TLTE vs. IPOS

Last updated Jun 24, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and IPOS (Renaissance International IPO ETF) are both Foreign Large Cap Equities funds - TLTE tracks the Morningstar Emerging Markets Factor Tilt Index while IPOS tracks the Renaissance International IPO Index. Both are passively managed. Over the past 10 years, TLTE returned 9.47%/yr vs 4.08%/yr for IPOS. A 0.57 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.80%/yr for IPOS.

Performance

TLTE vs. IPOS - Performance Comparison

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

Returns By Period

In the year-to-date period, TLTE achieves a 20.12% return, which is significantly lower than IPOS's 48.14% return. Over the past 10 years, TLTE has outperformed IPOS with an annualized return of 9.47%, while IPOS has yielded a comparatively lower 4.08% annualized 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%

IPOS

• 1D: -4.56%
• 1M: 15.69%
• YTD: 48.14%
• 6M: 46.95%
• 1Y: 76.08%
• 3Y*: 20.01%
• 5Y*: -6.66%
• 10Y*: 4.08%

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

TLTE vs. IPOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	20.12%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%
IPOS Renaissance International IPO ETF	48.14%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-22.33%	36.83%

Correlation

The correlation between TLTE and IPOS is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 7, 2014	0.57

The correlation between TLTE and IPOS shifts across timeframes, from 0.57 (all time) to 0.74 (5 years), reflecting how their relationship changes across market environments.

TLTE vs. IPOS - Sectors Allocation Comparison

Sectors	TLTE	IPOS
Technology	33.5%	50.2%
Financial Services	17.7%	7.3%
Industrials	10.5%	13.4%
Consumer Cyclical	9.9%	6.3%
Basic Materials	7.0%	3.8%
Communication Services	4.2%	0.3%
Real Estate	4.1%	-
Consumer Defensive	3.7%	4.2%
Energy	3.7%	4.9%
Utilities	2.9%	3.1%
Healthcare	2.8%	14.9%

Return for Risk

TLTE vs. IPOS — 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: 66
TLTE Martin Ratio Rank: 68

IPOS

IPOS Risk / Return Rank: 77
IPOS Sharpe Ratio Rank: 79
IPOS Sortino Ratio Rank: 68
IPOS Omega Ratio Rank: 77
IPOS Calmar Ratio Rank: 85
IPOS Martin Ratio Rank: 76

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. IPOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Renaissance International IPO ETF (IPOS). 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	IPOS	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.36	-0.44
Sortino ratio: Return per unit of downside risk	2.50	2.88	-0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio: Return relative to maximum drawdown	3.08	4.46	-1.38
Martin ratio: Return relative to average drawdown	11.60	13.34	-1.73

TLTE vs. IPOS - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.91, which is comparable to the IPOS Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of TLTE and IPOS, 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. IPOS - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, smaller than the maximum IPOS drawdown of -73.09%. Use the drawdown chart below to compare losses from any high point for TLTE and IPOS.

Drawdown Indicators

	TLTE	IPOS	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-73.09%	+28.88%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-17.17%	+4.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-34.08%	+16.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	-69.93%	+37.28%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-73.09%	+28.88%
Current Drawdown Current decline from peak	-5.06%	-37.05%	+31.99%
Average Drawdown Average peak-to-trough decline	-12.12%	-32.02%	+19.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	5.72%	-2.27%

Volatility

TLTE vs. IPOS - Volatility Comparison

The current volatility for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) is 11.78%, while Renaissance International IPO ETF (IPOS) has a volatility of 15.81%. This indicates that TLTE experiences smaller price fluctuations and is considered to be less risky than IPOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	IPOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	15.81%	-4.03%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	29.95%	-10.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	32.50%	-11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	27.95%	-10.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	24.41%	-5.81%

TLTE vs. IPOS - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is lower than IPOS's 0.80% expense ratio.

Dividends

TLTE vs. IPOS - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.26%, more than IPOS's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPOS Renaissance International IPO ETF	0.32%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%
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

Can I hold both TLTE and IPOS in my portfolio?

TLTE and IPOS have a correlation of 0.60, 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 IPOS?

IPOS has higher volatility (15.81%) compared to TLTE (11.78%). In terms of maximum drawdown, TLTE dropped -44.21% vs IPOS's -73.09%.

Which ETF is better, TLTE or IPOS?

On 10-year performance, TLTE leads with 9.47% vs 4.08% for IPOS. On fees, TLTE is cheaper at 0.59% per year. On volatility, TLTE has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTE or IPOS?

Over the 10-year period, TLTE has performed better with a 9.47% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or IPOS?

TLTE is cheaper with a 0.59% expense ratio, compared with 0.80% for IPOS.

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

TLTE has the higher dividend yield at 3.26%, compared with 0.32% for IPOS.

What is the main difference between TLTE and IPOS?

TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while IPOS tracks Renaissance International IPO Index. They also come from different issuers: Northern Trust and Renaissance Capital. Their fees differ too: 0.59% for TLTE and 0.80% for IPOS.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (2.36 vs 1.91), 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.