FDEV vs QEFA: Grades, Fees and Holdings Compared

Fidelity International Multifactor ETF

FDEVACboe

State Street SPDR MSCI EAFE StrategicFactors ETF

QEFABNYSE Arca

Overlap

29.6%by weight

Expense ratio

FDEV −0.12pt a year

FDEV0.18%QEFA0.30%

Avg volume · 30D

QEFA 1.1×the volume

FDEV28.1KQEFA30.1K

5Y return · a year

QEFA +0.6pt

FDEV+7.6%QEFA+8.2%

FDEV vs QEFA Performance

Nov 5, 2021 – Nov 5, 2026

+44.4%FDEV+48.3%QEFA

Expense ratio: FDEV 0.18%, better; QEFA 0.30%
Fund size: FDEV $284M; QEFA $1.05B
1Y total return: FDEV +17.2%; QEFA +17.2%
Yield (12M): FDEV 3.26%, better; QEFA 2.73%
Holdings: FDEV 212; QEFA 637
Avg volume (30D): FDEV 28.1K sh; QEFA 30.1K sh, better
NAV per share: FDEV $37.75; QEFA $101.28
52W range

ETF.net Grade

Pillar letters and Scores for FDEV, QEFA, with each pillar’s weight
Pillar	FDEV	QEFA
Cost30% weight	A91Higher	B59
Mission25% weight	Not scored	A98
Risk15% weight	A74Higher	B68
Tradability15% weight	B56	A74Higher
Holdings10% weight	C47	B60Higher
Durability5% weight	C42	A77Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. FDEV and QEFA are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

FDEV ranks 4th and QEFA 9th of 30 funds in the International Multifactor Category.

Rank 1AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 78
Rank 2AINTFiShares International Equity Factor ETFScore 78
Rank 4AFDEVFidelity International Multifactor ETFScore 71
Rank 4ARODMHartford Multifactor Developed Markets (ex-US) ETFScore 71
Rank 9BFENIFidelity Enhanced International ETFScore 65
Rank 9BQEFAState Street SPDR MSCI EAFE StrategicFactors ETFScore 65
Rank 11BDEEFXtrackers FTSE Developed ex US Multifactor ETFScore 64

Our read on each fund

ETF.net Research

FDEVAFidelity International Multifactor ETF

QEFABState Street SPDR MSCI EAFE StrategicFactors ETF

In short

FDEV Four factors (value, quality, momentum, low volatility) blended into one developed-markets index fund at 0.18% a year. Fidelity's answer to paying up for a single-factor tilt overseas.

QEFA One ticker, three factors. QEFA holds developed-market stocks outside the US through a single MSCI index that blends low volatility, quality and value, so you don't have to pick a lane or bolt three funds together.

Stated mandate

FDEV The fund seeks returns generally corresponding to the Fidelity International Multifactor Index before fees and expenses.

QEFA The fund seeks to track the MSCI EAFE Factor Mix A-Series Index, using a Smart Beta strategy that combines low-volatility, quality, and value exposures.

Why people hold it

FDEV 0.18% a year, less than half the typical fee in its international multifactor group, and within a rounding error of the cheapest name there (INTF at 0.16%).
One index does the work of four screens: value, quality, momentum and low volatility applied together, instead of you stacking separate single-factor funds.
Roughly 220 developed-market stocks outside the US, picked by published index rules rather than a manager's hunches, with cash paid out quarterly.
Sits in the top quartile of a 29-fund international factor cohort, which is a crowded field full of far pricier attempts at the same job.

QEFA Combines low volatility, quality and value in one MSCI index instead of leaving you to buy and rebalance three single-factor funds.ssga.com
0.30% a year undercuts the typical fund in its international multifactor group, and the portfolio spreads across roughly 600 developed-market stocks.
Tracks its index tightly, one of the cleaner implementations in its peer group, and it has been running as a multi-billion-dollar fund since 2014.

Worth knowing

FDEV Thinly traded. Spreads can quietly cost more than the fee, so limit orders matter more here than with the category's household names.
A 2019 launch still in the mid-size asset range, so there is no decades-long record to lean on the way older international index funds offer.
Blending four factors means none of them drives the bus. When value or momentum alone runs hot, this owns only a slice of that move.

