IQDF vs. BKIE

Last updated Jun 4, 2026

IQDF (FlexShares International Quality Dividend Index Fund) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - IQDF tracks the Northern Trust International Quality Dividend Index while BKIE tracks the Morningstar Developed Markets ex-US Large Cap Index. Both are passively managed. Over the past 5 years, IQDF returned 10.43%/yr vs 9.05%/yr for BKIE. Their correlation of 0.94 suggests significant overlap in exposure. IQDF charges 0.47%/yr vs 0.04%/yr for BKIE.

Performance

IQDF vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares International Quality Dividend Index Fund (IQDF) 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, IQDF achieves a 15.38% return, which is significantly higher than BKIE's 8.46% return.

IQDF

• 1D: -1.02%
• 1M: 5.16%
• YTD: 15.38%
• 6M: 18.18%
• 1Y: 35.90%
• 3Y*: 22.80%
• 5Y*: 10.43%
• 10Y*: 9.66%

BKIE

• 1D: -0.89%
• 1M: 3.12%
• YTD: 8.46%
• 6M: 11.11%
• 1Y: 22.58%
• 3Y*: 17.39%
• 5Y*: 9.05%
• 10Y*: —

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

IQDF vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IQDF FlexShares International Quality Dividend Index Fund	15.38%	35.42%	6.62%	20.10%	-14.69%	10.18%	35.62%
BKIE BNY Mellon International Equity ETF	8.46%	32.08%	4.63%	18.25%	-13.60%	13.75%	34.17%

Correlation

The correlation between IQDF and BKIE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.94

The correlation between IQDF and BKIE has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

IQDF vs. BKIE - Sectors Allocation Comparison

Sectors	IQDF	BKIE
Financial Services	25.9%	25.8%
Technology	15.6%	10.1%
Industrials	13.2%	18.6%
Basic Materials	8.3%	7.2%
Energy	7.2%	5.9%
Consumer Cyclical	6.9%	7.3%
Healthcare	6.0%	9.1%
Consumer Defensive	5.7%	6.2%
Communication Services	4.9%	4.2%
Utilities	3.9%	3.7%
Real Estate	2.3%	2.0%

Return for Risk

IQDF vs. BKIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IQDF

IQDF Risk / Return Rank: 74
IQDF Sharpe Ratio Rank: 76
IQDF Sortino Ratio Rank: 73
IQDF Omega Ratio Rank: 73
IQDF Calmar Ratio Rank: 72
IQDF Martin Ratio Rank: 73

BKIE

BKIE Risk / Return Rank: 43
BKIE Sharpe Ratio Rank: 43
BKIE Sortino Ratio Rank: 43
BKIE Omega Ratio Rank: 43
BKIE Calmar Ratio Rank: 39
BKIE Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IQDF vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares International Quality Dividend Index Fund (IQDF) 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.

	IQDF	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.56	+0.95
Sortino ratio: Return per unit of downside risk	3.35	2.23	+1.13
Omega ratio: Gain probability vs. loss probability	1.44	1.28	+0.16
Calmar ratio: Return relative to maximum drawdown	3.60	1.99	+1.61
Martin ratio: Return relative to average drawdown	13.93	7.68	+6.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQDF vs. BKIE - Sharpe Ratio Comparison

The current IQDF Sharpe Ratio is 2.50, which is higher than the BKIE Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of IQDF 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.

Sharpe Ratios by Period

	IQDF	BKIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.56	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.56	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.92	-0.47

Drawdowns

IQDF vs. BKIE - Drawdown Comparison

The maximum IQDF drawdown since its inception was -39.83%, which is greater than BKIE's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for IQDF and BKIE.

Drawdown Indicators

	IQDF	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-28.19%	-11.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-11.41%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.92%	-13.19%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-30.34%	-28.19%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	—	—
Current Drawdown Current decline from peak	-1.02%	-1.33%	+0.31%
Average Drawdown Average peak-to-trough decline	-9.34%	-4.98%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.95%	-0.37%

Volatility

IQDF vs. BKIE - Volatility Comparison

FlexShares International Quality Dividend Index Fund (IQDF) has a higher volatility of 5.63% compared to BNY Mellon International Equity ETF (BKIE) at 4.42%. This indicates that IQDF's price experiences larger fluctuations and is considered to be riskier than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQDF	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	4.42%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	12.17%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	14.58%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	16.12%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.34%	+0.29%

IQDF vs. BKIE - Expense Ratio Comparison

IQDF has a 0.47% expense ratio, which is higher than BKIE's 0.04% expense ratio.

Dividends

IQDF vs. BKIE - Dividend Comparison

IQDF's dividend yield for the trailing twelve months is around 2.77%, less than BKIE's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKIE BNY Mellon International Equity ETF	3.26%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
IQDF FlexShares International Quality Dividend Index Fund	2.77%	3.27%	6.72%	6.06%	5.59%	4.13%	3.31%	4.46%	5.78%	3.89%	3.75%	4.27%

Frequently Asked Questions

Can I hold both IQDF and BKIE in my portfolio?

With a correlation of 0.93, IQDF and BKIE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IQDF or BKIE?

IQDF has higher volatility (5.63%) compared to BKIE (4.42%). In terms of maximum drawdown, IQDF dropped -39.83% vs BKIE's -28.19%.

Which ETF is better, IQDF or BKIE?

On 5-year performance, IQDF leads with 10.43% vs 9.05% for BKIE. On fees, BKIE is cheaper at 0.04% per year. On volatility, BKIE has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQDF or BKIE?

Over the 5-year period, IQDF has performed better with a 10.43% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDF or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.47% for IQDF.

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

BKIE has the higher dividend yield at 3.26%, compared with 2.77% for IQDF.

What is the main difference between IQDF and BKIE?

IQDF tracks Northern Trust International Quality Dividend Index, while BKIE tracks Morningstar Developed Markets ex-US Large Cap Index. They also come from different issuers: Northern Trust and BNY Mellon. Their fees differ too: 0.47% for IQDF and 0.04% for BKIE.

Which has better risk-adjusted returns?

IQDF currently has the higher Sharpe Ratio (2.50 vs 1.56), 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.