ESGD vs FEDM: Grades, Fees and Holdings Compared

iShares ESG Aware MSCI EAFE ETF

ESGDANasdaq

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

FEDMANYSE Arca

Overlap

45.9%by weight

Expense ratio

FEDM −0.08pt a year

ESGD0.20%FEDM0.12%

Avg volume · 30D

ESGD 152.0×the volume

ESGD309KFEDM2.03K

5Y return · a year

ESGD +0.6pt

ESGD+8.2%FEDM+7.6%

ESGD vs FEDM Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%ESGD+44.1%FEDM

Expense ratio: ESGD 0.20%; FEDM 0.12%, better
Fund size: ESGD $11.8B; FEDM $86M
1Y total return: ESGD +13.0%; FEDM +15.7%, better
Yield (12M): ESGD 3.33%, better; FEDM 2.88%
Holdings: ESGD 349; FEDM 231
Avg volume (30D): ESGD 309K sh, better; FEDM 2.03K sh
NAV per share: ESGD $102.56; FEDM $64.72
52W range

ETF.net Grade

Pillar letters and Scores for ESGD, FEDM, with each pillar’s weight
Pillar	ESGD	FEDM
Cost30% weight	B68	A88Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C53
Tradability15% weight	A91Higher	D35
Holdings10% weight	A77Higher	B60
Durability5% weight	A95Higher	C40

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. ESGD 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 ›

ESGD ranks 2nd and FEDM 4th 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

Our read on each fund

ETF.net Research

ESGDAiShares ESG Aware MSCI EAFE ETF

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

In short

ESGD The plain-vanilla international index fund, ESG-screened. Roughly 400 developed-market stocks from outside the US and Canada, tracking an MSCI EAFE ESG Focus index since 2016, for 0.20% a year.

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

ESGD The fund seeks to track an index of international developed-market stocks outside the United States and Canada that have positive aggregate environmental, social, and governance characteristics.

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

ESGD Costs 0.20% a year, below the typical fee in its international ESG peer group.
Roughly 400 stocks spanning developed markets outside the US and Canada: broad-market coverage, not a narrow thematic bet.ishares.com
Tracks the MSCI EAFE Extended ESG Focus Index, keeping the familiar developed-markets shape while tilting toward companies with better aggregate ESG characteristics.ishares.com
A multi-billion-dollar fund trading since 2016, and one of the sturdier builds in its peer group.

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

ESGD Cheaper tickets exist on the same shelf: VSGX at 0.10%, iShares' own DMXF at 0.12%. The fee here buys scale, not the lowest sticker.
The ESG screen leaves holdings different from a plain EAFE fund, so results can drift from the unscreened index in either direction.
Moderately traded rather than one of the busiest tapes in the category, and distributions land once or twice a year rather than monthly.

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 ESGD profile⁠

Full FEDM profile⁠

ESGD vs FEDM Holdings

How ESGD and FEDM differ

Overlap by weight

45.9%

Shared holdings make up 69.1% of FEDM and 57.0% of ESGD.

Level by level

Holdings124 in both45.9%
Countryby domicile83.3%
Sector11 Sectors93.1%
Asset classEquity100%

Sector

Sector weights in ESGD and FEDM, widest gap first
Sector	More in ESGDMore in FEDM	ESGD	FEDM
Consumer Discretionary	ESGD +2.6 points	7.8%	5.2%
Industrials	ESGD +2.1 points	18.6%	16.5%
Financials	FEDM +1.9 points	26.4%	28.3%
Technology	FEDM +1.8 points	11.0%	12.8%
Energy	FEDM +1.4 points	4.3%	5.7%
Communication	FEDM +1.1 points	3.6%	4.7%
Health Care	ESGD +1.0 points	10.6%	9.6%
Utilities	ESGD +0.8 points	3.8%	3.0%
Materials	FEDM +0.6 points	5.6%	6.2%
Real Estate	ESGD +0.2 points	1.7%	1.5%
Consumer Staples	ESGD +0.2 points	6.7%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in ESGD and FEDM, widest gap first
Country	More in ESGDMore in FEDM	ESGD	FEDM
Canada	FEDM +11.8 points	0.0%	11.8%
Switzerland	ESGD +3.4 points	10.7%	7.3%
Japan	ESGD +3.4 points	24.7%	21.3%
Norway	ESGD +1.4 points	1.4%	0.0%
Spain	FEDM +1.4 points	4.3%	5.7%
Singapore	ESGD +1.3 points	1.7%	0.4%
United Kingdom	ESGD +1.2 points	14.4%	13.2%
Sweden	ESGD +1.2 points	3.5%	2.3%
Other countries (15)	ESGD +1.3 points	39.4%	38.1%