QEFA Thinly traded for its size. Spreads can widen during US hours, when the European and Japanese markets its stocks trade on are closed.
Cheaper seats in the same aisle: INTF charges 0.16% and FDEV 0.18%.
EAFE is developed markets only. No US stocks, no emerging markets, and payouts arrive once or twice a year rather than quarterly.

Full FDEV profile⁠

Full QEFA profile⁠

FDEV vs QEFA Holdings

How FDEV and QEFA differ

Overlap by weight

29.6%

Shared holdings make up 66.6% of FDEV and 32.5% of QEFA.

Level by level

Holdings119 in both29.6%
Countryby domicile78.3%
Sector11 Sectors82.7%
Asset classStocks100%

Sector

Sector weights in FDEV and QEFA, widest gap first
Sector	Gap	FDEV	QEFA
Energy	FDEV +5.7 points	11.5%	5.8%
Consumer Discretionary	QEFA +5.3 points	3.5%	8.8%
Real Estate	FDEV +4.9 points	6.4%	1.5%
Utilities	QEFA +4.6 points	0.0%	4.6%
Communication	FDEV +3.7 points	8.5%	4.8%
Financials	FDEV +2.9 points	24.0%	21.1%
Technology	QEFA +2.6 points	6.2%	8.8%
Industrials	QEFA +1.7 points	14.5%	16.2%
Consumer Staples	QEFA +1.6 points	8.3%	9.9%
Materials	QEFA +1.0 points	3.7%	4.7%
Health Care	QEFA +0.6 points	13.3%	13.9%

Country, concentration and asset class

Country by domicile

Country weights in FDEV and QEFA, widest gap first
Country	Gap	FDEV	QEFA
Canada	FDEV +14.9 points	14.9%	0.0%
Switzerland	QEFA +7.6 points	5.0%	12.6%
Germany	QEFA +3.6 points	3.6%	7.2%
Australia	QEFA +2.6 points	3.1%	5.7%
Hong Kong	QEFA +1.9 points	0.5%	2.4%
Belgium	FDEV +1.6 points	2.5%	0.9%
Norway	FDEV +1.6 points	2.7%	1.1%
Japan	QEFA +1.5 points	22.4%	23.9%
Other countries (17)	QEFA +0.8 points	45.4%	46.2%

Outside the US: FDEV 97% developed, 3% emerging. QEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

FDEV15.5%
QEFA15.4%

Securities held

FDEV198
QEFA624

Asset class

FDEV: Stocks
QEFA: Stocks

Holdings

Only in FDEV79
In both119
Only in QEFA505

Only in FDEV

79 securities, 32.9% of FDEV by weight

Hongkong Land Hldgs Ltd1.65%
Firstservice Corp1.35%
Loblaw Cos Ltd1.19%
Suncor Energy Inc1.18%
Canadian Natl Resources Ltd1.18%
Rightmove PLC1.13%
Autotrader Group PLC1.06%
Royal Bank of Canada1.05%
Quebecor Inc Class B Sub Vtg0.98%
Cenovus Energy Inc0.88%
Whitecap Resources Inc0.85%
Ono Pharmaceutical Co Ltd0.85%
Toyo Suisan Kaisha Ltd0.85%
Toronto-Dominion Bank0.82%
Var Energi As0.72%
Gaztransport Et Techniga0.57%
Thomson Reuters Corp0.56%
Canadian Imp Bk of Commerce0.50%
Finning International Inc0.47%
Cgi Inc Class A Sub Vtg0.41%
Challenger Ltd0.41%
Nordex SE0.40%
Manulife Financial Corp (Cana)0.40%
Ackermans & Van Haaren SA0.37%
Daishi Hokuetsu Financial Grou0.36%
Hachijuni Nagano Bank Ltd0.36%
Hirogin Holdings Inc0.35%
Hokuhoku Financial Group Inc0.35%
Seventy Seventh Bank0.35%
Mebuki Financial Group Inc0.35%
Industrivarden Ab Ser A0.34%
Sanwa Holdings Corp0.34%
Technology One Limited0.34%
National Bank of Canada Dtc El0.34%
Sekisui Chemical Co Ltd0.33%
Tisi Inc0.32%
Hochtief AG0.32%
Agnico Eagle Mines Ltd (Cana)0.32%
First Intl Bk of Israel Ltd0.31%
Fairfax Finl Hldgs Ltd Sub Vtg0.30%
Unicaja Banco0.30%
Ricoh Co Ltd0.30%
Sojitz Corporation0.30%
Mapfre SA0.30%
Balfour Beatty PLC0.30%
Brother Industries0.29%
Imi PLC Ord0.29%
Power Corp of Canada Sub Vtg0.27%
Kinden Corporation0.26%
Securities Lending Cf0.26%

