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TLTE vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLTE vs. EFAV

Last updated Jun 26, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - TLTE tracks the Morningstar Emerging Markets Factor Tilt Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, TLTE returned 9.71%/yr vs 6.44%/yr for EFAV. A 0.66 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.20%/yr for EFAV.

Performance

TLTE vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLTE achieves a 21.06% return, which is significantly higher than EFAV's 2.87% return. Over the past 10 years, TLTE has outperformed EFAV with an annualized return of 9.71%, while EFAV has yielded a comparatively lower 6.44% 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%

EFAV

1D
0.09%
1M
-2.63%
YTD
2.87%
6M
2.52%
1Y
8.94%
3Y*
12.70%
5Y*
5.82%
10Y*
6.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLTE vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		2.87%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between TLTE and EFAV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.66

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2012

0.66

The correlation between TLTE and EFAV shifts across timeframes, from 0.50 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

TLTE vs. EFAV - Sectors Allocation Comparison

Sectors
TLTE
EFAV

Technology

33.5%
4.6%

Financial Services

17.7%
19.4%

Industrials

10.5%
15.9%

Consumer Cyclical

9.9%
5.0%

Basic Materials

7.0%
1.5%

Communication Services

4.2%
9.6%

Real Estate

4.1%
3.0%

Consumer Defensive

3.7%
11.9%

Energy

3.7%
8.3%

Utilities

2.9%
8.8%

Healthcare

2.8%
12.0%

Technology

TLTE
33.5%
EFAV
4.6%

Financial Services

TLTE
17.7%
EFAV
19.4%

Industrials

TLTE
10.5%
EFAV
15.9%

Consumer Cyclical

TLTE
9.9%
EFAV
5.0%

Basic Materials

TLTE
7.0%
EFAV
1.5%

Communication Services

TLTE
4.2%
EFAV
9.6%

Real Estate

TLTE
4.1%
EFAV
3.0%

Consumer Defensive

TLTE
3.7%
EFAV
11.9%

Energy

TLTE
3.7%
EFAV
8.3%

Utilities

TLTE
2.9%
EFAV
8.8%

Healthcare

TLTE
2.8%
EFAV
12.0%

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FlexShares Morningstar Emerging Markets Factor Tilt Index

iShares MSCI EAFE Min Vol Factor ETF

Often compared with TLTE:
TLTE vs. TLTTLTE vs. VtiTLTE vs. TLTDTLTE vs. TDTTTLTE vs. MPTLTE vs. VTITLTE vs. VWO
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

TLTE vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLTE
TLTE Risk / Return Rank: 6464
Overall Rank
TLTE Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
TLTE Sortino Ratio Rank: 5656
Sortino Ratio Rank
TLTE Omega Ratio Rank: 6767
Omega Ratio Rank
TLTE Calmar Ratio Rank: 6767
Calmar Ratio Rank
TLTE Martin Ratio Rank: 6868
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2626
Overall Rank
EFAV Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2424
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2424
Omega Ratio Rank
EFAV Calmar Ratio Rank: 3030
Calmar Ratio Rank
EFAV Martin Ratio Rank: 2727
Martin Ratio Rank
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. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

TLTEEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.80
0.85

+0.95

Sortino ratioReturn per unit of downside risk
2.38
1.25

+1.13

Omega ratioGain probability vs. loss probability

1.35

1.16

+0.19

Calmar ratioReturn relative to maximum drawdown

2.89

1.35

+1.54

Martin ratioReturn relative to average drawdown

10.81

3.35

+7.46

TLTE vs. EFAV - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.80, which is higher than the EFAV Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of TLTE and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TLTE vs. EFAV - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for TLTE and EFAV.

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Drawdown Indicators

TLTEEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-44.21%

-27.56%

-16.65%

Max Drawdown (1Y)

Largest decline over 1 year

-13.04%

-6.66%

-6.38%

Max Drawdown (3Y)

Largest decline over 3 years

-17.43%

-8.75%

-8.68%

Max Drawdown (5Y)

Largest decline over 5 years

-32.65%

-27.46%

-5.19%

Max Drawdown (10Y)

Largest decline over 10 years

-44.21%

-27.56%

-16.65%

Current Drawdown

Current decline from peak

-4.32%

-6.48%

+2.16%

Average Drawdown

Average peak-to-trough decline

-12.11%

-4.77%

-7.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.48%

2.67%

+0.81%

Volatility

TLTE vs. EFAV - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 11.20% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.06%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTEEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.20%

3.06%

+8.14%

Volatility (6M)

Calculated over the trailing 6-month period

19.21%

8.53%

+10.68%

Volatility (1Y)

Calculated over the trailing 1-year period

20.89%

10.54%

+10.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.45%

11.82%

+5.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.59%

13.05%

+5.54%

TLTE vs. EFAV - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

TLTE vs. EFAV - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.23%, less than EFAV's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.28%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
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

TLTE and EFAV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLTE has higher volatility (11.20%) compared to EFAV (3.06%). In terms of maximum drawdown, TLTE dropped -44.21% vs EFAV's -27.56%.

On 10-year performance, TLTE leads with 9.71% vs 6.44% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TLTE has performed better with a 9.71% return vs 6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.59% for TLTE.

EFAV has the higher dividend yield at 3.28%, compared with 3.23% for TLTE.

TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.59% for TLTE and 0.20% for EFAV.

TLTE currently has the higher Sharpe Ratio (1.80 vs 0.85), 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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