CVIE vs FEDM: Grades, Fees and Holdings Compared

Calvert International Responsible Index ETF

CVIEBNYSE Arca

Northern Trust ESG & Climate Developed Markets ex-US Core ETF

FEDMANYSE Arca

Overlap

38.6%by weight

Expense ratio

FEDM −0.06pt a year

CVIE0.18%FEDM0.12%

Avg volume · 30D

CVIE 12.1×the volume

CVIE24.6KFEDM2.03K

3Y return · a year

CVIE +4.2pt

CVIE+22.8%FEDM+18.6%

CVIE vs FEDM Performance

Oct 31, 2025 – Oct 30, 2026

+17.9%CVIE+15.7%FEDM

Expense ratio: CVIE 0.18%; FEDM 0.12%, better
Fund size: CVIE $502M; FEDM $86M
1Y total return: CVIE +17.9%, better; FEDM +15.7%
Yield (12M): CVIE 2.47%; FEDM 2.88%, better
Holdings: CVIE 741; FEDM 231
Avg volume (30D): CVIE 24.6K sh, better; FEDM 2.03K sh
NAV per share: CVIE $80.89; FEDM $64.72
52W range

ETF.net Grade

Pillar letters and Scores for CVIE, FEDM, with each pillar’s weight
Pillar	CVIE	FEDM
Cost30% weight	A76	A88Higher
Mission25% weight	B64	A100Higher
Risk15% weight	C44	C53Higher
Tradability15% weight	C40Higher	D35
Holdings10% weight	C54	B60Higher
Durability5% weight	C53Higher	C40

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. CVIE and FEDM are both graded against the same 18 International ESG & Values Index funds, so their Grades compare head to head.

International ESG & Values Index⁠

Category · 18 funds

See all 18 ›

FEDM ranks 4th and CVIE 9th of 18 funds in the International ESG & Values Index Category.

Rank 1AVSGXVanguard ESG International Stock ETFScore 82
Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 79
Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 72
Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
Rank 7BNUDMNuveen ESG International Developed Markets EquityScore 60
Rank 9BCVIECalvert International Responsible Index ETFScore 59
Rank 9BDFSIDimensional International Sustainability Core 1 ETFScore 59

Our read on each fund

ETF.net Research

CVIEBCalvert International Responsible Index ETF

FEDMANorthern Trust ESG & Climate Developed Markets ex-US Core ETF

In short

CVIE A responsible-investing take on developed markets outside the US, built on Calvert's own index rather than a licensed screen, for 0.18% a year. That is roughly half the typical fee in its peer group.

FEDM Northern Trust writes the index and runs the fund: a developed-ex-US core holding screened on its own ESG and climate scoring, at 0.12% net of a waiver through March 1, 2027.

Stated mandate

CVIE The Fund seeks to track the Calvert International Responsible Index. It uses passive indexing and invests primarily in securities represented by that index.

FEDM The Fund seeks to track, before fees and expenses, the performance of the Northern Trust ESG & Climate Developed Markets ex-US Core Index.

Why people hold it

CVIE 0.18% a year: roughly half the typical fee among the international index funds we track, and level with unscreened GXUS.
The screen is in-house. It tracks the Calvert International Responsible Index, so the research and the fund come from the same shop, not a rented third-party benchmark.
Straightforward build: a registered 1940 Act fund that passively indexes developed-market stocks, with cash paid out quarterly.
Lands in the upper half of its international index-fund peer group on our review.

FEDM At 0.12% net of a waiver through March 1, 2027, it sits at the low end of its peer group, matching DMXF (0.12%) and undercutting ESGD (0.20%).
Optimized, not just screened: the index limits how far any stock, sector or region can drift from its developed-ex-US parent, so it still behaves like core foreign equity.flexshares.com
Northern Trust scores companies on its own ESG Vector Score instead of licensing a third party ratings index, and manages the fund in-house.flexshares.com
Roughly 300 large and mid-cap names across developed markets outside the US, paid out quarterly.flexshares.com

Worth knowing

CVIE Thinly traded next to the category's giants, so the spread and a limit order matter more here.
Developed markets only, and it opened in 2023: no emerging-market sleeve, and a short record to judge.
Cheap for a screened fund, but broad unscreened rivals go lower. VXUS charges 0.05%.