Only in QEFA

505 securities, 67.3% of QEFA by weight

Nestle SA Reg1.66%
Sap SE1.25%
Allianz SE Reg1.09%
Zurich Insurance Group AG1.05%
Advantest Corp0.80%
Air Liquide SA0.79%
British American Tobacco PLC0.78%
Recruit Holdings Co Ltd0.76%
Iberdrola SA0.76%
Abb Ltd Reg0.75%
L Oreal0.72%
Takeda Pharmaceutical Co Ltd0.71%
Dbs Group Holdings Ltd0.66%
Eni Spa0.64%
Sony Group Corp0.63%
Muenchener Rueckver AG Reg0.63%
Tokyo Electron Ltd0.62%
Bp PLC0.58%
Airbus SE0.56%
Fast Retailing Co Ltd0.56%
Toyota Motor Corp0.55%
Sampo Oyj A Shs0.55%
Schneider Electric SE0.54%
Rolls Royce Holdings PLC0.54%
Swisscom AG Reg0.53%
Lvmh Moet Hennessy Louis Vui0.51%
Bae Systems PLC0.49%
Tokio Marine Holdings Inc0.48%
Deutsche Boerse AG0.48%
Compass Group PLC0.48%
Wesfarmers Ltd0.47%
Mitsubishi Ufj Financial Gro0.46%
Cie Financiere Richemo A Reg0.44%
Softbank Corp0.44%
Ntt Inc0.42%
Keyence Corp0.42%
Clp Holdings Ltd0.40%
Orange0.40%
Ferrari NV0.37%
Deutsche Telekom AG Reg0.37%
Csl Ltd0.36%
Swiss Prime Site Reg0.36%
East Japan Railway Co0.35%
Power Assets Holdings Ltd0.35%
Commonwealth Bank of Austral0.34%
Hoya Corp0.34%
Danone0.33%
Sumitomo Mitsui Financial Gr0.33%
Banco Bilbao Vizcaya Argenta0.32%
Bridgestone Corp0.32%

Weight gaps

The 100 widest of 119 Holdings in both funds.

