TLTE vs PICB

Comparison between FLEXSHARES MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND (TLTE, ETF) and INVESCO INTERNATIONAL CORPORATE BOND ETF (PICB, ETF).

5-Year PerformanceTLTE has outperformed PICB, delivering a return of +7.5% compared to -2.2%

TLTE vs PICB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TLTE(ETF)	PICB(ETF)
Net Assets	$354M	$353M
Expense Ratio	0.57%	0.50%
Max Drawdown	47.60%	39.48%
Sharpe Ratio	1.13	-0.41
5Y Beta	0.77	0.09
5Y Dividends CAGR	12.10%	18.45%

Net Assets

Winner

TLTE

$354M

PICB

$353M

Expense Ratio

TLTE

0.57%

Winner

PICB

0.50%

Max Drawdown

TLTE

47.60%

Winner

PICB

39.48%

Sharpe Ratio

Winner

TLTE

1.13

PICB

-0.41

5Y Beta

TLTE

0.77

Winner

PICB

0.09

5Y Dividends CAGR

TLTE

12.10%

Winner

PICB

18.45%

TLTE vs PICB - Historical Returns

Returns include dividend reinvestment.

Period	TLTE	PICB
1 month	-7.47%	-0.44%
3 months	+2.53%	-1.86%
6 months	+9.59%	-2.22%
1 year	+28.82%	-0.51%
5 years(CAGR)	+7.45%	-2.19%
10 years(CAGR)	+8.35%	+0.71%
Max(CAGR)	+5.63%	+1.84%

TLTE

-7.47%

Winner

PICB

-0.44%

Winner

TLTE

+2.53%

PICB

-1.86%

Winner

TLTE

+9.59%

PICB

-2.22%

Winner

TLTE

+28.82%

PICB

-0.51%

5Y(CAGR)

Winner

TLTE

+7.45%

PICB

-2.19%

10Y(CAGR)

Winner

TLTE

+8.35%

PICB

+0.71%

Max(CAGR)

Winner

TLTE

+5.63%

PICB

+1.84%

TLTE vs PICB - Annual Returns (2010 - 2026)

Returns include dividend reinvestment.

Year	TLTE	PICB
2026	+14.93%	-1.72%
2025	+30.52%	+14.99%
2024	+4.53%	-1.75%
2023	+12.92%	+12.57%
2022	-17.88%	-21.87%
2021	+3.78%	-6.81%
2020	+10.36%	+12.70%
2019	+14.45%	+10.21%
2018	-19.05%	-7.30%
2017	+31.58%	+15.90%
2016	+15.54%	-0.48%
2015	-12.45%	-8.41%
2014	-2.23%	-0.35%
2013	-4.39%	+3.11%
2012	+6.36%	+14.81%
2011	N/A	+1.03%
2010	N/A	+10.61%

TLTE vs PICB Drawdown Comparison

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

The maximum drawdown for PICB was -37.10%, occurring on Sep 27, 2022. This drawdown has not yet recovered.

The current TLTE drawdown is -7.47%. The current PICB drawdown is -13.20%.

Rank	TLTE	PICB
#1	-44.20% Jan 26, 2018 - Jan 8, 2021	-37.10% Dec 31, 2020 - Sep 27, 2022
#2	-33.82% Sep 5, 2014 - Jun 2, 2017	-23.37% Feb 1, 2018 - Jul 21, 2020
#3	-33.49% Jun 4, 2021 - Jun 9, 2025	-17.26% Jun 30, 2014 - Feb 1, 2018
#4	-16.76% Jan 3, 2013 - Jul 3, 2014	-11.36% Aug 5, 2011 - Aug 28, 2012
#5	-13.04% Feb 25, 2026 - May 1, 2026	-9.99% Nov 4, 2010 - Apr 21, 2011
#6	-9.77% Jun 22, 2026 - Jul 20, 2026	-8.39% May 1, 2013 - Oct 18, 2013
#7	-8.01% Jun 2, 2026 - Jun 18, 2026	-4.44% Jan 14, 2013 - Apr 29, 2013
#8	-6.42% Feb 17, 2021 - Apr 26, 2021	-3.31% Oct 14, 2010 - Nov 4, 2010
#9	-5.46% May 8, 2026 - May 26, 2026	-3.19% May 2, 2011 - Jul 26, 2011
#10	-5.41% Jan 21, 2021 - Feb 8, 2021	-3.17% Sep 1, 2020 - Nov 6, 2020
#11	-4.44% Oct 29, 2025 - Dec 26, 2025	-2.75% Aug 6, 2010 - Sep 22, 2010
#12	-4.43% May 7, 2021 - May 28, 2021	-2.18% Oct 24, 2013 - Feb 13, 2014
#13	-4.40% Nov 22, 2017 - Dec 27, 2017	-1.76% Jun 3, 2010 - Jun 14, 2010
#14	-4.15% Oct 17, 2012 - Dec 5, 2012	-1.52% May 6, 2014 - Jun 26, 2014
#15	-3.94% Oct 6, 2025 - Oct 20, 2025	-1.33% Mar 14, 2014 - Apr 8, 2014

Correlation

Correlation between TLTE and PICB is 0.35 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.35

-101

Dividend Comparison (2010 - 2026)

TLTE vs PICB dividend yield comparison.

Year	TLTE	PICB
2026	0.37%	1.96%
2025	3.76%	3.17%
2024	3.73%	3.19%
2023	4.03%	2.24%
2022	4.42%	1.64%
2021	3.21%	1.34%
2020	1.95%	1.22%
2019	3.23%	1.42%
2018	3.02%	1.70%
2017	2.12%	1.47%
2016	2.30%	2.20%
2015	2.00%	2.39%
2014	2.06%	2.64%
2013	0.83%	2.73%
2012	0.10%	3.09%
2011	0.00%	3.96%
2010	0.00%	1.94%