FEDM Thinly traded next to the category giants, so spreads can widen. Limit orders matter more here than with the household-name alternatives.
The 0.12% is net of a waiver through March 1, 2027; the gross fee is 0.16%, so the discount depends on that waiver being extended.
ESG and climate screens change what it owns versus a plain developed-ex-US index, so results can drift from the broad market in either direction.sec.gov

Full CVIE profile⁠

Full FEDM profile⁠

CVIE vs FEDM Holdings

How CVIE and FEDM differ

Overlap by weight

38.6%

Shared holdings make up 88.0% of FEDM and 43.9% of CVIE.

Level by level

Holdings184 in both38.6%
Countryby domicile77.4%
Sector11 Sectors87.7%
Asset classEquity100%

Sector

Sector weights in CVIE and FEDM, widest gap first
Sector	More in CVIEMore in FEDM	CVIE	FEDM
Technology	CVIE +11.6 points	24.4%	12.8%
Energy	FEDM +4.7 points	1.0%	5.7%
Financials	FEDM +2.7 points	25.6%	28.3%
Industrials	FEDM +1.7 points	14.8%	16.5%
Health Care	FEDM +1.4 points	8.2%	9.6%
Consumer Staples	FEDM +1.0 points	5.5%	6.5%
Communication	FEDM +0.7 points	4.0%	4.7%
Consumer Discretionary	CVIE +0.4 points	5.6%	5.2%
Real Estate	FEDM +0.3 points	1.2%	1.5%
Utilities	CVIE +0.2 points	3.2%	3.0%
Materials	CVIE +0.1 points	6.3%	6.2%

Country, concentration and asset class

Country by domicile

Country weights in CVIE and FEDM, widest gap first
Country	More in CVIEMore in FEDM	CVIE	FEDM
Taiwan	CVIE +10.5 points	10.5%	0.0%
South Korea	CVIE +7.3 points	7.3%	0.0%
Japan	FEDM +5.0 points	16.3%	21.3%
United Kingdom	FEDM +3.8 points	9.4%	13.2%
Spain	FEDM +2.9 points	2.8%	5.7%
France	FEDM +1.9 points	6.0%	7.9%
Germany	FEDM +1.7 points	6.4%	8.1%
Australia	FEDM +1.6 points	5.0%	6.6%
Other countries (19)	FEDM +0.8 points	36.4%	37.2%

Outside the US: CVIE 81% developed, 19% emerging. FEDM 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

CVIE19.3%
FEDM16.6%

Securities held

CVIE726
FEDM215

Asset class

CVIE: Equity
FEDM: Equity

Holdings

Only in CVIE542
In both184
Only in FEDM31

Only in CVIE

542 securities, 56.0% of CVIE by weight

Taiwan Semiconductor5.72%
Samsung Electronics Co2.93%
Sk Hynix Inc Common Stock2.10%
Toronto-Dominion Bank/The0.80%
Mediatek Inc Common Stock0.60%
Rolls-Royce Holdings PLC0.57%
Sumitomo Mitsui Financial0.55%
Unilever PLC Common Stock0.54%
Abb Ltd Common Stock Chf0.51%
Air Liquide SA Common0.51%
Bank of Nova Scotia/The0.47%
Ubs Group AG Common Stock0.47%
Safran SA Common Stock0.42%
Agnico Eagle Mines Ltd0.41%
Bae Systems PLC0.37%
Kioxia Holdings Corp0.37%
Canadian Pacific Kansas0.36%
Anz Group Holdings Ltd0.36%
Brookfield Corp Common0.32%
Keyence Corp Common Stock0.31%
Spotify Technology SA0.31%
Investor Ab Common Stock0.30%
Infineon Technologies AG0.29%
Teck Resources Ltd Common0.28%
Anheuser-Busch Inbev0.28%
Oversea-Chinese Banking0.28%
Delta Electronics Inc0.27%
Nxp Semiconductors NV0.26%
Wesfarmers Ltd Common0.26%
Mitsubishi Heavy0.26%
Holcim AG Common Stock0.26%
Ase Technology Holding Co0.25%
Shin-Etsu Chemical Co Ltd0.24%
Cameco Corp Common Stock0.23%
Mitsubishi Electric Corp0.23%
Argenx SE0.23%
Vinci SA Common Stock Eur0.23%
Compass Group PLC Common0.23%
Alimentation Couche-Tard0.22%
Waste Connections Inc0.22%
Essilorluxottica SA0.22%
Geberit AG Common Stock0.21%
Kddi Corp Common Stock0.21%
Ferrari NV Common Stock0.20%
Power Corp of Canada0.20%
Samsung Electro-Mechanics0.20%
Sun Life Financial Inc0.20%
Volvo Ab Common Stock Sek0.20%
Hoya Corp Common Stock0.20%
Lonza Group AG Common0.20%

