TLTE vs. SPDW

Last updated Jun 5, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - TLTE tracks the Morningstar Emerging Markets Factor Tilt Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, TLTE returned 9.47%/yr vs 10.05%/yr for SPDW. A 0.79 correlation means they provide meaningful diversification when combined. TLTE charges 0.59%/yr vs 0.04%/yr for SPDW.

Performance

TLTE vs. SPDW - 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 Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTE achieves a 23.54% return, which is significantly higher than SPDW's 15.36% return. Over the past 10 years, TLTE has underperformed SPDW with an annualized return of 9.47%, while SPDW has yielded a comparatively higher 10.05% annualized return.

TLTE

• 1D: -0.69%
• 1M: 3.64%
• YTD: 23.54%
• 6M: 25.97%
• 1Y: 45.35%
• 3Y*: 22.09%
• 5Y*: 7.43%
• 10Y*: 9.47%

SPDW

• 1D: 0.31%
• 1M: 4.15%
• YTD: 15.36%
• 6M: 18.10%
• 1Y: 31.87%
• 3Y*: 20.11%
• 5Y*: 9.45%
• 10Y*: 10.05%

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

TLTE vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	23.54%	30.21%	3.53%	13.62%	-17.31%	4.79%	12.10%	14.51%	-17.44%	32.82%
SPDW SPDR Portfolio World ex-US ETF	15.36%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between TLTE and SPDW is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 3, 2012	0.79

The correlation between TLTE and SPDW has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

TLTE vs. SPDW - Sectors Allocation Comparison

Sectors	TLTE	SPDW
Technology	27.3%	13.7%
Financial Services	18.9%	22.9%
Industrials	11.7%	19.2%
Consumer Cyclical	10.5%	7.8%
Basic Materials	7.7%	7.3%
Communication Services	4.6%	3.8%
Energy	4.4%	5.5%
Real Estate	4.3%	2.5%
Consumer Defensive	4.2%	5.7%
Utilities	3.1%	3.3%
Healthcare	3.1%	8.3%

Return for Risk

TLTE vs. SPDW — Risk / Return Rank

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

TLTE

TLTE Risk / Return Rank: 75
TLTE Sharpe Ratio Rank: 78
TLTE Sortino Ratio Rank: 73
TLTE Omega Ratio Rank: 77
TLTE Calmar Ratio Rank: 71
TLTE Martin Ratio Rank: 74

SPDW

SPDW Risk / Return Rank: 61
SPDW Sharpe Ratio Rank: 63
SPDW Sortino Ratio Rank: 62
SPDW Omega Ratio Rank: 62
SPDW Calmar Ratio Rank: 57
SPDW Martin Ratio Rank: 61

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. SPDW - 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 Portfolio World ex-US ETF (SPDW). 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.

	TLTE	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.06	+0.42
Sortino ratio: Return per unit of downside risk	3.27	2.85	+0.43
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	3.50	2.77	+0.72
Martin ratio: Return relative to average drawdown	13.71	10.83	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTE vs. SPDW - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 2.48, which is comparable to the SPDW Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TLTE and SPDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TLTE	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.06	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.58	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.58	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.24	+0.10

Drawdowns

TLTE vs. SPDW - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for TLTE and SPDW.

Drawdown Indicators

	TLTE	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-60.02%	+15.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-11.55%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-13.53%	-3.90%
Max Drawdown (5Y) Largest decline over 5 years	-33.51%	-30.21%	-3.30%
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	-34.98%	-9.23%
Current Drawdown Current decline from peak	-1.98%	-0.56%	-1.42%
Average Drawdown Average peak-to-trough decline	-12.15%	-12.91%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	2.95%	+0.37%

Volatility

TLTE vs. SPDW - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 7.87% compared to SPDR Portfolio World ex-US ETF (SPDW) at 5.44%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	5.44%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	13.17%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.43%	15.58%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	16.49%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	17.25%	+1.15%

TLTE vs. SPDW - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

TLTE vs. SPDW - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.04%, more than SPDW's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDW SPDR Portfolio World ex-US ETF	2.86%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	3.04%	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 SPDW in my portfolio?

TLTE and SPDW have a correlation of 0.82, 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 SPDW?

TLTE has higher volatility (7.87%) compared to SPDW (5.44%). In terms of maximum drawdown, TLTE dropped -44.21% vs SPDW's -60.02%.

Which ETF is better, TLTE or SPDW?

On 10-year performance, SPDW leads with 10.05% vs 9.47% for TLTE. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTE or SPDW?

Over the 10-year period, SPDW has performed better with a 10.05% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.59% for TLTE.

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

TLTE has the higher dividend yield at 3.04%, compared with 2.86% for SPDW.

What is the main difference between TLTE and SPDW?

TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.59% for TLTE and 0.04% for SPDW.

Which has better risk-adjusted returns?

TLTE currently has the higher Sharpe Ratio (2.48 vs 2.06), 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.