TLTE vs. DWX

Last updated Jun 26, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and DWX (SPDR S&P International Dividend ETF) are both Foreign Large Cap Equities funds - TLTE tracks the Morningstar Emerging Markets Factor Tilt Index while DWX tracks the S&P International Dividend Opportunities Index. Both are passively managed. Over the past 10 years, TLTE returned 9.71%/yr vs 8.09%/yr for DWX. A 0.73 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.45%/yr for DWX.

Performance

TLTE vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and SPDR S&P International Dividend ETF (DWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTE achieves a 21.06% return, which is significantly higher than DWX's 6.38% return. Over the past 10 years, TLTE has outperformed DWX with an annualized return of 9.71%, while DWX has yielded a comparatively lower 8.09% annualized return.

TLTE

• 1D: 0.85%
• 1M: -1.94%
• YTD: 21.06%
• 6M: 21.52%
• 1Y: 37.50%
• 3Y*: 21.24%
• 5Y*: 7.30%
• 10Y*: 9.71%

DWX

• 1D: 0.51%
• 1M: -0.86%
• YTD: 6.38%
• 6M: 6.47%
• 1Y: 15.10%
• 3Y*: 15.29%
• 5Y*: 7.34%
• 10Y*: 8.09%

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

TLTE vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	21.06%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%
DWX SPDR S&P International Dividend ETF	6.38%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%

Correlation

The correlation between TLTE and DWX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012	0.73

The correlation between TLTE and DWX shifts across timeframes, from 0.56 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

TLTE vs. DWX - Sectors Allocation Comparison

Sectors	TLTE	DWX
Technology	33.5%	3.4%
Financial Services	17.7%	16.5%
Industrials	10.5%	10.5%
Consumer Cyclical	9.9%	6.3%
Basic Materials	7.0%	2.2%
Communication Services	4.2%	12.9%
Real Estate	4.1%	10.1%
Consumer Defensive	3.7%	12.8%
Energy	3.7%	10.3%
Utilities	2.9%	10.7%
Healthcare	2.8%	4.3%

Return for Risk

TLTE vs. DWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TLTE

TLTE Risk / Return Rank: 64
TLTE Sharpe Ratio Rank: 62
TLTE Sortino Ratio Rank: 56
TLTE Omega Ratio Rank: 67
TLTE Calmar Ratio Rank: 67
TLTE Martin Ratio Rank: 68

DWX

DWX Risk / Return Rank: 42
DWX Sharpe Ratio Rank: 45
DWX Sortino Ratio Rank: 43
DWX Omega Ratio Rank: 43
DWX Calmar Ratio Rank: 40
DWX Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLTE vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and SPDR S&P International Dividend ETF (DWX). 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	DWX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.38	+0.42
Sortino ratio: Return per unit of downside risk	2.38	1.95	+0.43
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.89	1.77	+1.12
Martin ratio: Return relative to average drawdown	10.81	5.43	+5.38

TLTE vs. DWX - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.80, which is higher than the DWX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of TLTE and DWX, 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

TLTE vs. DWX - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for TLTE and DWX.

Drawdown Indicators

	TLTE	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-66.86%	+22.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-8.59%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-10.65%	-6.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-26.96%	-5.69%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-36.05%	-8.16%
Current Drawdown Current decline from peak	-4.32%	-3.98%	-0.34%
Average Drawdown Average peak-to-trough decline	-12.11%	-14.09%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.79%	+0.69%

Volatility

TLTE vs. DWX - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 11.20% compared to SPDR S&P International Dividend ETF (DWX) at 2.94%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	2.94%	+8.26%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	8.96%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	20.89%	10.98%	+9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	12.23%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	14.82%	+3.77%

TLTE vs. DWX - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is higher than DWX's 0.45% expense ratio.

Dividends

TLTE vs. DWX - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.23%, less than DWX's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.29%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	3.23%	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

Can I hold both TLTE and DWX in my portfolio?

TLTE and DWX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTE or DWX?

TLTE has higher volatility (11.20%) compared to DWX (2.94%). In terms of maximum drawdown, TLTE dropped -44.21% vs DWX's -66.86%.

Which ETF is better, TLTE or DWX?

On 10-year performance, TLTE leads with 9.71% vs 8.09% for DWX. On fees, DWX is cheaper at 0.45% per year. On volatility, DWX has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTE or DWX?

Over the 10-year period, TLTE has performed better with a 9.71% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or DWX?

DWX is cheaper with a 0.45% expense ratio, compared with 0.59% for TLTE.

Which ETF pays a higher dividend yield, TLTE or DWX?

DWX has the higher dividend yield at 4.29%, compared with 3.23% for TLTE.

What is the main difference between TLTE and DWX?

TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while DWX tracks S&P International Dividend Opportunities Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.59% for TLTE and 0.45% for DWX.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (1.80 vs 1.38), 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.