TLTD vs. GQRE
TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and GQRE (FlexShares Global Quality Real Estate Index Fund) are both exchange-traded funds - TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index, while GQRE is a REIT fund tracking the Northern Trust Global Quality Real Estate (NR). Both are passively managed. Over the past 10 years, TLTD returned 10.05%/yr vs 4.14%/yr for GQRE. A 0.67 correlation means they provide meaningful diversification when combined. TLTD charges 0.39%/yr vs 0.45%/yr for GQRE.
Performance
TLTD vs. GQRE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLTD achieves a 6.70% return, which is significantly lower than GQRE's 9.74% return. Over the past 10 years, TLTD has outperformed GQRE with an annualized return of 10.05%, while GQRE has yielded a comparatively lower 4.14% annualized return.
TLTD
- 1D
- -0.37%
- 1M
- -1.64%
- YTD
- 6.70%
- 6M
- 6.13%
- 1Y
- 23.40%
- 3Y*
- 19.54%
- 5Y*
- 9.48%
- 10Y*
- 10.05%
GQRE
- 1D
- 0.38%
- 1M
- 0.22%
- YTD
- 9.74%
- 6M
- 9.63%
- 1Y
- 11.61%
- 3Y*
- 12.08%
- 5Y*
- 2.31%
- 10Y*
- 4.14%
TLTD vs. GQRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 6.70% | 39.69% | 4.78% | 17.19% | -13.74% | 12.84% | 4.21% | 21.26% | -17.57% | 26.27% |
GQRE FlexShares Global Quality Real Estate Index Fund | 9.74% | 8.27% | 6.09% | 9.21% | -27.22% | 32.01% | -9.17% | 21.84% | -8.88% | 13.60% |
Correlation
The correlation between TLTD and GQRE 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 | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013 | 0.67 |
The correlation between TLTD and GQRE has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLTD vs. GQRE — Risk / Return Rank
TLTD
GQRE
TLTD vs. GQRE - 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 FlexShares Global Quality Real Estate Index Fund (GQRE). 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 | GQRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 1.15 | +0.79 |
| Martin ratioReturn relative to average drawdown | 7.29 | 4.32 | +2.97 |
Loading charts...
Drawdowns
TLTD vs. GQRE - Drawdown Comparison
The maximum TLTD drawdown since its inception was -40.62%, roughly equal to the maximum GQRE drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for TLTD and GQRE.
Loading charts...
Drawdown Indicators
| TLTD | GQRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.62% | -41.87% | +1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -10.15% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -13.10% | -16.17% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -28.96% | -35.08% | +6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -40.62% | -41.87% | +1.25% |
Current DrawdownCurrent decline from peak | -3.93% | -1.27% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -9.20% | +1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 2.70% | +0.52% |
Volatility
TLTD vs. GQRE - Volatility Comparison
FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) has a higher volatility of 4.59% compared to FlexShares Global Quality Real Estate Index Fund (GQRE) at 3.71%. This indicates that TLTD's price experiences larger fluctuations and is considered to be riskier than GQRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TLTD | GQRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 3.71% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 9.20% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.88% | 11.84% | +3.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 16.46% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.58% | 17.64% | -1.06% |
TLTD vs. GQRE - Expense Ratio Comparison
TLTD has a 0.39% expense ratio, which is lower than GQRE's 0.45% expense ratio.
Dividends
TLTD vs. GQRE - Dividend Comparison
TLTD's dividend yield for the trailing twelve months is around 3.43%, less than GQRE's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GQRE FlexShares Global Quality Real Estate Index Fund | 4.28% | 4.75% | 3.77% | 2.91% | 2.56% | 2.36% | 2.05% | 4.29% | 3.22% | 1.97% | 4.16% | 2.32% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 3.43% | 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
TLTD and GQRE 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.
TLTD has higher volatility (4.59%) compared to GQRE (3.71%). In terms of maximum drawdown, TLTD dropped -40.62% vs GQRE's -41.87%.
On 10-year performance, TLTD leads with 10.05% vs 4.14% for GQRE. On fees, TLTD is cheaper at 0.39% per year. On volatility, GQRE has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLTD has performed better with a 10.05% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTD is cheaper with a 0.39% expense ratio, compared with 0.45% for GQRE.
GQRE has the higher dividend yield at 4.28%, compared with 3.43% for TLTD.
TLTD is categorized as Global Equities, while GQRE is REIT. TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index, while GQRE tracks Northern Trust Global Quality Real Estate (NR). Their fees differ too: 0.39% for TLTD and 0.45% for GQRE.
TLTD currently has the higher Sharpe Ratio (1.58 vs 0.98), 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.
Find the right allocation for TLTD and GQRE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer