TLTD vs. GUNR

Last updated Aug 4, 2026

TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, TLTD returned 9.84%/yr vs 10.05%/yr for GUNR. Their 0.75 correlation means they have sometimes moved together and sometimes differently. TLTD charges 0.39%/yr vs 0.46%/yr for GUNR.

Performance

TLTD vs. GUNR - 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 FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 GUNR's 14.39% return. Both investments have delivered pretty close results over the past 10 years, with TLTD having a 9.84% annualized return and GUNR not far ahead at 10.05%.

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%

GUNR

• 1D: -0.84%
• 1M: 4.20%
• 6M: 3.67%
• YTD: 14.39%
• 1Y: 32.63%
• 3Y*: 11.02%
• 5Y*: 10.41%
• 10Y*: 10.05%
• ALL TIME*: 6.50%

*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)
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	$77.78M	$41.91M	$28.99M
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	$470.57K	$675.01K	$784.22K

TLTD vs. GUNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	11.20%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	21.26%	-17.57%	26.27%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.39%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between TLTD and GUNR is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012	0.75

Over the past year, the correlation between TLTD and GUNR has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

TLTD vs. GUNR - Sectors Allocation Comparison

Sectors	TLTD	GUNR
Financial Services	25.3%	0.0%
Industrials	17.2%	0.5%
Consumer Cyclical	10.2%	0.4%
Basic Materials	9.7%	52.3%
Technology	6.7%	0.5%
Healthcare	6.1%	-
Energy	5.7%	29.2%
Consumer Defensive	5.0%	11.8%
Real Estate	3.6%	1.2%
Communication Services	3.5%	1.7%
Utilities	3.1%	5.4%

Return for Risk

TLTD vs. GUNR — 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

GUNR

GUNR Risk / Return Rank: 79
GUNR Sharpe Ratio Rank: 85
GUNR Sortino Ratio Rank: 79
GUNR Omega Ratio Rank: 82
GUNR Calmar Ratio Rank: 77
GUNR Martin Ratio Rank: 70

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. GUNR - 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 Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.06	-0.22
Sortino ratio: Return per unit of downside risk	2.57	2.64	-0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.25	2.80	-0.55
Martin ratio: Return relative to average drawdown	8.35	8.76	-0.41

TLTD vs. GUNR - Sharpe Ratio Comparison

The current TLTD Sharpe Ratio is 1.83, which is comparable to the GUNR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TLTD and GUNR, 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. GUNR - Drawdown Comparison

The maximum TLTD drawdown since its inception was -40.62%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for TLTD and GUNR.

Drawdown Indicators

	TLTD	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-45.64%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-11.70%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-19.59%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-24.06%	-4.90%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	-43.04%	+2.42%
Current Drawdown Current decline from peak	-0.23%	-6.49%	+6.26%
Average Drawdown Average peak-to-trough decline	-7.62%	-10.37%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.74%	-0.48%

Volatility

TLTD vs. GUNR - Volatility Comparison

FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) have volatilities of 4.05% and 4.06%, 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	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	12.60%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	15.98%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	18.95%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	20.33%	-3.79%

TLTD vs. GUNR - Expense Ratio Comparison

TLTD has a 0.39% expense ratio, which is lower than GUNR's 0.46% expense ratio.

Dividends

TLTD vs. GUNR - Dividend Comparison

TLTD's dividend yield for the trailing twelve months is around 3.29%, more than GUNR's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.34%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
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 GUNR in my portfolio?

TLTD and GUNR have a correlation of 0.55, 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 GUNR?

GUNR has higher volatility (4.06%) compared to TLTD (4.05%). In terms of maximum drawdown, TLTD dropped -40.62% vs GUNR's -45.64%.

Which ETF is better, TLTD or GUNR?

On 10-year performance, GUNR leads with 10.05% vs 9.84% for TLTD. On fees, TLTD is cheaper at 0.39% 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 GUNR?

Over the 10-year period, GUNR has performed better with a 10.05% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTD or GUNR?

TLTD is cheaper with a 0.39% expense ratio, compared with 0.46% for GUNR.

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

TLTD has the higher dividend yield at 3.29%, compared with 2.34% for GUNR.

What is the main difference between TLTD and GUNR?

TLTD is categorized as Global Equities, while GUNR is Natural Resources. TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. Their fees differ too: 0.39% for TLTD and 0.46% for GUNR.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.06 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.