IGRO vs IQDY: Grades, Fees and Holdings Compared

iShares International Dividend Growth ETF

IGROACboe

Northern Trust International Quality Dividend Dynamic ETF

IQDYBNYSE Arca

Overlap

13.0%by weight

Expense ratio

IGRO −0.32pt a year

IGRO0.15%IQDY0.47%

Avg volume · 30D

IGRO 5.3×the volume

IGRO42.1KIQDY7.9K

10Y return · a year

IQDY +1.0pt

IGRO+9.6%IQDY+10.6%

IGRO vs IQDY Performance

Nov 2, 2021 – Nov 2, 2026

+55.9%IGRO+71.2%IQDY

Expense ratio: IGRO 0.15%, better; IQDY 0.47%
Fund size: IGRO $1.31B; IQDY $105M
1Y total return: IGRO +19.6%, better; IQDY +17.9%
Yield (12M): IGRO 2.61%; IQDY 3.47%, better
Holdings: IGRO 576; IQDY 232
Avg volume (30D): IGRO 42.1K sh, better; IQDY 7.9K sh
NAV per share: IGRO $92.04; IQDY $40.39
52W range

ETF.net Grade

Pillar letters and Scores for IGRO, IQDY, with each pillar’s weight
Pillar	IGRO	IQDY
Cost30% weight	A85Higher	B65
Mission25% weight	A100Higher	A78
Risk15% weight	B56Higher	D32
Tradability15% weight	B64Higher	F15
Holdings10% weight	C54	B68Higher
Durability5% weight	B69Higher	C44

Rank among International Dividend Index funds

How we build Categories ›

Same Category. IGRO and IQDY 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 IQDY 17th 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 16BFDDFirst Trust STOXX European Select Dividend Index FundScore 58
Rank 17BIQDYNorthern Trust International Quality Dividend Dynamic ETFScore 54
Rank 18CDLSWisdomTree International SmallCap Dividend FundScore 53

Our read on each fund

ETF.net Research

IGROAiShares International Dividend Growth ETF

IQDYBNorthern Trust International Quality Dividend Dynamic 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.

IQDY International dividend funds usually lean defensive. This one goes the other way: a quality-and-yield screen on non-US developed and emerging names, then optimized toward a beta of 1.0 to 1.5 times its parent index.

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.

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

IQDY The "dynamic" label is literal: the index targets an aggregate beta of 1.0 to 1.5 times the Northern Trust International Large Cap parent index instead of damping it.sec.gov
Quality gates come first: non-dividend-payers and the weakest quintile on management efficiency, profitability and cash flow are cut before anything gets weighted.sec.gov
Sector, industry group, region, country, single-security and turnover constraints spread roughly 200 names across developed and emerging markets. Income is paid quarterly.sec.gov
Trading since 2013, so the strategy has a long live record through real market cycles rather than a backtest.

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.

IQDY Costs 0.47% net of a waiver through March 1, 2027 (0.51% gross). That is near the category median, but the highest-ranked peers run far cheaper: VYMI at 0.07%, SCHY at 0.08%.
Small and thinly traded. Spreads tend to be wider than the household-name alternatives, and that gap is a real cost stacked on top of the expense ratio.
A beta target above the parent index means the portfolio is built to move more than that benchmark in both directions, and emerging-market and currency exposure add to the swing.sec.gov

Full IGRO profile⁠

Full IQDY profile⁠

IGRO vs IQDY Holdings

How IGRO and IQDY differ

Overlap by weight

13.0%

Shared holdings make up 29.2% of IGRO and 17.8% of IQDY.

Level by level

Holdings25 in both13.0%
Countryby domicile64.0%
Sector11 Sectors74.1%
Asset classEquity100%

Sector

Sector weights in IGRO and IQDY, widest gap first
Sector	More in IGROMore in IQDY	IGRO	IQDY
Technology	IQDY +14.4 points	7.9%	22.3%
Consumer Staples	IGRO +8.6 points	11.3%	2.7%
Health Care	IGRO +8.4 points	13.2%	4.8%
Utilities	IGRO +5.9 points	8.1%	2.2%
Materials	IQDY +4.1 points	3.9%	8.0%
Financials	IGRO +3.3 points	30.8%	27.5%
Energy	IQDY +3.1 points	2.4%	5.5%
Consumer Discretionary	IQDY +1.5 points	6.2%	7.7%
Communication	IQDY +1.4 points	1.8%	3.2%
Real Estate	IQDY +0.9 points	0.6%	1.5%
Industrials	IQDY +0.5 points	13.9%	14.4%

