TLTE vs. EMDV

Last updated Aug 4, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - TLTE tracks the Morningstar Emerging Markets Factor Tilt Index while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past 10 years, TLTE returned 7.90%/yr vs 1.83%/yr for EMDV. Their correlation of 0.81 means they have usually moved in the same direction. TLTE charges 0.59%/yr vs 0.60%/yr for EMDV.

Performance

TLTE vs. EMDV - Performance Comparison

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

Returns By Period

In the year-to-date period, TLTE achieves a 15.71% return, which is significantly higher than EMDV's 2.19% return. Over the past 10 years, TLTE has outperformed EMDV with an annualized return of 7.90%, while EMDV has yielded a comparatively lower 1.83% annualized return.

TLTE

• 1D: 0.91%
• 1M: -1.41%
• 6M: 6.23%
• YTD: 15.71%
• 1Y: 30.47%
• 3Y*: 17.77%
• 5Y*: 7.25%
• 10Y*: 7.90%
• ALL TIME*: 5.51%

EMDV

• 1D: 0.66%
• 1M: 4.99%
• 6M: 0.40%
• YTD: 2.19%
• 1Y: 6.81%
• 3Y*: 2.30%
• 5Y*: -1.67%
• 10Y*: 1.83%
• ALL TIME*: 4.08%

*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)
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	$3.02K	$6.25K	$10.42K
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	$291.32K	$272.95K	$346.48K

TLTE vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	15.71%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.19%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%

Correlation

The correlation between TLTE and EMDV is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jan 27, 2016	0.81

The correlation between TLTE and EMDV shifts across timeframes, from 0.69 (1 year) to 0.82 (10 years), reflecting how their relationship changes across market environments.

TLTE vs. EMDV - Sectors Allocation Comparison

Sectors	TLTE	EMDV
Technology	34.6%	22.8%
Financial Services	18.7%	24.0%
Industrials	10.1%	6.7%
Consumer Cyclical	9.9%	6.7%
Basic Materials	7.0%	2.5%
Communication Services	4.2%	5.8%
Real Estate	3.8%	-
Consumer Defensive	3.6%	14.4%
Energy	3.1%	-
Healthcare	2.6%	8.4%
Utilities	2.4%	8.8%

Return for Risk

TLTE vs. EMDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLTE

TLTE Risk / Return Rank: 56
TLTE Sharpe Ratio Rank: 53
TLTE Sortino Ratio Rank: 51
TLTE Omega Ratio Rank: 57
TLTE Calmar Ratio Rank: 64
TLTE Martin Ratio Rank: 58

EMDV

EMDV Risk / Return Rank: 26
EMDV Sharpe Ratio Rank: 25
EMDV Sortino Ratio Rank: 24
EMDV Omega Ratio Rank: 24
EMDV Calmar Ratio Rank: 29
EMDV Martin Ratio Rank: 27

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.

TLTE vs. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.59	+0.77
Sortino ratio: Return per unit of downside risk	1.89	0.90	+0.99
Omega ratio: Gain probability vs. loss probability	1.26	1.11	+0.15
Calmar ratio: Return relative to maximum drawdown	2.35	0.94	+1.40
Martin ratio: Return relative to average drawdown	7.13	2.24	+4.89

TLTE vs. EMDV - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.36, which is higher than the EMDV Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of TLTE and EMDV, 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. EMDV - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, which is greater than EMDV's maximum drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for TLTE and EMDV.

Drawdown Indicators

	TLTE	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-39.20%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-7.24%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-20.71%	+3.28%
Max Drawdown (5Y) Largest decline over 5 years	-30.97%	-33.37%	+2.40%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-39.20%	-5.01%
Current Drawdown Current decline from peak	-8.55%	-13.94%	+5.39%
Average Drawdown Average peak-to-trough decline	-12.08%	-13.59%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	3.04%	+1.25%

Volatility

TLTE vs. EMDV - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 8.36% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 3.09%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	3.09%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	20.72%	9.92%	+10.80%
Volatility (1Y) Calculated over the trailing 1-year period	22.54%	11.68%	+10.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	15.42%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	17.99%	+0.74%

TLTE vs. EMDV - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

TLTE vs. EMDV - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.38%, more than EMDV's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.89%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%	0.00%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	3.38%	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 EMDV in my portfolio?

TLTE and EMDV have a correlation of 0.69, 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 EMDV?

TLTE has higher volatility (8.36%) compared to EMDV (3.09%). In terms of maximum drawdown, TLTE dropped -44.21% vs EMDV's -39.20%.

Which ETF is better, TLTE or EMDV?

On 10-year performance, TLTE leads with 7.90% vs 1.83% for EMDV. On fees, TLTE is cheaper at 0.59% per year. On volatility, EMDV has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTE or EMDV?

Over the 10-year period, TLTE has performed better with a 7.90% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or EMDV?

TLTE is cheaper with a 0.59% expense ratio, compared with 0.60% for EMDV.

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

TLTE has the higher dividend yield at 3.38%, compared with 1.89% for EMDV.

What is the main difference between TLTE and EMDV?

TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: Northern Trust and ProShares. Their fees differ too: 0.59% for TLTE and 0.60% for EMDV.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (1.36 vs 0.59), 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.