Only in FEDM

31 securities, 10.2% of FEDM by weight

Shell PLC1.79%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.24%
Enbridge Inc Common Stock Cad 01.17%
Totalenergies SE Common Stock Eur 2.50.79%
Wheaton Precious Metals Corp0.77%
Teva Pharmaceutical Industries Ltd Common Stock0.68%
Pembina Pipeline Corp Common Stock Cad 00.61%
Koninklijke Philips NV Common Stock Eur 0.20.43%
Eneos Holdings Inc Common Stock Jpy0.40%
Japan Post Holdings Co Ltd Common Stock Jpy0.30%
Tenaris SA Common Stock Eur 10.20%
Shimano Inc Common Stock Jpy0.19%
Aristocrat Leisure Ltd0.18%
Bhp Group Ltd Common Stock Aud 00.17%
Raiffeisen Bank International AG Common Stock Eur0.17%
Galaxy Entertainment Group Ltd Common Stock Hkd 00.13%
Mtr Corp Ltd Common Stock Hkd 00.13%
Fresnillo PLC Common Stock Gbp 0.50.11%
Olympus Corp Common Stock Jpy0.09%
Telus Corp0.08%
Sunbelt Rentals Holdings Inc Common Stock USD 0.010.08%
Tc Energy Corp Common Stock Cad 00.07%
Sands China Ltd Common Stock Hkd 0.010.07%
Dr Ing Hc F Porsche AG Preference0.06%
Ck Asset Holdings Ltd Common Stock Hkd 10.06%
Mediobanca Banca Di Credito Finanziario Spa Common0.06%
Imperial Oil Ltd Common Stock Cad 00.05%
Ferguson Enterprises Inc Common Stock USD 0.00010.04%
Technipfmc PLC Common Stock USD 10.04%
Rio Tinto Ltd Common Stock Aud 00.04%
591239W0.00%

Weight gaps

The 100 widest of 184 Holdings in both funds.