Outside the US: ESGD 100% developed, 0% emerging. FEDM 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

ESGD14.4%
FEDM16.6%

Securities held

ESGD332
FEDM215

Asset class

ESGD: Equity
FEDM: Equity

Holdings

Only in ESGD208
In both124
Only in FEDM91

Only in ESGD

208 securities, 42.4% of ESGD by weight

Abb Ltd0.94%
Sumitomo Mitsui Financial Group0.85%
Unilever PLC0.81%
Ubs Group AG0.63%
Rolls-Royce Holdings PLC0.57%
Bae Systems PLC0.55%
Lonza Group AG0.53%
Kddi0.52%
Assicurazioni Generali0.42%
Kioxia Holdings0.42%
Hoya0.41%
Telia Company0.40%
Bp PLC0.40%
Koninklijke Kpn NV0.39%
Mitsubishi0.38%
Bank Hapoalim Bm0.38%
Sse PLC0.38%
Infineon Technologies AG0.37%
Henkel AG0.37%
Anheuser-Busch Inbev SA0.37%
Alcon AG0.37%
Sandvik0.36%
Marubeni0.36%
Danone SA0.36%
Smiths Group PLC0.36%
Merck0.35%
Boliden0.34%
Airbus Group0.34%
Societe Generale SA0.33%
Oversea-Chinese Banking0.32%
Deutsche Bank AG0.32%
Fanuc Corp0.32%
Kerry Group PLC0.31%
Holcim Ltd AG0.30%
Keyence0.30%
Adidas N AG0.30%
Informa PLC0.29%
Boc Hong Kong Holdings Ltd0.29%
Ana Holdings0.29%
Svenska Cellulosa B0.29%
Swiss Prime Site AG0.29%
Bayer AG0.28%
Spotify Technology0.28%
Endesa SA0.28%
Nec0.28%
Mitsubishi Heavy Industries0.28%
Roche Holding AG0.28%
Essilorluxottica SA0.27%
Mitsubishi Electric0.27%
Equinor0.27%

