IGRO vs IQDF: Grades, Fees and Holdings Compared

iShares International Dividend Growth ETF

IGROACboe

Northern Trust International Quality Dividend ETF

IQDFBNYSE Arca

Overlap

14.5%by weight

Expense ratio

IGRO −0.32pt a year

IGRO0.15%IQDF0.47%

Avg volume · 30D

IQDF 1.3×the volume

IGRO42.1KIQDF53.1K

10Y return · a year

IGRO +0.2pt

IGRO+9.4%IQDF+9.2%

IGRO vs IQDF Performance

Oct 29, 2021 – Oct 30, 2026

+56.2%IGRO+68.3%IQDF

Expense ratio: IGRO 0.15%, better; IQDF 0.47%
Fund size: IGRO $1.31B; IQDF $1.12B
1Y total return: IGRO +19.2%; IQDF +20.4%, better
Yield (12M): IGRO 2.62%; IQDF 3.53%, better
Holdings: IGRO 576; IQDF 221
Avg volume (30D): IGRO 42.1K sh; IQDF 53.1K sh, better
NAV per share: IGRO $92.04; IQDF $33.75
52W range

ETF.net Grade

Pillar letters and Scores for IGRO, IQDF, with each pillar’s weight
Pillar	IGRO	IQDF
Cost30% weight	A85Higher	B65
Mission25% weight	A100Higher	A91
Risk15% weight	B56Higher	C40
Tradability15% weight	B63Higher	C41
Holdings10% weight	C54	A70Higher
Durability5% weight	B69Higher	B60

Rank among International Dividend Index funds

How we build Categories ›

Same Category. IGRO and IQDF are both graded against the same 34 International Dividend Index funds, so their Grades compare head to head.

International Dividend Index⁠

Category · 34 funds

See all 34 ›

IGRO ranks 3rd and IQDF 13th of 34 funds in the International Dividend Index Category.

Rank 1AVYMIVanguard International High Dividend Yield ETFScore 84
Rank 2ADIVIFranklin International Core Dividend Tilt Index ETFScore 78
Rank 3AIGROiShares International Dividend Growth ETFScore 77
Rank 3ASCHYSchwab International Dividend Equity ETFScore 77
Rank 12BDWMWisdomTree International Equity FundScore 67
Rank 13BIQDFNorthern Trust International Quality Dividend ETFScore 64
Rank 14BDOLWisdomTree True Developed International FundScore 63

Our read on each fund

ETF.net Research

IGROAiShares International Dividend Growth ETF

IQDFBNorthern Trust International Quality Dividend ETF

In short

IGRO Dividend growth, not dividend yield, taken overseas. IGRO tracks a Morningstar index of non-US companies with a habit of raising their payouts, spread across roughly 500 names, for a fee that undercuts most of the international dividend shelf.

IQDF A dividend fund that ignores dividend history. Northern Trust scores roughly 300 non-US large and mid caps on its own Dividend Quality Score, chasing payouts the balance sheet can support, and pays quarterly.

Stated mandate

IGRO The fund seeks to track an index of international stocks with a history of growing dividends, providing dividend-focused international equity exposure for income and long-term growth.

IQDF The Fund seeks to track, before fees and expenses, the price and yield performance of the Northern Trust International Quality Dividend Index.

Why people hold it

IGRO Costs 0.15% a year, well under the typical fee for an international dividend screen.
Does what the label says: it follows the Morningstar Global ex-US Dividend Growth Index closely, one of the tightest index-to-portfolio matches in its peer group.
Roughly 500 non-US payers, so no single dividend carries the fund. Cash goes out quarterly.

IQDF The screen looks forward, not backward: a Dividend Quality Score built on profitability and quality metrics, instead of a streak of past raises that can stop any year.flexshares.com
Transparent plumbing: names are drawn from Northern Trust's own index of non-US large and mid caps, then weighted toward the strongest dividend-quality scorers.sec.gov
Running since 2013, and the designated survivor of the lineup: it was the acquiring fund when FlexShares folded its defensive international dividend sibling in.sec.gov
A billion-dollar-plus fund that sits in the upper half of its international dividend peer group on our review.

