TLTE vs AFB

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

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

TLTE vs AFB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

TLTE

$347M

AFB

$345M

Expense Ratio

TLTE

0.57%

AFB

N/A

Max Drawdown

Winner

TLTE

47.60%

AFB

56.18%

Sharpe Ratio

Winner

TLTE

1.51

AFB

1.39

5Y Beta

TLTE

0.73

Winner

AFB

0.11

5Y Dividends CAGR

Winner

TLTE

19.96%

AFB

-2.44%

TLTE vs AFB - Historical Returns

Returns include dividend reinvestment.

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

TLTE

-2.74%

Winner

AFB

+0.63%

Winner

TLTE

+8.11%

AFB

+3.43%

Winner

TLTE

+17.52%

AFB

+5.35%

Winner

TLTE

+35.90%

AFB

+15.10%

5Y(CAGR)

Winner

TLTE

+6.08%

AFB

-1.37%

10Y(CAGR)

Winner

TLTE

+8.79%

AFB

+1.54%

Max(CAGR)

Winner

TLTE

+5.61%

AFB

+4.43%

TLTE vs AFB - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

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

TLTE vs AFB Drawdown Comparison

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

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

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

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

Correlation

Correlation between TLTE and AFB 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)

TLTE vs AFB dividend yield comparison.

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