Only in FEDM

91 securities, 28.7% of FEDM by weight

Royal Bank of Canada Common Stock Cad 01.85%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.24%
Enbridge Inc Common Stock Cad 01.17%
Canadian Imperial Bank of Commerce Common Stock1.14%
Manulife Financial Corp Common Stock Cad 01.06%
Canadian National Railway Co Common Stock Cad 00.99%
Softbank Corp Common Stock Jpy0.83%
Wheaton Precious Metals Corp0.77%
Teva Pharmaceutical Industries Ltd Common Stock0.68%
Cie De Saint-Gobain SA Common Stock Eur 40.64%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.62%
Pembina Pipeline Corp Common Stock Cad 00.61%
Celestica Inc Common Stock Cad 00.61%
Woolworths Group Ltd Common Stock Aud 00.59%
Vodafone Group PLC Common Stock Gbp 0.20952380.54%
Mitsubishi Estate Co Ltd Common Stock Jpy0.49%
Danske Bank A/S Common Stock Dkk 100.49%
Dollarama Inc Common Stock Cad 00.49%
Novonesis Novozymes B Common Stock Dkk 20.48%
Kinross Gold Corp Common Stock Cad 00.47%
Next PLC Common Stock Gbp 100.47%
Capgemini SE Common Stock Eur 80.45%
Svenska Handelsbanken Ab Common Stock Sek 1.550.44%
Abn Amro Bank NV Dutch Cert Eur 10.44%
Koninklijke Philips NV Common Stock Eur 0.20.43%
Bank of Montreal Common Stock Cad 00.42%
Swisscom AG Common Stock Chf 10.41%
Publicis Groupe SA Common Stock Eur 0.40.38%
Kingspan Group PLC Common Stock Eur 0.130.33%
Siemens Healthineers AG Common Stock Eur0.32%
Terna - Rete Elettrica Nazionale Common Stock Eur0.31%
National Bank of Canada Common Stock0.31%
Asahi Group Holdings Ltd Common Stock Jpy0.30%
Cgi Inc Common Stock Cad 00.30%
Japan Post Holdings Co Ltd Common Stock Jpy0.30%
Nitto Denko Corp Common Stock Jpy0.29%
Central Japan Railway Co Common Stock Jpy0.28%
Mercedes-Benz Group AG Common Stock Eur 00.27%
Asr Nederland NV Common Stock Eur 0.160.26%
Cie Financiere Richemont SA Common Stock Chf 10.26%
Brookfield Asset Management Ltd Common Stock Cad0.25%
Aena Sme SA Common Stock Eur 10.25%
Kao Corp Common Stock Jpy0.24%
Severn Trent PLC Common Stock Gbp 97.890.24%
Symrise AG Common Stock Eur 00.21%
Wsp Global Inc Common Stock Cad 00.20%
Tenaris SA Common Stock Eur 10.20%
Kubota Corp Common Stock Jpy0.20%
Shimano Inc Common Stock Jpy0.19%
United Utilities Group PLC Common Stock Gbp 50.19%

Weight gaps

The 100 widest of 124 Holdings in both funds.