Holding weights in FDEV and QEFA, widest gap first
Holding	Gap	FDEV	QEFA
Daito Trust Construction	FDEV +1.61 points	1.83%	0.22%
Klepierre SA	FDEV +1.55 points	1.58%	0.03%
Nexon Co Ltd	FDEV +1.13 points	1.14%	0.01%
Ly Corporation	FDEV +1.05 points	1.08%	0.03%
Vodafone Group PLCVOD.L	FDEV +0.91 points	1.05%	0.14%
Anheuser-Busch Inbev Sa/Nv	FDEV +0.86 points	1.15%	0.29%
Carlsberg As Class B	FDEV +0.85 points	0.94%	0.09%
Essity Ab B	FDEV +0.82 points	0.91%	0.09%
Orkla Asa	FDEV +0.81 points	0.87%	0.06%
Inpex Corp	FDEV +0.80 points	0.97%	0.17%
Kpn (Kon) NV	FDEV +0.76 points	1.04%	0.28%
Reckitt Benckiser Group PLCRKT.L	FDEV +0.67 points	0.97%	0.30%
Kddi Corp	FDEV +0.68 points	1.12%	0.44%
Imperial Brands PLCIMB.L	FDEV +0.67 points	0.91%	0.24%
Shionogi & Co Ltd	FDEV +0.62 points	0.93%	0.31%
Novartis AG (Reg)	QEFA +0.60 points	1.52%	2.12%
Koninklijke Ahold Delhaize NV	FDEV +0.57 points	0.96%	0.39%
Japan Tobacco Inc	FDEV +0.56 points	1.00%	0.44%
Fisher & Paykel Health (Nz)	FDEV +0.53 points	0.67%	0.14%
Ucb SA	FDEV +0.52 points	0.64%	0.12%
Repsol SA	FDEV +0.53 points	0.81%	0.28%
Asml Holding NV	QEFA +0.52 points	1.32%	1.84%
Bhp Group Limited	QEFA +0.50 points	0.41%	0.91%
Wolters Kluwer NV	FDEV +0.48 points	0.52%	0.04%
Hsbc Holdings PLC (Uk Reg)HSBA.L	FDEV +0.45 points	1.09%	0.64%
Orion Oyj (New) B	FDEV +0.44 points	0.55%	0.11%
Smith & Nephew PLCSN.L	FDEV +0.44 points	0.50%	0.06%
Swedish Orphan Biovitrum Ab	FDEV +0.44 points	0.48%	0.04%
Totalenergies SE	FDEV +0.42 points	1.32%	0.90%
Macquarie Group Ltd	FDEV +0.42 points	0.49%	0.07%
Fresenius Medical Care AG	FDEV +0.40 points	0.43%	0.03%
Bper Banca Spa	FDEV +0.39 points	0.44%	0.05%
Gea Group AG	FDEV +0.38 points	0.44%	0.06%
Banco Santander SA (Spain)	FDEV +0.37 points	0.80%	0.43%
Sumitomo Mitsui Tr Group Inc	FDEV +0.37 points	0.44%	0.07%
Ipsen Promesses	FDEV +0.36 points	0.41%	0.05%
Mitsui & Co Ltd	FDEV +0.36 points	0.57%	0.21%
Sanofi	FDEV +0.36 points	0.82%	0.46%
Sumitomo Corp	FDEV +0.36 points	0.43%	0.07%
Daiwa Securities Group Inc	FDEV +0.35 points	0.38%	0.03%
Shell PLCSHEL.L	FDEV +0.35 points	1.71%	1.36%
Talanx Aktiengesellschaft	FDEV +0.35 points	0.38%	0.03%
Banco Bpm Spa	FDEV +0.35 points	0.39%	0.04%
Merck Kgaa	FDEV +0.35 points	0.50%	0.15%
Knorr-Bremse AG	FDEV +0.33 points	0.36%	0.03%
Nordea Bank Abp	FDEV +0.33 points	0.48%	0.15%
Sgs SA (Reg)	FDEV +0.32 points	0.42%	0.10%
Roche Holding AG	QEFA +0.32 points	1.72%	2.04%
Abn Amro Bank Nv-Cva	FDEV +0.32 points	0.40%	0.08%
Vinci SA	FDEV +0.31 points	0.43%	0.12%
Toyota Tsusho Corp	FDEV +0.31 points	0.35%	0.04%
Kajima Corp	FDEV +0.30 points	0.32%	0.02%
Hannover Rueckversicherungs SE	FDEV +0.30 points	0.42%	0.12%
Inditex SA	QEFA +0.30 points	0.32%	0.62%
Ageas Sa/Nv	FDEV +0.29 points	0.36%	0.07%
MS&AD Insurance Grp Hldgs Inc	FDEV +0.29 points	0.51%	0.22%
Aib Group PLC	FDEV +0.29 points	0.41%	0.12%
Raiffeisen Bank Interntnl AG	FDEV +0.28 points	0.31%	0.03%
Dassault Aviation SA	FDEV +0.28 points	0.30%	0.02%
Rexel SA	FDEV +0.28 points	0.29%	0.01%
Washington H Soul Pattinson &	FDEV +0.27 points	0.36%	0.09%
Itochu Corp	FDEV +0.27 points	0.63%	0.36%
Haleon PLCHLN.L	FDEV +0.26 points	0.52%	0.26%
Smiths Group PLCSMIN.L	FDEV +0.26 points	0.32%	0.06%
Credit Agricole SA	FDEV +0.25 points	0.30%	0.05%
Dai Nippon Printing Co Ltd	FDEV +0.26 points	0.31%	0.05%
Eiffage SA (Form Fougerolle)	FDEV +0.25 points	0.27%	0.02%
Getlink SE	FDEV +0.24 points	0.34%	0.10%
Secom Co Ltd	QEFA +0.24 points	0.36%	0.60%
Geberit AG (Reg)	FDEV +0.23 points	0.41%	0.18%
Qbe Insurance Group Ltd	FDEV +0.23 points	0.43%	0.20%
Bouygues Ord	FDEV +0.23 points	0.27%	0.04%
Bnp Paribas (Fran)	FDEV +0.23 points	0.56%	0.33%
Israel Discount Bank Ltd Class A	FDEV +0.23 points	0.34%	0.12%
Sekisui House Ltd	FDEV +0.23 points	0.26%	0.03%
Standard Chartered PLC (Uk)STAN.L	FDEV +0.22 points	0.34%	0.12%
Yokogawa Electric	FDEV +0.21 points	0.24%	0.03%
Astrazeneca PLC (Uk)AZN.L	QEFA +0.21 points	1.54%	1.75%
Subaru Corp	FDEV +0.21 points	0.26%	0.05%
Caixabank SA	FDEV +0.21 points	0.44%	0.23%
Swatch Group AG (Br)	FDEV +0.20 points	0.21%	0.01%
Buzzi Spa	FDEV +0.19 points	0.21%	0.02%
Avolta AG	FDEV +0.20 points	0.21%	0.01%
Ems-Chemie Holding AG	FDEV +0.19 points	0.22%	0.03%
Natwest Group PLCNWG.L	FDEV +0.19 points	0.36%	0.17%
Equinor Asa	FDEV +0.18 points	0.80%	0.62%
Endeavour Mining PLCEDV.L	FDEV +0.17 points	0.21%	0.04%
Evolution Ab	FDEV +0.18 points	0.25%	0.07%
Fresnillo PLCFRES.L	FDEV +0.17 points	0.19%	0.02%
Yara International Asa	FDEV +0.16 points	0.20%	0.04%
Kone Oyj B	FDEV +0.16 points	0.46%	0.30%
Atlas Copco Ab Ser A	FDEV +0.15 points	0.37%	0.22%
Mizrahi Tefahot Bank Ltd	FDEV +0.16 points	0.33%	0.17%
Sandvik Ab	FDEV +0.15 points	0.29%	0.15%
Ck Hutchison Holdings Ltd	FDEV +0.15 points	0.26%	0.11%
Assa Abloy Ab Ser B	FDEV +0.15 points	0.32%	0.17%
Relx PLCREL.L	FDEV +0.13 points	0.54%	0.41%
Bank Leumi Le-Israel Bm	FDEV +0.12 points	0.40%	0.28%
Prudential PLCPRU.L	FDEV +0.11 points	0.27%	0.16%
Rio Tinto PLC (Regd)RIO.L	QEFA +0.11 points	0.32%	0.43%

