FEDM vs. EPIN

Last updated Aug 4, 2026

FEDM (FlexShares ESG & Climate Developed Markets ex-US Core Index Fund) and EPIN (Harbor International Equity ETF) are both Foreign Large Cap Equities funds. FEDM is passively managed, while EPIN is actively managed. Over the past year, FEDM returned 23.54% vs 38.63% for EPIN. Their correlation of 0.81 means they have usually moved in the same direction. FEDM charges 0.12%/yr vs 0.80%/yr for EPIN.

Performance

FEDM vs. EPIN - 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 Harbor International Equity ETF (EPIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDM achieves a 11.29% return, which is significantly lower than EPIN's 23.91% return.

FEDM

• 1D: 0.22%
• 1M: 3.09%
• 6M: 6.36%
• YTD: 11.29%
• 1Y: 23.54%
• 3Y*: 15.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.18%

EPIN

• 1D: 0.45%
• 1M: -0.25%
• 6M: 14.24%
• YTD: 23.91%
• 1Y: 38.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.02%

*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)
EPIN Harbor International Equity ETF	$42.70K	$24.96K	$19.91K
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	$59.63K	$72.04K	$75.32K

FEDM vs. EPIN - Yearly Performance Comparison

	2026 (YTD)	2025
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	11.29%	9.14%
EPIN Harbor International Equity ETF	23.91%	14.36%

Correlation

The correlation between FEDM and EPIN is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.81

The correlation between FEDM and EPIN has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

FEDM vs. EPIN - Sectors Allocation Comparison

Sectors	FEDM	EPIN
Financial Services	28.7%	19.1%
Industrials	16.9%	20.6%
Technology	11.1%	29.6%
Healthcare	9.1%	8.2%
Consumer Defensive	6.5%	3.6%
Basic Materials	6.4%	7.1%
Energy	5.6%	3.8%
Consumer Cyclical	5.4%	7.0%
Communication Services	3.3%	1.0%
Utilities	3.2%	-
Real Estate	1.7%	-

Return for Risk

FEDM vs. EPIN — Risk / Return Rank

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

FEDM

FEDM Risk / Return Rank: 56
FEDM Sharpe Ratio Rank: 57
FEDM Sortino Ratio Rank: 58
FEDM Omega Ratio Rank: 56
FEDM Calmar Ratio Rank: 53
FEDM Martin Ratio Rank: 57

EPIN

EPIN Risk / Return Rank: 81
EPIN Sharpe Ratio Rank: 81
EPIN Sortino Ratio Rank: 78
EPIN Omega Ratio Rank: 80
EPIN Calmar Ratio Rank: 83
EPIN Martin Ratio Rank: 82

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. EPIN - 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 Harbor International Equity ETF (EPIN). 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	EPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.03	-0.60
Sortino ratio: Return per unit of downside risk	2.08	2.75	-0.66
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.98	3.34	-1.35
Martin ratio: Return relative to average drawdown	7.24	12.00	-4.76

FEDM vs. EPIN - Sharpe Ratio Comparison

The current FEDM Sharpe Ratio is 1.43, which is comparable to the EPIN Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FEDM and EPIN, 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. EPIN - Drawdown Comparison

The maximum FEDM drawdown since its inception was -29.37%, which is greater than EPIN's maximum drawdown of -11.64%. Use the drawdown chart below to compare losses from any high point for FEDM and EPIN.

Drawdown Indicators

	FEDM	EPIN	Difference
Max Drawdown Largest peak-to-trough decline	-29.37%	-11.64%	-17.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-11.64%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	—	—
Current Drawdown Current decline from peak	-0.63%	-2.05%	+1.42%
Average Drawdown Average peak-to-trough decline	-6.79%	-1.93%	-4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.23%	+0.03%

Volatility

FEDM vs. EPIN - Volatility Comparison

The current volatility for FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) is 4.08%, while Harbor International Equity ETF (EPIN) has a volatility of 5.57%. This indicates that FEDM experiences smaller price fluctuations and is considered to be less risky than EPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDM	EPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	5.57%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	16.91%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	19.13%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	18.34%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	18.34%	-1.93%

FEDM vs. EPIN - Expense Ratio Comparison

FEDM has a 0.12% expense ratio, which is lower than EPIN's 0.80% expense ratio.

Dividends

FEDM vs. EPIN - Dividend Comparison

FEDM's dividend yield for the trailing twelve months is around 2.87%, more than EPIN's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021
EPIN Harbor International Equity ETF	0.64%	0.79%	0.00%	0.00%	0.00%	0.00%
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	2.87%	2.97%	2.94%	2.61%	2.53%	0.62%

Frequently Asked Questions

Can I hold both FEDM and EPIN in my portfolio?

FEDM and EPIN have a correlation of 0.80, 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 EPIN?

EPIN has higher volatility (5.57%) compared to FEDM (4.08%). In terms of maximum drawdown, FEDM dropped -29.37% vs EPIN's -11.64%.

Which ETF is better, FEDM or EPIN?

On 1-year performance, EPIN leads with 38.63% vs 23.54% for FEDM. On fees, FEDM is cheaper at 0.12% per year. On volatility, FEDM has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEDM or EPIN?

Over the 1-year period, EPIN has performed better with a 38.63% return vs 23.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEDM or EPIN?

FEDM is cheaper with a 0.12% expense ratio, compared with 0.80% for EPIN.

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

FEDM has the higher dividend yield at 2.87%, compared with 0.64% for EPIN.

What is the main difference between FEDM and EPIN?

They also come from different issuers: FlexShares and Harbor. Their fees differ too: 0.12% for FEDM and 0.80% for EPIN.

Which has better risk-adjusted returns?

EPIN currently has the higher Sharpe Ratio (2.03 vs 1.43), 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.