Holding weights in ESGD and FEDM, widest gap first
Holding	More in ESGDMore in FEDM	ESGD	FEDM
Roche Ps Par AG	ESGD +1.03 points	1.33%	0.30%
Toyota Motor	ESGD +0.87 points	1.04%	0.17%
Hsbc Holdings PLCHSBA.L	ESGD +0.84 points	1.36%	0.52%
Relx PLCREL.L	FEDM +0.77 points	0.41%	1.18%
Tesco PLCTSCO.L	FEDM +0.73 points	0.17%	0.90%
Bhp Group Ltd	ESGD +0.72 points	0.89%	0.17%
Sanofi SA	FEDM +0.67 points	0.47%	1.14%
Legrand SA	FEDM +0.65 points	0.11%	0.76%
Advantest	FEDM +0.65 points	0.72%	1.37%
Dbs Group Holdings Ltd	ESGD +0.62 points	0.69%	0.07%
Ing Groep	ESGD +0.58 points	0.63%	0.05%
ShellSHEL.L	FEDM +0.58 points	1.21%	1.79%
Banco Bilbao Vizcaya Argentaria	FEDM +0.58 points	0.57%	1.15%
Recruit Holdings Ltd	FEDM +0.57 points	0.77%	1.34%
Repsol	FEDM +0.55 points	0.22%	0.77%
Tdk	FEDM +0.53 points	0.10%	0.63%
Zurich Insurance Group AG	FEDM +0.53 points	0.71%	1.24%
Ucb SA	FEDM +0.52 points	0.22%	0.74%
Dhl AG	FEDM +0.52 points	0.10%	0.62%
Fujitsu	FEDM +0.51 points	0.28%	0.79%
Sompo Holdings	FEDM +0.51 points	0.17%	0.68%
Hitachi	FEDM +0.49 points	0.74%	1.23%
Industria De Diseno Textil SA	FEDM +0.48 points	0.28%	0.76%
Loreal SA	FEDM +0.46 points	0.53%	0.99%
Givaudan SA	FEDM +0.46 points	0.42%	0.88%
Schneider Electric	FEDM +0.45 points	0.69%	1.14%
Nomura Holdings	FEDM +0.44 points	0.14%	0.58%
Bnp Paribas SA	ESGD +0.43 points	0.68%	0.25%
Itochu	FEDM +0.43 points	0.78%	1.21%
Hong Kong Exchanges and Clearing	FEDM +0.42 points	0.32%	0.74%
Unicredit	ESGD +0.42 points	0.49%	0.07%
National Australia Bank	ESGD +0.42 points	0.52%	0.10%
Reckitt Benckiser Group PLCRKT.L	FEDM +0.40 points	0.17%	0.57%
Takeda Pharmaceutical	FEDM +0.41 points	0.42%	0.83%
Mitsubishi Ufj Financial Group	FEDM +0.39 points	0.86%	1.25%
Tokyo Electron	ESGD +0.39 points	0.74%	0.35%
Axa SA	ESGD +0.38 points	0.62%	0.24%
Vestas Wind Systems	FEDM +0.37 points	0.18%	0.55%
Mizuho Financial Group	ESGD +0.36 points	0.61%	0.25%
Deutsche Telekom N AG	FEDM +0.35 points	0.23%	0.58%
Northern Star Resources Ltd	FEDM +0.35 points	0.14%	0.49%
Sika AG	FEDM +0.35 points	0.30%	0.65%
Siemens N AG	FEDM +0.34 points	1.11%	1.45%
National Grid PLCNG.L	ESGD +0.34 points	0.70%	0.36%
Lvmh	ESGD +0.34 points	0.41%	0.07%
Enel	FEDM +0.33 points	0.25%	0.58%
London Stock Exchange Group PLCLSEG.L	ESGD +0.33 points	0.36%	0.03%
Anglo American PLCAAL.L	FEDM +0.33 points	0.18%	0.51%
Banco Santander	FEDM +0.33 points	0.47%	0.80%
Siemens Energy N AG	FEDM +0.32 points	0.41%	0.73%
Astellas Pharma	FEDM +0.31 points	0.18%	0.49%
Kbc Groep	FEDM +0.30 points	0.29%	0.59%
Qbe Insurance Group	FEDM +0.29 points	0.27%	0.56%
Softbank Group Corp	ESGD +0.29 points	0.52%	0.23%
Lloyds Banking Group PLCLLOY.L	ESGD +0.29 points	0.40%	0.11%
3I Group Fund PLCIII.L	FEDM +0.29 points	0.24%	0.53%
Nokia	FEDM +0.28 points	0.27%	0.55%
Astrazeneca PLCAZN.L	FEDM +0.28 points	1.15%	1.43%
Tokio Marine Holdings	ESGD +0.28 points	0.50%	0.22%
Westpac Banking Corporation	FEDM +0.26 points	0.44%	0.70%
Aviva PLCAV.L	FEDM +0.26 points	0.34%	0.60%
Macquarie Group Ltd Def	FEDM +0.27 points	0.29%	0.56%
Evolution Mining	FEDM +0.25 points	0.09%	0.34%
Asml Holding	ESGD +0.25 points	3.04%	2.79%
Caixabank SA	ESGD +0.23 points	0.47%	0.24%
Commonwealth Bank of Australia	FEDM +0.22 points	1.07%	1.29%
Amadeus It Group	FEDM +0.22 points	0.32%	0.54%
Natwest Group PLCNWG.L	FEDM +0.20 points	0.28%	0.48%
Oriental Land	FEDM +0.20 points	0.28%	0.48%
Standard Chartered PLCSTAN.L	FEDM +0.20 points	0.20%	0.40%
Diageo PLCDGE.L	FEDM +0.19 points	0.46%	0.65%
Aia Group	ESGD +0.18 points	0.56%	0.38%
Totalenergies	ESGD +0.16 points	0.95%	0.79%
Sap	FEDM +0.16 points	1.33%	1.49%
Kering SA	FEDM +0.16 points	0.08%	0.24%
Transurban Group Stapled Units	FEDM +0.15 points	0.42%	0.57%
Brambles	FEDM +0.15 points	0.24%	0.39%
BunzlBNZL.L	FEDM +0.14 points	0.11%	0.25%
Rentokil Initial PLCRTO.L	FEDM +0.14 points	0.10%	0.24%
Eqt	FEDM +0.14 points	0.13%	0.27%
Sonova Holding AG	FEDM +0.14 points	0.22%	0.35%
Panasonic Holdings	ESGD +0.13 points	0.31%	0.18%
Nomura Research Institute	FEDM +0.13 points	0.16%	0.29%
Heineken NV	ESGD +0.12 points	0.27%	0.15%
Daiwa Securities Group Inc	ESGD +0.12 points	0.40%	0.28%
Aristocrat Leisure	ESGD +0.11 points	0.29%	0.18%
Sekisui House	ESGD +0.11 points	0.28%	0.17%
Hermes International	ESGD +0.10 points	0.22%	0.12%
Epiroc Class A	FEDM +0.09 points	0.10%	0.19%
Murata Manufacturing	FEDM +0.10 points	0.30%	0.40%
Segro Reit PLCSGRO.L	FEDM +0.09 points	0.21%	0.30%
Edp Energias De Portugal	FEDM +0.08 points	0.25%	0.33%
Orsted A/S	FEDM +0.08 points	0.10%	0.18%
Novo Nordisk Class B	FEDM +0.09 points	0.53%	0.62%
Intesa Sanpaolo	FEDM +0.08 points	0.92%	1.00%
Asics	FEDM +0.09 points	0.10%	0.19%
Gea Group AG	FEDM +0.08 points	0.14%	0.22%
Deutsche Boerse AG	FEDM +0.08 points	0.33%	0.41%
Swiss Re AG	ESGD +0.07 points	0.36%	0.29%
Sony Group	ESGD +0.06 points	0.86%	0.80%

