AFB vs TLTE

Comparison between AllianceBernstein National Municipal Income Fund Inc (AFB, ETF) and FLEXSHARES MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND (TLTE, ETF).

5-Year PerformanceTLTE has outperformed AFB, delivering a return of +6.1% compared to -1.4%

AFB vs TLTE - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AFB(ETF)	TLTE(ETF)
Net Assets	$345M	$347M
Expense Ratio	N/A	0.57%
Max Drawdown	56.18%	47.60%
Sharpe Ratio	1.39	1.51
5Y Beta	0.11	0.73
5Y Dividends CAGR	-2.44%	19.96%

Net Assets

AFB

$345M

Winner

TLTE

$347M

Expense Ratio

AFB

N/A

TLTE

0.57%

Max Drawdown

AFB

56.18%

Winner

TLTE

47.60%

Sharpe Ratio

AFB

1.39

Winner

TLTE

1.51

5Y Beta

Winner

AFB

0.11

TLTE

0.73

5Y Dividends CAGR

AFB

-2.44%

Winner

TLTE

19.96%

AFB vs TLTE - Historical Returns

Returns include dividend reinvestment.

Period	AFB	TLTE
1 month	+0.63%	-2.74%
3 months	+3.43%	+8.11%
6 months	+5.35%	+17.52%
1 year	+15.10%	+35.90%
5 years(CAGR)	-1.37%	+6.08%
10 years(CAGR)	+1.54%	+8.79%
Max(CAGR)	+4.43%	+5.61%

Winner

AFB

+0.63%

TLTE

-2.74%

AFB

+3.43%

Winner

TLTE

+8.11%

AFB

+5.35%

Winner

TLTE

+17.52%

AFB

+15.10%

Winner

TLTE

+35.90%

5Y(CAGR)

AFB

-1.37%

Winner

TLTE

+6.08%

10Y(CAGR)

AFB

+1.54%

Winner

TLTE

+8.79%

Max(CAGR)

AFB

+4.43%

Winner

TLTE

+5.61%

AFB vs TLTE - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

Year	AFB	TLTE
2026	+5.15%	+13.83%
2025	+3.74%	+30.52%
2024	+3.62%	+4.53%
2023	+6.52%	+12.92%
2022	-26.36%	-17.88%
2021	+7.80%	+3.78%
2020	+8.62%	+10.36%
2019	+17.80%	+14.45%
2018	-5.64%	-19.05%
2017	+5.98%	+31.58%
2016	+0.60%	+15.54%
2015	+6.57%	-12.45%
2014	+17.08%	-2.23%
2013	-16.19%	-4.39%
2012	+12.31%	+6.36%
2011	+23.79%	N/A
2010	+2.72%	N/A
2009	+46.56%	N/A
2008	-26.19%	N/A
2007	-7.62%	N/A
2006	+5.59%	N/A
2005	+17.67%	N/A
2004	+6.73%	N/A
2003	+9.12%	N/A
2002	-3.10%	N/A

AFB vs TLTE Drawdown Comparison

The maximum drawdown for AFB was -51.00%, occurring on Oct 10, 2008. Recovery took 746 trading sessions.

The maximum drawdown for TLTE was -44.20%, occurring on Mar 23, 2020. Recovery took 743 trading sessions.

The current AFB drawdown is -10.10%. The current TLTE drawdown is -8.01%.

Rank	AFB	TLTE
#1	-51.00% Oct 19, 2006 - Oct 7, 2009	-44.20% Jan 26, 2018 - Jan 8, 2021
#2	-35.14% Dec 16, 2021 - Oct 20, 2023	-33.82% Sep 5, 2014 - Jun 2, 2017
#3	-26.40% Jan 18, 2013 - Jan 7, 2016	-33.49% Jun 4, 2021 - Jun 9, 2025
#4	-23.23% Mar 6, 2020 - Nov 27, 2020	-16.76% Jan 3, 2013 - Jul 3, 2014
#5	-18.03% Oct 7, 2010 - Sep 13, 2011	-13.04% Feb 25, 2026 - May 1, 2026
#6	-14.00% Mar 17, 2004 - Nov 1, 2004	-8.01% Jun 2, 2026 - Jun 5, 2026
#7	-13.99% Jul 8, 2016 - Jun 13, 2019	-6.42% Feb 17, 2021 - Apr 26, 2021
#8	-12.35% Jan 29, 2002 - Apr 28, 2003	-5.46% May 8, 2026 - May 26, 2026
#9	-9.33% Oct 7, 2009 - Jan 25, 2010	-5.41% Jan 21, 2021 - Feb 8, 2021
#10	-8.25% Mar 2, 2012 - May 17, 2012	-4.44% Oct 29, 2025 - Dec 26, 2025
#11	-8.16% Jun 13, 2003 - Jan 9, 2004	-4.43% May 7, 2021 - May 28, 2021
#12	-6.23% Oct 1, 2012 - Jan 7, 2013	-4.40% Nov 22, 2017 - Dec 27, 2017
#13	-6.06% Sep 7, 2005 - Dec 15, 2005	-4.15% Oct 17, 2012 - Dec 5, 2012
#14	-5.38% Jul 11, 2006 - Aug 1, 2006	-3.94% Oct 6, 2025 - Oct 20, 2025
#15	-5.24% Jan 30, 2012 - Mar 2, 2012	-3.60% Jul 23, 2014 - Aug 19, 2014

Correlation

Correlation between AFB and TLTE is 0.63 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.63

-101

Dividend Comparison (2002 - 2026)

AFB vs TLTE dividend yield comparison.

Year	AFB	TLTE
2026	2.71%	0.00%
2025	4.72%	3.76%
2024	3.83%	3.73%
2023	3.62%	4.03%
2022	5.26%	4.42%
2021	4.32%	3.21%
2020	4.18%	1.95%
2019	3.93%	3.23%
2018	4.53%	3.02%
2017	4.70%	2.12%
2016	5.34%	2.30%
2015	5.80%	2.00%
2014	6.35%	2.06%
2013	7.06%	0.83%
2012	5.98%	0.10%
2011	6.29%	0.00%
2010	7.19%	0.00%
2009	6.64%	0.00%
2008	8.37%	0.00%
2007	5.91%	0.00%
2006	6.29%	0.00%
2005	6.48%	0.00%
2004	7.14%	0.00%
2003	6.81%	0.00%
2002	5.18%	0.00%