Country, concentration and asset class

Country by domicile

Country weights in IGRO and IQDY, widest gap first
Country	More in IGROMore in IQDY	IGRO	IQDY
Switzerland	IGRO +9.5 points	14.1%	4.6%
Taiwan	IQDY +9.3 points	3.6%	12.9%
Canada	IGRO +8.8 points	14.3%	5.5%
Japan	IGRO +7.5 points	20.2%	12.7%
South Korea	IQDY +5.3 points	0.0%	5.3%
France	IGRO +5.3 points	10.7%	5.4%
Indonesia	IQDY +2.9 points	0.0%	2.9%
Australia	IGRO +2.9 points	5.8%	2.9%
Other countries (22)	IQDY +16.3 points	31.4%	47.7%

Outside the US: IGRO 90% developed, 10% emerging. IQDY 63% developed, 37% emerging.

Concentration

Weight in the 10 largest Holdings

IGRO27.4%
IQDY20.2%

Securities held

IGRO546
IQDY204

Asset class

IGRO: Equity
IQDY: Equity

Holdings

Only in IGRO521
In both25
Only in IQDY179

Only in IGRO

521 securities, 70.1% of IGRO by weight

British American Tobacco3.30%
Toronto Dominion2.29%
Iberdrola2.26%
Toyota Motor2.06%
Axa SA1.77%
Westpac Banking Corporation1.68%
National Australia Bank1.67%
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%
Schneider Electric0.89%
Mitsubishi0.83%
Relx PLC0.82%
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%
Michelin0.41%
Bank Central Asia0.38%
Givaudan SA0.38%
Koninklijke Kpn NV0.37%
Wolters Kluwer0.36%
China Merchants Bank H0.35%
MS&AD Insurance Group Holdings0.34%
Astellas Pharma0.34%
Kweichow Moutai A0.34%
Snam0.33%
Sony Group0.33%
Assa Abloy B0.33%

