TLTE vs. TLT
TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TLTE is a Emerging Markets Equities fund tracking the Morningstar Emerging Markets Factor Tilt Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TLTE returned 8.02%/yr vs -2.38%/yr for TLT. Their -0.10 correlation means they have often moved in opposite directions in the past. TLTE charges 0.59%/yr vs 0.15%/yr for TLT.
Performance
TLTE vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TLTE achieves a 14.67% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, TLTE has outperformed TLT with an annualized return of 8.02%, while TLT has yielded a comparatively lower -2.38% annualized return.
TLTE
- 1D
- -0.54%
- 1M
- -2.30%
- 6M
- 5.33%
- YTD
- 14.67%
- 1Y
- 29.30%
- 3Y*
- 16.74%
- 5Y*
- 7.39%
- 10Y*
- 8.02%
- ALL TIME*
- 5.45%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $324.29K | $288.00K | $344.90K |
TLTE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index | 14.67% | 30.21% | 3.53% | 13.62% | -17.31% | 4.79% | 12.10% | 14.51% | -17.44% | 32.82% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TLTE and TLT is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012 | -0.10 |
The correlation between TLTE and TLT shifts across timeframes, from -0.10 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLTE vs. TLT — Risk / Return Rank
TLTE
TLT
TLTE vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.99 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | -0.14 | +2.34 |
| Martin ratioReturn relative to average drawdown | 6.73 | -0.30 | +7.03 |
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Drawdowns
TLTE vs. TLT - Drawdown Comparison
The maximum TLTE drawdown since its inception was -44.21%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TLTE and TLT.
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Drawdown Indicators
| TLTE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -48.35% | +4.14% |
Max Drawdown (1Y)Largest decline over 1 year | -13.04% | -7.74% | -5.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.43% | -14.79% | -2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -30.97% | -43.70% | +12.73% |
Max Drawdown (10Y)Largest decline over 10 years | -44.21% | -48.35% | +4.14% |
Current DrawdownCurrent decline from peak | -9.37% | -42.36% | +32.99% |
Average DrawdownAverage peak-to-trough decline | -12.08% | -13.99% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 3.57% | +0.68% |
Volatility
TLTE vs. TLT - Volatility Comparison
FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 8.33% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that TLTE's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLTE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.33% | 2.46% | +5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 6.85% | +13.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.51% | 9.32% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.75% | 15.74% | +2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.72% | 14.83% | +3.89% |
TLTE vs. TLT - Expense Ratio Comparison
TLTE has a 0.59% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TLTE vs. TLT - Dividend Comparison
TLTE's dividend yield for the trailing twelve months is around 3.41%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index | 3.41% | 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 TLT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTE has higher volatility (8.33%) compared to TLT (2.46%). In terms of maximum drawdown, TLTE dropped -44.21% vs TLT's -48.35%.
On 10-year performance, TLTE leads with 8.02% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 8.02% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.59% for TLTE.
TLT has the higher dividend yield at 4.34%, compared with 3.41% for TLTE.
TLTE is categorized as Emerging Markets Equities, while TLT is Government Bonds. TLTE tracks Morningstar Emerging Markets Factor Tilt Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.59% for TLTE and 0.15% for TLT.
TLTE currently has the higher Sharpe Ratio (1.27 vs -0.11), 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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