Holding weights in CVIE and FEDM, widest gap first
Holding	More in CVIEMore in FEDM	CVIE	FEDM
Roche Holding AG Common	CVIE +0.98 points	1.28%	0.30%
Relx PLC Common Stock GbpREL.L	FEDM +0.93 points	0.25%	1.18%
Itochu Corp Common Stock	FEDM +0.91 points	0.30%	1.21%
Zurich Insurance Group AG	FEDM +0.90 points	0.34%	1.24%
Royal Bank of Canada	FEDM +0.81 points	1.04%	1.85%
Sanofi SA Common Stock	FEDM +0.78 points	0.36%	1.14%
Advantest Corp Common	FEDM +0.76 points	0.61%	1.37%
Banco Bilbao Vizcaya	FEDM +0.72 points	0.42%	1.15%
Recruit Holdings Co Ltd	FEDM +0.72 points	0.62%	1.34%
Hitachi Ltd Common Stock	FEDM +0.72 points	0.51%	1.23%
Givaudan SA Common Stock	FEDM +0.72 points	0.16%	0.88%
Manulife Financial Corp	FEDM +0.71 points	0.35%	1.06%
Canadian National Railway	FEDM +0.70 points	0.29%	0.99%
Asml Holding NV Common	FEDM +0.69 points	2.10%	2.79%
Canadian Imperial Bank of	FEDM +0.68 points	0.46%	1.14%
Tesco PLC Common StockTSCO.L	FEDM +0.67 points	0.23%	0.90%
Softbank Corp Common	FEDM +0.65 points	0.18%	0.83%
Fujitsu Ltd Common Stock	FEDM +0.65 points	0.14%	0.79%
Intesa Sanpaolo Spa	FEDM +0.64 points	0.36%	1.00%
Legrand SA Common Stock	FEDM +0.62 points	0.14%	0.76%
Ucb SA Common Stock Eur 0	FEDM +0.62 points	0.12%	0.74%
L'oreal SA Common Stock	FEDM +0.60 points	0.39%	0.99%
Commonwealth Bank of	FEDM +0.58 points	0.71%	1.29%
Siemens AG Common Stock	FEDM +0.58 points	0.87%	1.45%
Novartis AG Common Stock	FEDM +0.56 points	1.09%	1.65%
Sap SE Common Stock Eur 0	FEDM +0.57 points	0.92%	1.49%
Hong Kong Exchanges &	FEDM +0.56 points	0.18%	0.74%
Takeda Pharmaceutical Co	FEDM +0.56 points	0.27%	0.83%
Sika AG Common Stock Chf	FEDM +0.54 points	0.11%	0.65%
Sompo Holdings Inc Common	FEDM +0.53 points	0.15%	0.68%
Schneider Electric SE	FEDM +0.53 points	0.61%	1.14%
Industria De Diseno	FEDM +0.53 points	0.23%	0.76%
Kbc Group NV Common Stock	FEDM +0.52 points	0.07%	0.59%
Skandinaviska Enskilda	FEDM +0.50 points	0.12%	0.62%
Hsbc Holdings PLC CommonHSBA.L	CVIE +0.50 points	1.02%	0.52%
Aviva PLC Common StockAV.L	FEDM +0.49 points	0.11%	0.60%
Tdk Corp Common Stock Jpy	FEDM +0.50 points	0.13%	0.63%
Diageo PLC Common StockDGE.L	FEDM +0.48 points	0.17%	0.65%
Toyota Motor Corp Common	CVIE +0.48 points	0.65%	0.17%
Bridgestone Corp Common	FEDM +0.47 points	0.08%	0.55%
Amadeus It Group SA	FEDM +0.46 points	0.08%	0.54%
Qbe Insurance Group Ltd	FEDM +0.45 points	0.11%	0.56%
Celestica Inc Common	FEDM +0.46 points	0.15%	0.61%
Vestas Wind Systems A/S	FEDM +0.44 points	0.11%	0.55%
Reckitt Benckiser GroupRKT.L	FEDM +0.43 points	0.14%	0.57%
Nomura Holdings Inc	FEDM +0.44 points	0.14%	0.58%
Repsol SA Common Stock	FEDM +0.43 points	0.34%	0.77%
3I Group PLC Common StockIII.L	FEDM +0.43 points	0.10%	0.53%
Mitsubishi Ufj Financial	FEDM +0.43 points	0.82%	1.25%
Woolworths Group Ltd	FEDM +0.42 points	0.17%	0.59%
Transurban Group Stapled	FEDM +0.42 points	0.15%	0.57%
Cie De Saint-Gobain SA	FEDM +0.41 points	0.23%	0.64%
Vodafone Group PLC CommonVOD.L	FEDM +0.40 points	0.14%	0.54%
Nokia Oyj Common Stock	FEDM +0.39 points	0.16%	0.55%
Mitsubishi Estate Co Ltd	FEDM +0.38 points	0.11%	0.49%
Astellas Pharma Inc	FEDM +0.38 points	0.11%	0.49%
Oriental Land Co	FEDM +0.39 points	0.09%	0.48%
Svenska Handelsbanken Ab	FEDM +0.38 points	0.06%	0.44%
Novonesis Novozymes B	FEDM +0.38 points	0.10%	0.48%
Westpac Banking Corp	FEDM +0.37 points	0.33%	0.70%
Dhl AG Common Stock Eur 0	FEDM +0.38 points	0.24%	0.62%
Abn Amro Bank NV Dutch	FEDM +0.37 points	0.07%	0.44%
Unicredit Spa Common	CVIE +0.37 points	0.44%	0.07%
Dbs Group Holdings Ltd	CVIE +0.37 points	0.44%	0.07%
Danske Bank A/S Common	FEDM +0.36 points	0.13%	0.49%
Next PLC Common Stock GbpNXT.L	FEDM +0.36 points	0.11%	0.47%
Capgemini SE Common Stock	FEDM +0.36 points	0.09%	0.45%
Allianz SE Common Stock	FEDM +0.34 points	0.68%	1.02%
Astrazeneca PLC CommonAZN.L	FEDM +0.35 points	1.08%	1.43%
Swisscom AG Common Stock	FEDM +0.34 points	0.07%	0.41%
Dollarama Inc Common	FEDM +0.31 points	0.18%	0.49%
Macquarie Group Ltd	FEDM +0.30 points	0.26%	0.56%
Edp SA Common Stock Eur 1	FEDM +0.30 points	0.03%	0.33%
Siemens Energy AG Common	FEDM +0.30 points	0.43%	0.73%
Kinross Gold Corp Common	FEDM +0.28 points	0.19%	0.47%
Segro PLC Reit Gbp 10SGRO.L	FEDM +0.28 points	0.02%	0.30%
Brambles Ltd Common Stock	FEDM +0.28 points	0.11%	0.39%
Siemens Healthineers AG	FEDM +0.28 points	0.04%	0.32%
Secom Co Ltd Common Stock	FEDM +0.28 points	0.05%	0.33%
Sony Group Corp Common	FEDM +0.28 points	0.52%	0.80%
Natwest Group PLC CommonNWG.L	FEDM +0.28 points	0.20%	0.48%
Ing Groep NV Common Stock	CVIE +0.27 points	0.32%	0.05%
Publicis Groupe SA Common	FEDM +0.27 points	0.11%	0.38%
Sonova Holding AG Common	FEDM +0.27 points	0.09%	0.35%
Enel Spa Common Stock Eur	FEDM +0.26 points	0.32%	0.58%
Asr Nederland NV Common	FEDM +0.26 points	<0.01%	0.26%
Banco Santander SA Common	FEDM +0.26 points	0.54%	0.80%
Asahi Group Holdings Ltd	FEDM +0.26 points	0.04%	0.30%
Nitto Denko Corp Common	FEDM +0.25 points	0.04%	0.29%
National Australia Bank	CVIE +0.25 points	0.35%	0.10%
Lvmh Moet Hennessy Louis	CVIE +0.24 points	0.31%	0.07%
Cgi Inc Common Stock Cad	FEDM +0.24 points	0.06%	0.30%
Iberdrola SA Common Stock	FEDM +0.24 points	0.57%	0.81%
Terna - Rete Elettrica	FEDM +0.23 points	0.08%	0.31%
Northern Star Resources	FEDM +0.24 points	0.25%	0.49%
Central Japan Railway Co	FEDM +0.24 points	0.04%	0.28%
Eqt Ab Common Stock Sek	FEDM +0.22 points	0.05%	0.27%
Deutsche Telekom AG	FEDM +0.22 points	0.36%	0.58%
Bunzl PLC Common StockBNZL.L	FEDM +0.22 points	0.03%	0.25%
Nomura Research Institute	FEDM +0.22 points	0.07%	0.29%