Worth knowing

IGRO It trades thin next to heavyweights like VYMI, so limit orders and calmer mid-session trading matter more here.
The screen targets payout growth, not the fattest yields, so income tends to run lighter than yield-first international funds.
Cheaper neighbors exist: VIGI at 0.07% and SCHY at 0.08%, though each tracks a different index with a different holdings list.

IQDF Costs 0.47% net of a waiver through March 1, 2027 (0.49% gross), near the category median, while index rivals VYMI (0.07%) and SCHY (0.08%) charge less.
Moderately traded rather than a category heavyweight, so the spread you pay at the moment of trade matters more.
A quality-and-yield screen shifts the sector and country mix away from a plain international index, so results can diverge from the broad market.flexshares.com

Full IGRO profile⁠

Full IQDF profile⁠

IGRO vs IQDF Holdings

How IGRO and IQDF differ

Overlap by weight

14.5%

Shared holdings make up 33.8% of IGRO and 18.0% of IQDF.

Level by level

Holdings25 in both14.5%
Countryby domicile65.7%
Sector11 Sectors75.0%
Asset classEquity100%

Sector

Sector weights in IGRO and IQDF, widest gap first
Sector	More in IGROMore in IQDF	IGRO	IQDF
Technology	IQDF +12.4 points	7.9%	20.3%
Health Care	IGRO +8.3 points	13.2%	4.9%
Consumer Staples	IGRO +6.6 points	11.3%	4.7%
Energy	IQDF +4.9 points	2.4%	7.3%
Utilities	IGRO +4.8 points	8.1%	3.3%
Materials	IQDF +4.2 points	3.9%	8.1%
Financials	IGRO +3.2 points	30.8%	27.6%
Industrials	IGRO +2.2 points	13.9%	11.7%
Real Estate	IQDF +1.8 points	0.6%	2.4%
Communication	IQDF +1.8 points	1.8%	3.6%
Consumer Discretionary	IGRO +0.1 points	6.2%	6.1%

Country, concentration and asset class

Country by domicile

Country weights in IGRO and IQDF, widest gap first
Country	More in IGROMore in IQDF	IGRO	IQDF
Switzerland	IGRO +9.9 points	14.1%	4.2%
Japan	IGRO +7.9 points	20.2%	12.3%
Taiwan	IQDF +7.7 points	3.6%	11.3%
Canada	IGRO +7.2 points	14.3%	7.1%
France	IGRO +5.9 points	10.7%	4.8%
South Korea	IQDF +4.8 points	0.0%	4.8%
Indonesia	IQDF +3.0 points	0.0%	3.0%
China	IQDF +2.6 points	3.2%	5.8%
Other countries (23)	IQDF +12.8 points	34.0%	46.8%

Outside the US: IGRO 90% developed, 10% emerging. IQDF 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

