FEDM vs. BKIE

Last updated Aug 2, 2026

FEDM (FlexShares ESG & Climate Developed Markets ex-US Core Index Fund) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - FEDM tracks the Northern Trust ESG & Climate Developed Markets ex-US Core Index - Benchmark TR Net while BKIE tracks the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 3 years, FEDM returned 14.74%/yr vs 17.23%/yr for BKIE. Their 0.96 correlation means they have historically moved very closely together. FEDM charges 0.12%/yr vs 0.04%/yr for BKIE.

Performance

FEDM vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDM achieves a 11.05% return, which is significantly lower than BKIE's 11.71% return.

FEDM

• 1D: -0.84%
• 1M: 2.87%
• 6M: 6.92%
• YTD: 11.05%
• 1Y: 23.27%
• 3Y*: 14.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.15%

BKIE

• 1D: -0.70%
• 1M: 1.29%
• 6M: 6.90%
• YTD: 11.71%
• 1Y: 26.09%
• 3Y*: 17.23%
• 5Y*: 9.97%
• 10Y*: —
• ALL TIME*: 15.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKIE BNY Mellon International Equity ETF	$7.08M	$6.86M	$6.10M
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	$27.64K	$60.01K	$69.14K

FEDM vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	11.05%	26.85%	2.85%	17.39%	-15.25%	1.50%
BKIE BNY Mellon International Equity ETF	11.71%	32.08%	4.63%	18.25%	-13.60%	2.70%

Correlation

The correlation between FEDM and BKIE is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	0.96

The correlation between FEDM and BKIE has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

FEDM vs. BKIE - Sectors Allocation Comparison

Sectors	FEDM	BKIE
Financial Services	28.7%	26.6%
Industrials	16.9%	17.9%
Technology	11.1%	11.7%
Healthcare	9.1%	9.1%
Consumer Defensive	6.5%	6.3%
Basic Materials	6.4%	6.7%
Energy	5.6%	5.0%
Consumer Cyclical	5.4%	7.2%
Communication Services	3.3%	4.1%
Utilities	3.2%	3.5%
Real Estate	1.7%	1.8%

Return for Risk

FEDM vs. BKIE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FEDM

FEDM Risk / Return Rank: 58
FEDM Sharpe Ratio Rank: 58
FEDM Sortino Ratio Rank: 59
FEDM Omega Ratio Rank: 58
FEDM Calmar Ratio Rank: 54
FEDM Martin Ratio Rank: 59

BKIE

BKIE Risk / Return Rank: 71
BKIE Sharpe Ratio Rank: 74
BKIE Sortino Ratio Rank: 74
BKIE Omega Ratio Rank: 72
BKIE Calmar Ratio Rank: 65
BKIE Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEDM vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) and BNY Mellon International Equity ETF (BKIE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEDM	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.68	-0.30
Sortino ratio: Return per unit of downside risk	2.02	2.39	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.92	2.25	-0.33
Martin ratio: Return relative to average drawdown	7.00	8.73	-1.73

FEDM vs. BKIE - Sharpe Ratio Comparison

The current FEDM Sharpe Ratio is 1.38, which is comparable to the BKIE Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FEDM and BKIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEDM vs. BKIE - Drawdown Comparison

The maximum FEDM drawdown since its inception was -29.37%, roughly equal to the maximum BKIE drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for FEDM and BKIE.

Drawdown Indicators

	FEDM	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-29.37%	-28.19%	-1.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-11.41%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	-13.19%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.19%	—
Current Drawdown Current decline from peak	-0.84%	-0.70%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.80%	-4.88%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.93%	+0.33%

Volatility

FEDM vs. BKIE - Volatility Comparison

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) and BNY Mellon International Equity ETF (BKIE) have volatilities of 4.25% and 4.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDM	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.29%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	13.05%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	15.27%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	16.21%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	16.32%	+0.10%

FEDM vs. BKIE - Expense Ratio Comparison

FEDM has a 0.12% expense ratio, which is higher than BKIE's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FEDM vs. BKIE - Dividend Comparison

FEDM's dividend yield for the trailing twelve months is around 2.87%, less than BKIE's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKIE BNY Mellon International Equity ETF	3.15%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	2.87%	2.97%	2.94%	2.61%	2.53%	0.62%	0.00%

Frequently Asked Questions

Can I hold both FEDM and BKIE in my portfolio?

FEDM and BKIE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDM or BKIE?

BKIE has higher volatility (4.29%) compared to FEDM (4.25%). In terms of maximum drawdown, FEDM dropped -29.37% vs BKIE's -28.19%.

Which ETF is better, FEDM or BKIE?

On 3-year performance, BKIE leads with 17.23% vs 14.74% for FEDM. On fees, BKIE is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEDM or BKIE?

Over the 3-year period, BKIE has performed better with a 17.23% return vs 14.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEDM or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.12% for FEDM.

Which ETF pays a higher dividend yield, FEDM or BKIE?

BKIE has the higher dividend yield at 3.15%, compared with 2.87% for FEDM.

What is the main difference between FEDM and BKIE?

FEDM tracks Northern Trust ESG & Climate Developed Markets ex-US Core Index - Benchmark TR Net, while BKIE tracks Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. They also come from different issuers: FlexShares and BNY Mellon. Their fees differ too: 0.12% for FEDM and 0.04% for BKIE.

Which has better risk-adjusted returns?

BKIE currently has the higher Sharpe Ratio (1.68 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.