All 330 ESGD 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.

ESGD vs FEDM Cost

Overpaying ESGD vs FEDM

$1,635

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

ESGD 0.20%
$4,155
FEDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

ESGD 0.20%
FEDM 0.12%
Overpaying

Year by year

Year	ESGD	FEDM	Overpaying
10	$365	$220	$145
20	$1,421	$859	$562
30	$4,155	$2,520	$1,635

Expense ratio

0.20%ESGD
0.12%FEDM, cheaper

FEDM0.12%ESGD0.20%

0.10%0.95%

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

FEDM 2nd cheapest of 18 funds

ESGD 6th cheapest of 18 funds

ESGD vs FEDM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ESGD 3.33%, better; FEDM 2.88%
Payout (12M): ESGD $3.42; FEDM $1.86
Last payment: ESGD $1.63; FEDM $0.26
Ex-dividend: ESGD Jun 15, 2026; FEDM Sep 18, 2026
Paid on: ESGD Jun 18, 2026; FEDM Sep 24, 2026
Frequency: ESGD Twice a year; FEDM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ESGDTwice a year · 20 paymentsAll ESGD payments⁠

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

ESGD vs FEDM Risk

Fall from peak · 5 years

ESGD
FEDM

Risk facts

VolatilityStd dev, 3 years: ESGD 11.7%, betterFEDM 11.8%
Return per unit of riskSharpe ratio, 3 years: ESGD 1.18, betterFEDM 1.14
Worst fallMax drawdown, 5 years: ESGD −29.9%FEDM −29.4%, better
Market sensitivityBeta, 5 years: ESGD 0.80FEDM 0.91; Market = 1

Popular comparisons

ESGDAvsVSGXA
iShares ESG Aware MSCI EAFE ETF · Vanguard ESG International Stock ETF
Expense ratio
0.20% · 0.10%
Category
FEDMAvsVSGXA
Northern Trust ESG & Climate Developed Markets ex-US Core ETF · Vanguard ESG International Stock ETF
Expense ratio
0.12% · 0.10%
Category
ESGDAvsDMXFA
iShares ESG Aware MSCI EAFE ETF · iShares ESG Advanced MSCI EAFE ETF
Expense ratio
0.20% · 0.12%
Category
FEDMAvsDMXFA
Northern Trust ESG & Climate Developed Markets ex-US Core ETF · iShares ESG Advanced MSCI EAFE ETF
Expense ratio
0.12% · 0.12%
Category
ESGDAvsEFAXA
iShares ESG Aware MSCI EAFE ETF · State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
Expense ratio
0.20% · 0.20%
Category
FEDMAvsEFAXA
Northern Trust ESG & Climate Developed Markets ex-US Core ETF · State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
Expense ratio
0.12% · 0.20%
Category