IQDF vs. IQSI

Last updated Jun 24, 2026

IQDF (FlexShares International Quality Dividend Index Fund) and IQSI (IQ Candriam ESG International Equity ETF) are both Foreign Large Cap Equities funds - IQDF tracks the Northern Trust International Quality Dividend Index while IQSI tracks the IQ Candriam ESG International Equity Index. Both are passively managed. Over the past 5 years, IQDF returned 10.57%/yr vs 7.76%/yr for IQSI. Their correlation of 0.91 suggests significant overlap in exposure. IQDF charges 0.47%/yr vs 0.15%/yr for IQSI.

Performance

IQDF vs. IQSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares International Quality Dividend Index Fund (IQDF) and IQ Candriam ESG International Equity ETF (IQSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQDF achieves a 14.42% return, which is significantly higher than IQSI's 8.74% return.

IQDF

• 1D: -2.67%
• 1M: 0.78%
• YTD: 14.42%
• 6M: 14.23%
• 1Y: 34.45%
• 3Y*: 22.56%
• 5Y*: 10.57%
• 10Y*: 10.13%

IQSI

• 1D: -2.08%
• 1M: 0.55%
• YTD: 8.74%
• 6M: 8.46%
• 1Y: 19.87%
• 3Y*: 15.34%
• 5Y*: 7.76%
• 10Y*: —

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

IQDF vs. IQSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IQDF FlexShares International Quality Dividend Index Fund	14.42%	35.42%	6.62%	20.10%	-14.69%	10.18%	3.54%	0.75%
IQSI IQ Candriam ESG International Equity ETF	8.74%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.38%

Correlation

The correlation between IQDF and IQSI is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019	0.91

The correlation between IQDF and IQSI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

IQDF vs. IQSI - Sectors Allocation Comparison

Sectors	IQDF	IQSI
Financial Services	28.2%	21.3%
Technology	22.9%	17.1%
Industrials	11.8%	17.1%
Basic Materials	7.4%	5.7%
Consumer Cyclical	6.0%	7.6%
Consumer Defensive	4.9%	6.7%
Healthcare	4.8%	13.0%
Energy	4.2%	0.9%
Utilities	3.2%	3.8%
Communication Services	2.6%	4.6%
Real Estate	1.2%	2.4%

Return for Risk

IQDF vs. IQSI — Risk / Return Rank

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

IQDF

IQDF Risk / Return Rank: 73
IQDF Sharpe Ratio Rank: 75
IQDF Sortino Ratio Rank: 70
IQDF Omega Ratio Rank: 72
IQDF Calmar Ratio Rank: 72
IQDF Martin Ratio Rank: 74

IQSI

IQSI Risk / Return Rank: 37
IQSI Sharpe Ratio Rank: 38
IQSI Sortino Ratio Rank: 37
IQSI Omega Ratio Rank: 37
IQSI Calmar Ratio Rank: 35
IQSI Martin Ratio Rank: 40

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. IQSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares International Quality Dividend Index Fund (IQDF) and IQ Candriam ESG International Equity ETF (IQSI). 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.

	IQDF	IQSI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.27	+0.96
Sortino ratio: Return per unit of downside risk	2.96	1.84	+1.12
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	3.45	1.66	+1.79
Martin ratio: Return relative to average drawdown	13.16	6.09	+7.07

IQDF vs. IQSI - Sharpe Ratio Comparison

The current IQDF Sharpe Ratio is 2.24, which is higher than the IQSI Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IQDF and IQSI, 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

IQDF vs. IQSI - Drawdown Comparison

The maximum IQDF drawdown since its inception was -39.83%, which is greater than IQSI's maximum drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for IQDF and IQSI.

Drawdown Indicators

	IQDF	IQSI	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-31.90%	-7.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-12.00%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.92%	-14.02%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-29.36%	-29.86%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	—	—
Current Drawdown Current decline from peak	-2.67%	-2.08%	-0.59%
Average Drawdown Average peak-to-trough decline	-9.30%	-6.46%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.27%	-0.64%

Volatility

IQDF vs. IQSI - Volatility Comparison

FlexShares International Quality Dividend Index Fund (IQDF) has a higher volatility of 6.68% compared to IQ Candriam ESG International Equity ETF (IQSI) at 5.25%. This indicates that IQDF's price experiences larger fluctuations and is considered to be riskier than IQSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQDF	IQSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	5.25%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	13.33%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	15.70%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	16.41%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	19.02%	-2.51%

IQDF vs. IQSI - Expense Ratio Comparison

IQDF has a 0.47% expense ratio, which is higher than IQSI's 0.15% expense ratio.

Dividends

IQDF vs. IQSI - Dividend Comparison

IQDF's dividend yield for the trailing twelve months is around 3.05%, more than IQSI's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQDF FlexShares International Quality Dividend Index Fund	3.05%	3.27%	6.72%	6.06%	5.59%	4.13%	3.31%	4.46%	5.78%	3.89%	3.75%	4.27%
IQSI IQ Candriam ESG International Equity ETF	2.75%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQDF and IQSI in my portfolio?

With a correlation of 0.92, IQDF and IQSI 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 IQSI?

IQDF has higher volatility (6.68%) compared to IQSI (5.25%). In terms of maximum drawdown, IQDF dropped -39.83% vs IQSI's -31.90%.

Which ETF is better, IQDF or IQSI?

On 5-year performance, IQDF leads with 10.57% vs 7.76% for IQSI. On fees, IQSI is cheaper at 0.15% per year. On volatility, IQSI has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQDF or IQSI?

Over the 5-year period, IQDF has performed better with a 10.57% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDF or IQSI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.47% for IQDF.

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

IQDF has the higher dividend yield at 3.05%, compared with 2.75% for IQSI.

What is the main difference between IQDF and IQSI?

IQDF tracks Northern Trust International Quality Dividend Index, while IQSI tracks IQ Candriam ESG International Equity Index. They also come from different issuers: Northern Trust and New York Life. Their fees differ too: 0.47% for IQDF and 0.15% for IQSI.

Which has better risk-adjusted returns?

IQDF currently has the higher Sharpe Ratio (2.24 vs 1.27), 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.