TLTE vs. AVES
TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - TLTE is a Foreign Large Cap Equities fund tracking the Morningstar Emerging Markets Factor Tilt Index, while AVES is a Emerging Markets Equities fund actively managed by Avantis. TLTE is passively managed, while AVES is actively managed. Over the past 3 years, TLTE returned 21.14%/yr vs 19.21%/yr for AVES. Their correlation of 0.94 suggests significant overlap in exposure. TLTE charges 0.59%/yr vs 0.36%/yr for AVES.
Performance
TLTE vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, TLTE achieves a 20.12% return, which is significantly higher than AVES's 12.71% return.
TLTE
- 1D
- -5.06%
- 1M
- 0.90%
- YTD
- 20.12%
- 6M
- 20.98%
- 1Y
- 39.95%
- 3Y*
- 21.14%
- 5Y*
- 7.23%
- 10Y*
- 9.47%
AVES
- 1D
- -4.26%
- 1M
- -0.95%
- YTD
- 12.71%
- 6M
- 12.82%
- 1Y
- 29.26%
- 3Y*
- 19.21%
- 5Y*
- —
- 10Y*
- —
TLTE vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index | 20.12% | 30.21% | 3.53% | 13.62% | -17.31% | -0.23% |
AVES Avantis Emerging Markets Value ETF | 12.71% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between TLTE and AVES 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 (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.94 |
The correlation between TLTE and AVES has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
TLTE vs. AVES — Risk / Return Rank
TLTE
AVES
TLTE vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Avantis Emerging Markets Value ETF (AVES). 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.
| TLTE | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.30 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.28 | +0.80 |
| Martin ratioReturn relative to average drawdown | 11.60 | 8.21 | +3.39 |
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Drawdowns
TLTE vs. AVES - Drawdown Comparison
The maximum TLTE drawdown since its inception was -44.21%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for TLTE and AVES.
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Drawdown Indicators
| TLTE | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -27.40% | -16.81% |
Max Drawdown (1Y)Largest decline over 1 year | -13.04% | -12.90% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -17.43% | -18.50% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -32.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.21% | — | — |
Current DrawdownCurrent decline from peak | -5.06% | -5.18% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -12.12% | -7.67% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 3.57% | -0.12% |
Volatility
TLTE vs. AVES - Volatility Comparison
FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 11.78% compared to Avantis Emerging Markets Value ETF (AVES) at 9.99%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTE | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.78% | 9.99% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 19.21% | 16.81% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.00% | 19.01% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 17.36% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.60% | 17.36% | +1.24% |
TLTE vs. AVES - Expense Ratio Comparison
TLTE has a 0.59% expense ratio, which is higher than AVES's 0.36% expense ratio.
Dividends
TLTE vs. AVES - Dividend Comparison
TLTE's dividend yield for the trailing twelve months is around 3.26%, less than AVES's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 3.62% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index | 3.26% | 3.76% | 3.73% | 4.03% | 4.42% | 3.21% | 1.95% | 3.23% | 3.02% | 2.12% | 2.30% | 2.00% |
Frequently Asked Questions
With a correlation of 0.92, TLTE and AVES 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.
TLTE has higher volatility (11.78%) compared to AVES (9.99%). In terms of maximum drawdown, TLTE dropped -44.21% vs AVES's -27.40%.
On 3-year performance, TLTE leads with 21.14% vs 19.21% for AVES. On fees, AVES is cheaper at 0.36% per year. On volatility, AVES has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TLTE has performed better with a 21.14% return vs 19.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVES is cheaper with a 0.36% expense ratio, compared with 0.59% for TLTE.
AVES has the higher dividend yield at 3.62%, compared with 3.26% for TLTE.
TLTE is categorized as Foreign Large Cap Equities, while AVES is Emerging Markets Equities. They also come from different issuers: Northern Trust and Avantis. Their fees differ too: 0.59% for TLTE and 0.36% for AVES.
TLTE currently has the higher Sharpe Ratio (1.91 vs 1.55), 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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