FEDM vs. PATN

Last updated Aug 4, 2026

FEDM (FlexShares ESG & Climate Developed Markets ex-US Core Index Fund) and PATN (Pacer Nasdaq International Patent Leaders 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 PATN tracks the Nasdaq International Patent Leaders Index. Both are passively managed. Over the past year, FEDM returned 23.54% vs 53.28% for PATN. Their 0.77 correlation means they have sometimes moved together and sometimes differently. FEDM charges 0.12%/yr vs 0.65%/yr for PATN.

Performance

FEDM vs. PATN - 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 Pacer Nasdaq International Patent Leaders ETF (PATN). 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 PATN's 28.74% 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%

PATN

• 1D: 0.61%
• 1M: -3.34%
• 6M: 17.25%
• YTD: 28.74%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.65%

*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)
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	$59.63K	$72.04K	$75.32K
PATN Pacer Nasdaq International Patent Leaders ETF	$6.30M	$4.83M	$3.83M

FEDM vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	11.29%	26.85%	-7.85%
PATN Pacer Nasdaq International Patent Leaders ETF	28.74%	40.01%	-1.73%

Correlation

The correlation between FEDM and PATN is 0.71, 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.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.77

The correlation between FEDM and PATN has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

FEDM vs. PATN - Sectors Allocation Comparison

Sectors	FEDM	PATN
Financial Services	28.7%	0.7%
Industrials	16.9%	17.5%
Technology	11.1%	43.9%
Healthcare	9.1%	9.5%
Consumer Defensive	6.5%	6.2%
Basic Materials	6.4%	3.2%
Energy	5.6%	0.9%
Consumer Cyclical	5.4%	10.5%
Communication Services	3.3%	7.0%
Utilities	3.2%	-
Real Estate	1.7%	-

Return for Risk

FEDM vs. PATN — 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

PATN

PATN Risk / Return Rank: 83
PATN Sharpe Ratio Rank: 85
PATN Sortino Ratio Rank: 79
PATN Omega Ratio Rank: 83
PATN Calmar Ratio Rank: 88
PATN 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. PATN - 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 Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.11	-0.68
Sortino ratio: Return per unit of downside risk	2.08	2.71	-0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.38	-0.12
Calmar ratio: Return relative to maximum drawdown	1.98	3.72	-1.74
Martin ratio: Return relative to average drawdown	7.24	11.66	-4.43

FEDM vs. PATN - Sharpe Ratio Comparison

The current FEDM Sharpe Ratio is 1.43, which is lower than the PATN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FEDM and PATN, 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. PATN - Drawdown Comparison

The maximum FEDM drawdown since its inception was -29.37%, which is greater than PATN's maximum drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for FEDM and PATN.

Drawdown Indicators

	FEDM	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-29.37%	-16.77%	-12.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-14.40%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	—	—
Current Drawdown Current decline from peak	-0.63%	-9.34%	+8.71%
Average Drawdown Average peak-to-trough decline	-6.79%	-3.44%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	4.58%	-1.32%

Volatility

FEDM vs. PATN - Volatility Comparison

The current volatility for FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) is 4.08%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 8.80%. This indicates that FEDM experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDM	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	8.80%	-4.72%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	22.85%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	25.38%	-8.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	22.70%	-6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.41%	22.70%	-6.29%

FEDM vs. PATN - Expense Ratio Comparison

FEDM has a 0.12% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

FEDM vs. PATN - Dividend Comparison

FEDM's dividend yield for the trailing twelve months is around 2.87%, more than PATN's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	2.87%	2.97%	2.94%	2.61%	2.53%	0.62%
PATN Pacer Nasdaq International Patent Leaders ETF	1.69%	2.25%	0.30%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEDM and PATN in my portfolio?

FEDM and PATN have a correlation of 0.71, 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 PATN?

PATN has higher volatility (8.80%) compared to FEDM (4.08%). In terms of maximum drawdown, FEDM dropped -29.37% vs PATN's -16.77%.

Which ETF is better, FEDM or PATN?

On 1-year performance, PATN leads with 53.28% 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 PATN?

Over the 1-year period, PATN has performed better with a 53.28% 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 PATN?

FEDM is cheaper with a 0.12% expense ratio, compared with 0.65% for PATN.

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

FEDM has the higher dividend yield at 2.87%, compared with 1.69% for PATN.

What is the main difference between FEDM and PATN?

FEDM tracks Northern Trust ESG & Climate Developed Markets ex-US Core Index - Benchmark TR Net, while PATN tracks Nasdaq International Patent Leaders Index. They also come from different issuers: FlexShares and Pacer. Their fees differ too: 0.12% for FEDM and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.11 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.