TLTE vs. UMMA

Last updated Jun 24, 2026

TLTE (FlexShares Morningstar Emerging Markets Factor Tilt Index) and UMMA (Wahed Dow Jones Islamic World ETF) are both Foreign Large Cap Equities funds. TLTE is passively managed, while UMMA is actively managed. Over the past 3 years, TLTE returned 21.14%/yr vs 21.92%/yr for UMMA. Their correlation of 0.83 suggests significant overlap in exposure. TLTE charges 0.59%/yr vs 0.65%/yr for UMMA.

Performance

TLTE vs. UMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Wahed Dow Jones Islamic World ETF (UMMA). 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 UMMA's 29.52% 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%

UMMA

• 1D: -5.07%
• 1M: 4.45%
• YTD: 29.52%
• 6M: 30.57%
• 1Y: 50.76%
• 3Y*: 21.92%
• 5Y*: —
• 10Y*: —

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

TLTE vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index	20.12%	30.21%	3.53%	13.62%	-17.13%
UMMA Wahed Dow Jones Islamic World ETF	29.52%	26.65%	4.67%	18.84%	-21.31%

Correlation

The correlation between TLTE and UMMA is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.83

The correlation between TLTE and UMMA has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

TLTE vs. UMMA - Sectors Allocation Comparison

Sectors	TLTE	UMMA
Technology	33.5%	48.2%
Financial Services	17.7%	0.0%
Industrials	10.5%	12.1%
Consumer Cyclical	9.9%	7.3%
Basic Materials	7.0%	8.8%
Communication Services	4.2%	1.0%
Real Estate	4.1%	0.4%
Consumer Defensive	3.7%	5.0%
Energy	3.7%	2.4%
Utilities	2.9%	-
Healthcare	2.8%	14.8%

Return for Risk

TLTE vs. UMMA — 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

UMMA

UMMA Risk / Return Rank: 70
UMMA Sharpe Ratio Rank: 73
UMMA Sortino Ratio Rank: 65
UMMA Omega Ratio Rank: 71
UMMA Calmar Ratio Rank: 70
UMMA Martin Ratio Rank: 72

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. UMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Wahed Dow Jones Islamic World ETF (UMMA). 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	UMMA	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.24	-0.33
Sortino ratio: Return per unit of downside risk	2.50	2.88	-0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	3.08	3.42	-0.34
Martin ratio: Return relative to average drawdown	11.60	13.07	-1.47

TLTE vs. UMMA - Sharpe Ratio Comparison

The current TLTE Sharpe Ratio is 1.91, which is comparable to the UMMA Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TLTE and UMMA, 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. UMMA - Drawdown Comparison

The maximum TLTE drawdown since its inception was -44.21%, which is greater than UMMA's maximum drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for TLTE and UMMA.

Drawdown Indicators

	TLTE	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-44.21%	-34.17%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-14.93%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-18.73%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-32.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.21%	—	—
Current Drawdown Current decline from peak	-5.06%	-5.07%	+0.01%
Average Drawdown Average peak-to-trough decline	-12.12%	-9.73%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.89%	-0.44%

Volatility

TLTE vs. UMMA - Volatility Comparison

FlexShares Morningstar Emerging Markets Factor Tilt Index (TLTE) and Wahed Dow Jones Islamic World ETF (UMMA) have volatilities of 11.78% and 12.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTE	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	12.08%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	20.30%	-1.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	22.74%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	21.08%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	21.08%	-2.48%

TLTE vs. UMMA - Expense Ratio Comparison

TLTE has a 0.59% expense ratio, which is lower than UMMA's 0.65% expense ratio.

Dividends

TLTE vs. UMMA - Dividend Comparison

TLTE's dividend yield for the trailing twelve months is around 3.26%, more than UMMA's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UMMA Wahed Dow Jones Islamic World ETF	0.95%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTE and UMMA in my portfolio?

TLTE and UMMA have a correlation of 0.87, 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 UMMA?

UMMA has higher volatility (12.08%) compared to TLTE (11.78%). In terms of maximum drawdown, TLTE dropped -44.21% vs UMMA's -34.17%.

Which ETF is better, TLTE or UMMA?

On 3-year performance, UMMA leads with 21.92% vs 21.14% for TLTE. 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 UMMA?

Over the 3-year period, UMMA has performed better with a 21.92% return vs 21.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTE or UMMA?

TLTE is cheaper with a 0.59% expense ratio, compared with 0.65% for UMMA.

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

TLTE has the higher dividend yield at 3.26%, compared with 0.95% for UMMA.

What is the main difference between TLTE and UMMA?

They also come from different issuers: Northern Trust and Wahed. Their fees differ too: 0.59% for TLTE and 0.65% for UMMA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.24 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.