All CVIE holdings⁠All 255 FEDM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CVIE vs FEDM Cost

Overpaying CVIE vs FEDM

$1,229

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CVIE 0.18%
$3,749
FEDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

CVIE 0.18%
FEDM 0.12%
Overpaying

Year by year

Year	CVIE	FEDM	Overpaying
10	$328	$220	$108
20	$1,281	$859	$422
30	$3,749	$2,520	$1,229

Expense ratio

0.18%CVIE
0.12%FEDM, cheaper

FEDM0.12%CVIE0.18%

0.10%0.95%

Middle half of International ESG & Values Index funds
Median 0.23%

FEDM 2nd cheapest of 18 funds

CVIE 5th cheapest of 18 funds

CVIE vs FEDM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVIE 2.47%; FEDM 2.88%, better
Payout (12M): CVIE $1.99; FEDM $1.86
Last payment: CVIE $0.25; FEDM $0.26
Ex-dividend: CVIE Sep 21, 2026; FEDM Sep 18, 2026
Paid on: CVIE Sep 25, 2026; FEDM Sep 24, 2026
Frequency: CVIE Quarterly; FEDM Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

CVIEQuarterly · 15 paymentsAll CVIE payments⁠

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

CVIE vs FEDM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVIE 13.9%FEDM 11.8%, better
Return per unit of riskSharpe ratio, 3 years: CVIE 1.24, betterFEDM 1.14
Worst fallMax drawdown, 5 years: CVIE −13.5%since Feb 2023FEDM −29.4%
Market sensitivityBeta, 5 years: CVIE 1.10FEDM 0.91; Market = 1

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