TLTE vs. GUNR

Last updated Jun 26, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - TLTE is a Foreign Large Cap Equities fund tracking the Morningstar Emerging Markets Factor Tilt Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, TLTE returned 9.71%/yr vs 10.59%/yr for GUNR. A 0.69 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.46%/yr for GUNR.

Performance

TLTE vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 GUNR's 8.86% return. Over the past 10 years, TLTE has underperformed GUNR with an annualized return of 9.71%, while GUNR has yielded a comparatively higher 10.59% 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%

GUNR

• 1D: 0.69%
• 1M: -8.59%
• YTD: 8.86%
• 6M: 8.31%
• 1Y: 27.90%
• 3Y*: 10.86%
• 5Y*: 8.74%
• 10Y*: 10.59%

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

TLTE vs. GUNR - 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%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	8.86%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between TLTE and GUNR is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012	0.69

The correlation between TLTE and GUNR shifts across timeframes, from 0.50 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

TLTE vs. GUNR - Sectors Allocation Comparison

Sectors	TLTE	GUNR
Technology	33.5%	0.5%
Financial Services	17.7%	2.9%
Industrials	10.5%	2.6%
Consumer Cyclical	9.9%	0.2%
Basic Materials	7.0%	49.4%
Communication Services	4.2%	1.7%
Real Estate	4.1%	0.3%
Consumer Defensive	3.7%	12.1%
Energy	3.7%	29.6%
Utilities	2.9%	4.4%
Healthcare	2.8%	-

Return for Risk

TLTE vs. GUNR — 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

GUNR

GUNR Risk / Return Rank: 59
GUNR Sharpe Ratio Rank: 61
GUNR Sortino Ratio Rank: 54
GUNR Omega Ratio Rank: 57
GUNR Calmar Ratio Rank: 56
GUNR Martin Ratio Rank: 68

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. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.75	+0.05
Sortino ratio: Return per unit of downside risk	2.38	2.29	+0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.89	2.41	+0.48
Martin ratio: Return relative to average drawdown	10.81	10.83	-0.03

TLTE vs. GUNR - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.80, which is comparable to the GUNR Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of TLTE and GUNR, 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. GUNR - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, roughly equal to the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for TLTE and GUNR.

Drawdown Indicators

	TLTE	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-45.64%	+1.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-11.63%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-19.59%	+2.16%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-24.06%	-8.59%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-43.04%	-1.17%
Current Drawdown Current decline from peak	-4.32%	-11.01%	+6.69%
Average Drawdown Average peak-to-trough decline	-12.11%	-10.39%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.58%	+0.90%

Volatility

TLTE vs. GUNR - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 11.20% compared to FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) at 5.43%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	5.43%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	13.34%	+5.87%
Volatility (1Y) Calculated over the trailing 1-year period	20.89%	15.99%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	19.03%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	20.37%	-1.78%

TLTE vs. GUNR - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is higher than GUNR's 0.46% expense ratio.

Dividends

TLTE vs. GUNR - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.23%, more than GUNR's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.46%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%
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 GUNR in my portfolio?

TLTE and GUNR 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.

Which is riskier, TLTE or GUNR?

TLTE has higher volatility (11.20%) compared to GUNR (5.43%). In terms of maximum drawdown, TLTE dropped -44.21% vs GUNR's -45.64%.

Which ETF is better, TLTE or GUNR?

On 10-year performance, GUNR leads with 10.59% vs 9.71% for TLTE. On fees, GUNR is cheaper at 0.46% per year. On volatility, GUNR has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTE or GUNR?

Over the 10-year period, GUNR has performed better with a 10.59% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or GUNR?

GUNR is cheaper with a 0.46% expense ratio, compared with 0.59% for TLTE.

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

TLTE has the higher dividend yield at 3.23%, compared with 2.46% for GUNR.

What is the main difference between TLTE and GUNR?

TLTE is categorized as Foreign Large Cap Equities, while GUNR is Natural Resources. TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. Their fees differ too: 0.59% for TLTE and 0.46% for GUNR.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (1.80 vs 1.75), 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.