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FEDM vs PABD

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

FEDMANYSE Arca

iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

PABDBNasdaq

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

FEDM0.12%PABD0.12%

Avg volume · 30D

FEDM 1.6×the volume

FEDM1.99KPABD1.27K

FEDM vs PABD Performance

Nov 5, 2025 – Nov 5, 2026

+16.6%FEDM+11.0%PABD

Nov 5, 2025 to Nov 5, 2026. FEDM +16.6%. PABD +11.0%. Use the arrow keys to read each point.0%5%20%Nov 2025May 2026Nov 2026
Expense ratio
FEDM 0.12%
PABD 0.12%
Fund size
FEDM $87M
PABD $332M
1Y total return
FEDM +16.6%, better
PABD +11.0%
Yield (12M)
FEDM 2.86%
PABD 3.06%, better
Holdings
FEDM 231
PABD 417
Avg volume (30D)
FEDM 1.99K sh, better
PABD 1.27K sh
NAV per share
FEDM $65.57
PABD $69.69
52W range

ETF.net Grade

FEDM: Cost 88, Risk 56, Mission 100, Tradability 39, Holdings 61, Durability 40. PABD: Cost 88, Risk 37, Mission 100, Tradability 20, Holdings 76, Durability 37.
Pillar letters and Scores for FEDM, PABD, with each pillar’s weight
PillarFEDMPABD
Cost30% weightA88A88
Mission25% weightA100A100
Risk15% weightB56HigherD37
Tradability15% weightD39HigherF20
Holdings10% weightB61A76Higher
Durability5% weightC40HigherD37

Rank among International ESG & Values Index funds

Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

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

See all 18 ›

FEDM ranks 4th and PABD 6th of 18 funds in the International ESG & Values Index Category.

  1. Rank 1AVSGXVanguard ESG International Stock ETFScore 81
  2. Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 78
  3. Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
  4. Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 73
  5. Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
  6. Rank 6BPABDiShares Paris-Aligned Climate Optimized MSCI World ex USA ETFScore 69
  7. Rank 7BNUDMNuveen ESG International Developed Markets EquityScore 61

Our read on each fund

ETF.net Research

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

PABDBiShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

In short

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.

PABD Most international sustainable funds run a broad ESG scorecard. PABD aims at one target: carbon. It tracks an MSCI World ex USA Paris-aligned climate index across roughly 400 developed-market stocks outside the US, for 0.12% a year.

Stated mandate

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

PABD The fund seeks to track an index of international developed companies aligned with the Paris Agreement, providing core equity exposure while targeting the low-carbon transition and reduced climate-related risks.

Why people hold it

  • 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
  • PABD Costs 0.12% a year, roughly half the typical fund in its international ESG peer group and under iShares' own broader ESG Aware EAFE fund, ESGD, at 0.20%.
  • Climate is the whole mandate, not a side filter: the index applies Paris-aligned screens rather than a general ESG rating, across about 400 developed-market names outside the US.ishares.com
  • The portfolio lines up with what the name promises, one of the more faithful implementations in its peer group, and it holds no US stocks by design.

Worth knowing

  • 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
  • PABD Thinly traded next to the household-name international funds, so bid-ask spreads can run wider and large orders need more care.
  • Launched in 2024, so the live record is short, and the climate screens shift sector and stock weights away from a plain World ex USA index.
  • Pays once or twice a year rather than quarterly, so distributions arrive in lumps.

Full FEDM profile⁠

Full PABD profile⁠

FEDM vs PABD 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.

FEDM vs PABD Cost

Same expense ratio

$2,520

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

  • FEDM 0.12%

    $2,520

  • PABD 0.12%

    $2,520

$10,000
30 years

Cost over time

  • FEDM 0.12%
  • PABD 0.12%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530FEDM $2,520PABD $2,520

Year by year

YearFEDMPABD
10$220$220
20$859$859
30$2,520$2,520

Expense ratio

  • 0.12%FEDM
  • 0.12%PABD
  • Middle half of International ESG & Values Index funds
  • Median 0.23%

FEDM 2nd cheapest of 18 funds

PABD 2nd cheapest of 18 funds

FEDM vs PABD Dividends

Last 12 months to Nov 5, 2026
Yield (12M)
FEDM 2.86%
PABD 3.06%, better
Payout (12M)
FEDM $1.86
PABD $2.08
Last payment
FEDM $0.26
PABD $1.01
Ex-dividend
FEDM Sep 18, 2026
PABD Jun 15, 2026
Paid on
FEDM Sep 24, 2026
PABD Jun 18, 2026
Frequency
FEDM Quarterly
PABD Twice a year

Distribution history

Per share, 2021 to 2026, same scale for both

FEDMQuarterly · 20 paymentsAll FEDM payments⁠
One bar per payment. 20 payments from 2021 to 2026 YTD. Dec 17, 2021 $0.32; Mar 18, 2022 $0.10; Jun 17, 2022 $0.56; Sep 16, 2022 $0.22; Dec 16, 2022 $0.19; Mar 17, 2023 $0.11; Jun 16, 2023 $0.66; Sep 15, 2023 $0.23; Dec 15, 2023 $0.25; Mar 15, 2024 $0.12; Jun 21, 2024 $0.70; Sep 20, 2024 $0.29; Dec 20, 2024 $0.30; Mar 21, 2025 $0.15; Jun 20, 2025 $0.80; Sep 19, 2025 $0.26; Dec 19, 2025 $0.54; Mar 20, 2026 $0.16; Jun 18, 2026 $0.89; Sep 18, 2026 $0.26. Use the arrow keys to read each point.$0$120232026YTD
PABDTwice a year · 5 paymentsAll PABD payments⁠
One bar per payment. 5 payments from 2021 to 2026 YTD. Jun 11, 2024 $0.71; Dec 17, 2024 $0.76; Jun 16, 2025 $0.70; Dec 16, 2025 $1.07; Jun 15, 2026 $1.01. Use the arrow keys to read each point.$0$120232026YTD

FEDM vs PABD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FEDM 11.8%PABD 12.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
FEDM 1.14PABD 0.81since Feb 2024
Worst fallMax drawdown, 5 years
FEDM −29.4%PABD −13.4%since Jan 2024
Market sensitivityBeta, 5 years
FEDM 0.91PABD 0.64

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