IGRO27.4%
IQDF19.4%

Securities held

IGRO546
IQDF190

Asset class

IGRO: Equity
IQDF: Equity

Holdings

Only in IGRO521
In both25
Only in IQDF165

Only in IGRO

521 securities, 65.4% of IGRO by weight

British American Tobacco3.30%
Iberdrola2.26%
Toyota Motor2.06%
Axa SA1.77%
Westpac Banking Corporation1.68%
Ubs Group AG1.20%
Sumitomo Mitsui Financial Group1.19%
Canadian Imperial Bank of Commerce1.18%
Vinci SA1.14%
Lair Liquide Societe Anonyme Pour1.10%
Aia Group1.08%
Eni1.07%
Tokio Marine Holdings0.97%
Loreal SA0.96%
Infosys0.96%
Relx PLC0.82%
Compagnie Financiere Richemont SA0.76%
Csl0.73%
Aviva PLC0.71%
Firstrand Ltd0.69%
Mizuho Financial Group0.67%
Bae Systems PLC0.66%
Sun Life Financial Inc0.66%
E.on N0.66%
Itochu0.65%
Canadian National Railway0.63%
Mitsui0.62%
Swiss Life Holding AG0.55%
Nn Group0.51%
Veolia Environ. SA0.47%
London Stock Exchange Group PLC0.44%
Netease0.44%
Fortis0.43%
Power Corporation of Canada0.43%
Deutsche Boerse AG0.42%
Publicis Groupe0.41%
Michelin0.41%
Bank Central Asia0.38%
Givaudan SA0.38%
Koninklijke Kpn NV0.37%
Marubeni0.37%
China Merchants Bank H0.35%
Kweichow Moutai A0.34%
Snam0.33%
Sony Group0.33%
Assa Abloy B0.33%
Ntt0.32%
Cimb Group Holdings0.32%
Intact Financial Corp0.30%
Sompo Holdings0.30%

Only in IQDF

165 securities, 79.8% of IQDF by weight

Advantest Corp Common Stock Jpy2.28%
Mediatek Inc Common Stock Twd 102.18%
Samsung Electronics Co Ltd Common Stock Krw 1001.76%
Bhp Group Ltd Common Stock Aud 01.39%
Bnp Paribas SA Common Stock Eur 21.35%
Intesa Sanpaolo Spa Common Stock Eur 01.31%
Canadian Natural Resources Ltd Common Stock Cad 01.30%
Asml Holding NV Common Stock Eur 0.091.28%
Sk Hynix Inc Common Stock Krw 50001.20%
Totalenergies SE Common Stock Eur 2.51.08%
Unicredit Spa Common Stock Eur 01.01%
Tokyo Electron Ltd Common Stock Jpy0.94%
Imperial Brands PLC Common Stock Gbp 100.94%
Var Energi Asa Common Stock Nok 0.160.92%
Reckitt Benckiser Group PLC Common Stock Gbp0.91%
Bp PLC Common Stock Gbp 0.250.90%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index0.88%
Evergreen Marine Corp Taiwan Ltd Common Stock Twd0.86%
Huaneng Power International Inc Common Stock Hkd 10.86%
Grupo Financiero Banorte Sab De Cv Common Stock0.85%
Realtek Semiconductor Corp Common Stock Twd 100.83%
Novatek Microelectronics Corp Common Stock Twd 100.83%
Bb Seguridade Participacoes SA Common Stock Brl0.82%
Hcl Technologies Ltd Common Stock Inr 20.81%
Legal & General Group PLC Common Stock Gbp 2.50.81%
Cosco Shipping Holdings Co Ltd Common Stock Hkd 10.81%
Aena Sme SA Common Stock Eur 10.81%
Makita Corp Common Stock Jpy0.81%
Orix Corp Common Stock Jpy0.79%
Erste Bank Polska SA Common Stock Pln 100.78%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.78%
Enbridge Inc Common Stock Cad 00.77%
Ptt Exploration & Production Pcl Nvdr Thb 10.77%
Telenor Asa Common Stock Nok 60.76%
Fortum Oyj Common Stock Eur 3.40.76%
Kone Oyj Common Stock Eur 00.76%
Bank Polska Kasa Opieki SA Common Stock Pln 10.75%
International Consolidated Airlines Group SA0.75%
Ambev SA Common Stock Brl 00.75%
Mercedes-Benz Group AG Common Stock Eur 00.74%
Eva Airways Corp Common Stock Twd 100.72%
TELE2 Ab0.71%
Quinenco SA Common Stock Clp 00.70%
Partners Group Holding AG Common Stock Chf 0.010.70%
Bank Rakyat Indonesia Persero Tbk Pt Common Stock0.70%
Renault SA Common Stock Eur 3.810.70%
Bank Negara Indonesia Persero Tbk Pt Common Stock0.69%
Banca Mediolanum Spa Common Stock Eur0.69%
Klepierre SA Reit Eur 1.40.68%
Talabat Holding PLC Common Stock Aed 0.040.68%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in IGRO and IQDF, widest gap first
Holding	More in IGROMore in IQDF	IGRO	IQDF
Novartis AG	IGRO +2.80 points	3.13%	0.33%
Sanofi SA	IGRO +2.33 points	2.35%	0.02%
Royal Bank of Canada	IGRO +2.16 points	2.77%	0.61%
Nestle SA	IGRO +2.11 points	3.16%	1.05%
Roche Ps Par AG	IGRO +1.77 points	3.21%	1.44%
Taiwan Semiconductor Manufacturing	IQDF +1.75 points	2.80%	4.55%
Mitsubishi Ufj Financial Group	IGRO +1.24 points	1.94%	0.70%
Sap	IGRO +1.21 points	1.35%	0.14%
Toronto Dominion	IGRO +1.19 points	2.29%	1.10%
National Australia Bank	IGRO +1.06 points	1.67%	0.61%
Schneider Electric	IGRO +0.87 points	0.89%	0.02%
Manulife Financial	IGRO +0.82 points	0.99%	0.17%
Enel	IGRO +0.77 points	1.88%	1.11%
Wolters Kluwer	IQDF +0.59 points	0.36%	0.95%
Novo Nordisk Class B	IGRO +0.50 points	2.14%	1.64%
Brookfield Asset Management Voting	IQDF +0.47 points	0.27%	0.74%
Mitsubishi	IGRO +0.36 points	0.83%	0.47%
Lasertec	IQDF +0.36 points	0.06%	0.42%
Nitto Denko	IQDF +0.13 points	0.09%	0.22%
Ford Otomotiv Sanayi A	IQDF +0.11 points	0.05%	0.16%
Hitachi	IQDF +0.09 points	0.46%	0.55%
MS&AD Insurance Group Holdings	IGRO +0.08 points	0.34%	0.26%
Magna International	IGRO +0.05 points	0.20%	0.15%
Astellas Pharma	IGRO +0.06 points	0.34%	0.28%
Komatsu	IGRO +0.02 points	0.30%	0.28%

