Tilting perfectoid fields allows to transfer results between certain henselian fields of mixed characteristic and their positive characteristic counterparts and vice versa. We present a model-theoretic approach to tilting via ultraproducts, which allows to transfer many first-order properties between a perfectoid field and its tilt (and conversely). In particular, our method yields a simple proof of the Fontaine-Wintenberger Theorem which states that the absolute Galois group of a perfectoid field and its tilt are canonically isomorphic. A key ingredient in our approach is an Ax-Kochen/Ershov principle for perfectoid fields (and generalizations thereof).