TLTD vs. NZAC
TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds - TLTD tracks the Morningstar Developed Markets ex-US Factor Tilt Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, TLTD returned 10.09%/yr vs 12.17%/yr for NZAC. A 0.78 correlation means they provide meaningful diversification when combined. TLTD charges 0.39%/yr vs 0.12%/yr for NZAC.
Performance
TLTD vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, TLTD achieves a 7.09% return, which is significantly higher than NZAC's 6.02% return. Over the past 10 years, TLTD has underperformed NZAC with an annualized return of 10.09%, while NZAC has yielded a comparatively higher 12.17% annualized return.
TLTD
- 1D
- -1.68%
- 1M
- -1.28%
- YTD
- 7.09%
- 6M
- 7.21%
- 1Y
- 25.06%
- 3Y*
- 19.69%
- 5Y*
- 9.65%
- 10Y*
- 10.09%
NZAC
- 1D
- -1.70%
- 1M
- -1.26%
- YTD
- 6.02%
- 6M
- 5.37%
- 1Y
- 20.66%
- 3Y*
- 17.81%
- 5Y*
- 9.25%
- 10Y*
- 12.17%
TLTD vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 7.09% | 39.69% | 4.78% | 17.19% | -13.74% | 12.84% | 4.21% | 21.26% | -17.57% | 26.27% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.02% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between TLTD and NZAC is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.78 |
The correlation between TLTD and NZAC has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
TLTD vs. NZAC — Risk / Return Rank
TLTD
NZAC
TLTD vs. NZAC - 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 SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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 | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.05 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.83 | 8.63 | -0.80 |
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Drawdowns
TLTD vs. NZAC - Drawdown Comparison
The maximum TLTD drawdown since its inception was -40.62%, which is greater than NZAC's maximum drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for TLTD and NZAC.
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Drawdown Indicators
| TLTD | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.62% | -33.72% | -6.90% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -10.10% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -13.10% | -16.19% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -28.96% | -28.31% | -0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -40.62% | -33.72% | -6.90% |
Current DrawdownCurrent decline from peak | -3.58% | -3.38% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -5.31% | -2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.40% | +0.81% |
Volatility
TLTD vs. NZAC - Volatility Comparison
The current volatility for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) is 4.58%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 5.41%. This indicates that TLTD experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTD | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 5.41% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.53% | 11.34% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 13.73% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 16.94% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.58% | 17.13% | -0.55% |
TLTD vs. NZAC - Expense Ratio Comparison
TLTD has a 0.39% expense ratio, which is higher than NZAC's 0.12% expense ratio.
Dividends
TLTD vs. NZAC - Dividend Comparison
TLTD's dividend yield for the trailing twelve months is around 3.42%, more than NZAC's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.09% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
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
TLTD and NZAC have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZAC has higher volatility (5.41%) compared to TLTD (4.58%). In terms of maximum drawdown, TLTD dropped -40.62% vs NZAC's -33.72%.
On 10-year performance, NZAC leads with 12.17% vs 10.09% for TLTD. On fees, NZAC is cheaper at 0.12% per year. On volatility, TLTD has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NZAC has performed better with a 12.17% return vs 10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.39% for TLTD.
TLTD has the higher dividend yield at 3.42%, compared with 2.09% for NZAC.
TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.39% for TLTD and 0.12% for NZAC.
TLTD currently has the higher Sharpe Ratio (1.69 vs 1.52), 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.
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