Only in IQDY

179 securities, 80.3% of IQDY by weight

Mediatek Inc Common Stock Twd 102.50%
Advantest Corp Common Stock Jpy1.82%
Hsbc Holdings PLC Common Stock Gbp 0.51.72%
Samsung Electronics Co Ltd Common Stock Krw 1001.56%
Bhp Group Ltd Common Stock Aud 01.42%
Bnp Paribas SA Common Stock Eur 21.38%
Intesa Sanpaolo Spa Common Stock Eur 01.33%
Asml Holding NV Common Stock Eur 0.091.07%
Sk Hynix Inc Common Stock Krw 50001.01%
Tokyo Electron Ltd Common Stock Jpy0.99%
Imperial Brands PLC Common Stock Gbp 100.97%
Totalenergies SE Common Stock Eur 2.50.94%
Var Energi Asa Common Stock Nok 0.160.94%
Industria De Diseno Textil SA Common Stock Eur0.89%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index0.87%
Huaneng Power International Inc Common Stock Hkd 10.87%
Grupo Financiero Banorte Sab De Cv Common Stock0.86%
Evergreen Marine Corp Taiwan Ltd Common Stock Twd0.86%
Novatek Microelectronics Corp Common Stock Twd 100.86%
Standard Chartered PLC USD0.85%
Legal & General Group PLC Common Stock Gbp 2.50.84%
Fanuc Corp Common Stock Jpy0.84%
Bb Seguridade Participacoes SA Common Stock Brl0.83%
Cosco Shipping Holdings Co Ltd Common Stock Hkd 10.83%
Techtronic Industries Co Ltd Common Stock Hkd 00.83%
Canadian Natural Resources Ltd Common Stock Cad 00.82%
Erste Bank Polska SA Common Stock Pln 100.82%
Makita Corp Common Stock Jpy0.81%
Telenor Asa Common Stock Nok 60.79%
Bank Polska Kasa Opieki SA Common Stock Pln 10.79%
Ptt Exploration & Production Pcl Nvdr Thb 10.79%
Eva Airways Corp Common Stock Twd 100.76%
International Consolidated Airlines Group SA0.76%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.76%
Ambev SA Common Stock Brl 00.76%
Mercedes-Benz Group AG Common Stock Eur 00.76%
Quinenco SA Common Stock Clp 00.73%
Banca Mediolanum Spa Common Stock Eur0.72%
Vat Group AG Common Stock Chf 0.10.72%
Renault SA Common Stock Eur 3.810.72%
Partners Group Holding AG Common Stock Chf 0.010.72%
Bank Negara Indonesia Persero Tbk Pt Common Stock0.71%
Bank Rakyat Indonesia Persero Tbk Pt Common Stock0.71%
Talabat Holding PLC Common Stock Aed 0.040.71%
Bp PLC Common Stock Gbp 0.250.71%
Dbs Group Holdings Ltd Common Stock Sgd 00.69%
Korea Investment Holdings Co Ltd Common Stock Krw0.69%
Rio Tinto PLC Common Stock Gbp 100.69%
Kumba Iron Ore Ltd Common Stock Zar 0.010.68%
Fujikura Ltd Common Stock Jpy0.68%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in IGRO and IQDY, widest gap first
Holding	More in IGROMore in IQDY	IGRO	IQDY
Nestle SA	IGRO +3.13 points	3.16%	0.03%
Roche Ps Par AG	IGRO +2.98 points	3.21%	0.23%
Novartis AG	IGRO +2.45 points	3.13%	0.68%
Royal Bank of Canada	IGRO +1.95 points	2.77%	0.82%
Sanofi SA	IGRO +1.68 points	2.35%	0.67%
Taiwan Semiconductor Manufacturing	IQDY +1.61 points	2.80%	4.41%
Hitachi	IQDY +1.46 points	0.46%	1.92%
Sap	IGRO +1.30 points	1.35%	0.05%
Enel	IGRO +0.77 points	1.88%	1.11%
Lasertec	IQDY +0.72 points	0.06%	0.78%
Brookfield Asset Management Voting	IQDY +0.47 points	0.27%	0.74%
Manulife Financial	IGRO +0.46 points	0.99%	0.53%
Compagnie Financiere Richemont SA	IGRO +0.45 points	0.76%	0.31%
Novo Nordisk Class B	IGRO +0.36 points	2.14%	1.78%
Logitech International	IQDY +0.26 points	0.08%	0.34%
Mitsubishi Ufj Financial Group	IGRO +0.24 points	1.94%	1.70%
Aegon	IGRO +0.17 points	0.21%	0.04%
Publicis Groupe	IGRO +0.12 points	0.41%	0.29%
Metso Corporation	IQDY +0.12 points	0.12%	0.24%
Ford Otomotiv Sanayi A	IQDY +0.11 points	0.05%	0.16%
Marubeni	IGRO +0.07 points	0.37%	0.30%
Enn Energy Holdings Ltd	IGRO +0.06 points	0.12%	0.06%
Magna International	IQDY +0.04 points	0.20%	0.24%
Chongqing Rural Commercial Bank Lt	IQDY +0.02 points	0.04%	0.06%
Komatsu	IGRO +0.01 points	0.30%	0.29%

All 547 IGRO holdings⁠All 251 IQDY 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 IQDY Cost

Overpaying IQDY vs IGRO

$6,281

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

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

Amount$10,000

Years30 years

Cost over time

IGRO 0.15%
IQDY 0.47%
Overpaying

Year by year

Year	IGRO	IQDY	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%IQDY

IGRO0.15%IQDY0.47%

0.07%0.60%

Middle half of International Dividend Index funds
Median 0.49%

IGRO 6th cheapest of 34 funds

IQDY 13th cheapest of 34 funds

IGRO vs IQDY Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IGRO 2.61%; IQDY 3.47%, better
Payout (12M): IGRO $2.41; IQDY $1.40
Last payment: IGRO $0.43; IQDY $0.46
Ex-dividend: IGRO Sep 15, 2026; IQDY Sep 18, 2026
Paid on: IGRO Sep 18, 2026; IQDY Sep 24, 2026
Frequency: IGRO Quarterly; IQDY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IGROQuarterly · 40 paymentsAll IGRO payments⁠

IQDYQuarterly · 38 paymentsAll IQDY payments⁠

IGRO vs IQDY Risk

Fall from peak · 5 years

IGRO
IQDY

Risk facts

VolatilityStd dev, 3 years: IGRO 11.1%, betterIQDY 12.6%
Return per unit of riskSharpe ratio, 3 years: IGRO 1.32IQDY 1.46, better
Worst fallMax drawdown, 5 years: IGRO −26.0%, betterIQDY −32.3%
Market sensitivityBeta, 5 years: IGRO 0.74IQDY 0.91; Market = 1

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