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 Foreign Large Cap 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 10.04%/yr vs -1.75%/yr for TLT. At a correlation of -0.11, they often move in opposite directions. 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 26.52% return, which is significantly higher than TLT's 0.64% return. Over the past 10 years, TLTE has outperformed TLT with an annualized return of 10.04%, while TLT has yielded a comparatively lower -1.75% annualized return.
TLTE
- 1D
- 0.15%
- 1M
- 6.28%
- YTD
- 26.52%
- 6M
- 28.22%
- 1Y
- 48.64%
- 3Y*
- 23.26%
- 5Y*
- 8.55%
- 10Y*
- 10.04%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
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 | 26.52% | 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 | 0.64% | 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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2012 | -0.11 |
The correlation between TLTE and TLT shifts across timeframes, from -0.11 (all time) to 0.27 (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 | +1.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.08 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | 0.54 | +3.21 |
| Martin ratioReturn relative to average drawdown | 14.19 | 1.29 | +12.90 |
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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% | -7.58% | -5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -17.43% | -19.18% | +1.75% |
Max Drawdown (5Y)Largest decline over 5 years | -32.65% | -43.70% | +11.05% |
Max Drawdown (10Y)Largest decline over 10 years | -44.21% | -48.35% | +4.14% |
Current DrawdownCurrent decline from peak | 0.00% | -39.89% | +39.89% |
Average DrawdownAverage peak-to-trough decline | -12.12% | -13.87% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 3.17% | +0.27% |
Volatility
TLTE vs. TLT - Volatility Comparison
FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) has a higher volatility of 10.43% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.21%. 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 | 10.43% | 2.21% | +8.22% |
Volatility (6M)Calculated over the trailing 6-month period | 18.46% | 6.63% | +11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.38% | 9.50% | +10.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 15.82% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.59% | 14.91% | +3.68% |
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 3.09%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 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 | 3.09% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTE has higher volatility (10.43%) compared to TLT (2.21%). In terms of maximum drawdown, TLTE dropped -44.21% vs TLT's -48.35%.
On 10-year performance, TLTE leads with 10.04% vs -1.75% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.21%. 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 10.04% return vs -1.75%. 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 4.55%, compared with 3.09% for TLTE.
TLTE is categorized as Foreign Large Cap 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 (2.40 vs 0.43), 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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