All 218 FDEV holdings⁠All 624 QEFA 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.

FDEV vs QEFA Cost

Overpaying QEFA vs FDEV

$2,400

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

FDEV 0.18%
$3,749
QEFA 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FDEV 0.18%
QEFA 0.30%
Overpaying

Year by year

Year	FDEV	QEFA	Overpaying
10	$328	$545	$217
20	$1,281	$2,113	$832
30	$3,749	$6,149	$2,400

Expense ratio

0.18%FDEV, cheaper
0.30%QEFA

FDEV0.18%QEFA0.30%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

FDEV 3rd cheapest of 30 funds

QEFA 12th cheapest of 30 funds

FDEV vs QEFA Dividends

Last 12 months to Nov 5, 2026

Yield (12M): FDEV 3.26%, better; QEFA 2.73%
Payout (12M): FDEV $1.22; QEFA $2.74
Last payment: FDEV $0.33; QEFA $1.50
Ex-dividend: FDEV Sep 18, 2026; QEFA Jun 1, 2026
Paid on: FDEV Sep 22, 2026; QEFA Jun 5, 2026
Frequency: FDEV Quarterly; QEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FDEVQuarterly · 31 paymentsAll FDEV payments⁠

QEFATwice a year · 19 paymentsAll QEFA payments⁠

FDEV vs QEFA Risk

Fall from peak · 5 years

FDEV
QEFA

Risk facts

VolatilityStd dev, 3 years: FDEV 10.5%, betterQEFA 11.0%
Return per unit of riskSharpe ratio, 3 years: FDEV 1.31, betterQEFA 1.22
Worst fallMax drawdown, 5 years: FDEV −27.9%QEFA −27.3%, better
Market sensitivityBeta, 5 years: FDEV 0.65QEFA 0.80; Market = 1

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