All 547 IGRO holdings⁠All 255 IQDF 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.

IGRO vs IQDF Cost

Overpaying IQDF vs IGRO

$6,281

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

IGRO 0.15%
$3,137
IQDF 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

IGRO 0.15%
IQDF 0.47%
Overpaying

Year by year

Year	IGRO	IQDF	Overpaying
10	$274	$847	$573
20	$1,071	$3,261	$2,190
30	$3,137	$9,418	$6,281

Expense ratio

0.15%IGRO, cheaper
0.47%IQDF

IGRO0.15%IQDF0.47%

0.07%0.60%

Middle half of International Dividend Index funds
Median 0.49%

IGRO 6th cheapest of 34 funds

IQDF 13th cheapest of 34 funds

IGRO vs IQDF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IGRO 2.62%; IQDF 3.53%, better
Payout (12M): IGRO $2.41; IQDF $1.19
Last payment: IGRO $0.43; IQDF $0.43
Ex-dividend: IGRO Sep 15, 2026; IQDF Sep 18, 2026
Paid on: IGRO Sep 18, 2026; IQDF Sep 24, 2026
Frequency: IGRO Quarterly; IQDF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IGROQuarterly · 40 paymentsAll IGRO payments⁠

IQDFQuarterly · 38 paymentsAll IQDF payments⁠

IGRO vs IQDF Risk

Fall from peak · 5 years

IGRO
IQDF

Risk facts

VolatilityStd dev, 3 years: IGRO 11.1%IQDF 10.9%, better
Return per unit of riskSharpe ratio, 3 years: IGRO 1.32IQDF 1.62, better
Worst fallMax drawdown, 5 years: IGRO −26.0%, betterIQDF −29.1%
Market sensitivityBeta, 5 years: IGRO 0.74IQDF 0.81; Market = 1

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