?

Over the 5-year period, BOAT has performed better with a 25.20% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTD or BOAT?

TLTD is cheaper with a 0.39% expense ratio, compared with 0.69% for BOAT.

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

BOAT has the higher dividend yield at 6.34%, compared with 3.29% for TLTD.

What is the main difference between TLTD and BOAT?

TLTD is categorized as Global Equities, while BOAT is Industrials Equities. TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index, while BOAT tracks Solactive Global Shipping Index. They also come from different issuers: Northern Trust and Tidal. Their fees differ too: 0.39% for TLTD and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.90 vs 1.83), 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.