FEDM vs NMS

Comparison between FLEXSHARES ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND (FEDM, ETF) and Nuveen Minnesota Quality Municipal Income Fund (NMS, ETF).

5-Year PerformanceFEDM has outperformed NMS, delivering a return of +7.8% compared to +0.8%

FEDM vs NMS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	FEDM(ETF)	NMS(ETF)
Net Assets	$76M	$76M
Expense Ratio	0.12%	N/A
Max Drawdown	31.30%	47.88%
Sharpe Ratio	0.89	1.46
5Y Beta	0.71	0.05
5Y Dividends CAGR	N/A	6.98%

Net Assets

Winner

FEDM

$76M

NMS

$76M

Expense Ratio

FEDM

0.12%

NMS

N/A

Max Drawdown

Winner

FEDM

31.30%

NMS

47.88%

Sharpe Ratio

FEDM

0.89

Winner

NMS

1.46

5Y Beta

FEDM

0.71

Winner

NMS

0.05

5Y Dividends CAGR

FEDM

N/A

NMS

6.98%

FEDM vs NMS - Historical Returns

Returns include dividend reinvestment.

Period	FEDM	NMS
1 month	+1.16%	+2.41%
3 months	+3.77%	+2.73%
6 months	+6.22%	+7.10%
1 year	+18.27%	+16.71%
5 years(CAGR)	+7.76%	+0.76%
10 years(CAGR)	N/A	+1.72%
Max(CAGR)	+7.76%	+3.30%

FEDM

+1.16%

Winner

NMS

+2.41%

Winner

FEDM

+3.77%

NMS

+2.73%

FEDM

+6.22%

Winner

NMS

+7.10%

Winner

FEDM

+18.27%

NMS

+16.71%

5Y(CAGR)

Winner

FEDM

+7.76%

NMS

+0.76%

10Y(CAGR)

FEDM

N/A

NMS

+1.72%

Max(CAGR)

Winner

FEDM

+7.76%

NMS

+3.30%

FEDM vs NMS - Annual Returns (2014 - 2026)

Returns include dividend reinvestment.

Year	FEDM	NMS
2026	+7.21%	+8.35%
2025	+27.64%	+2.31%
2024	+4.06%	+18.82%
2023	+16.79%	-0.21%
2022	-15.61%	-22.04%
2021	+1.88%	+6.60%
2020	N/A	+7.38%
2019	N/A	+23.39%
2018	N/A	-12.96%
2017	N/A	-4.05%
2016	N/A	+12.86%
2015	N/A	+6.24%
2014	N/A	-3.37%

FEDM vs NMS Drawdown Comparison

The maximum drawdown for FEDM was -29.36%, occurring on Sep 27, 2022. Recovery took 583 trading sessions.

The maximum drawdown for NMS was -38.76%, occurring on Oct 25, 2023. This drawdown has not yet recovered.

The current FEDM drawdown is -0.55%. The current NMS drawdown is -2.79%.

Rank	FEDM	NMS
#1	-29.36% Nov 8, 2021 - Mar 6, 2024	-38.76% Sep 16, 2021 - Oct 25, 2023
#2	-14.24% Sep 26, 2024 - May 2, 2025	-25.42% Sep 30, 2016 - Aug 11, 2020
#3	-11.91% Feb 25, 2026 - Jul 6, 2026	-7.35% Aug 19, 2020 - Oct 27, 2020
#4	-7.09% Jul 12, 2024 - Aug 21, 2024	-7.31% Mar 18, 2015 - Jan 29, 2016
#5	-4.97% Oct 21, 2025 - Dec 23, 2025	-6.32% Nov 6, 2014 - Jan 27, 2015
#6	-4.87% Mar 27, 2024 - May 9, 2024	-5.93% Jun 23, 2021 - Sep 14, 2021
#7	-4.41% Jul 23, 2025 - Aug 18, 2025	-5.58% Oct 15, 2014 - Nov 6, 2014
#8	-3.77% Sep 23, 2021 - Oct 20, 2021	-5.15% May 4, 2021 - Jun 23, 2021
#9	-3.66% Jun 6, 2024 - Jul 10, 2024	-4.27% Aug 15, 2016 - Sep 30, 2016
#10	-3.18% Aug 30, 2024 - Sep 19, 2024	-4.04% Apr 13, 2016 - Jun 6, 2016
#11	-3.17% Oct 6, 2025 - Oct 15, 2025	-4.00% Jul 6, 2016 - Aug 5, 2016
#12	-2.80% Jun 12, 2025 - Jun 30, 2025	-3.76% Jun 17, 2016 - Jul 6, 2016
#13	-2.79% Aug 22, 2025 - Sep 11, 2025	-3.60% Oct 27, 2020 - Nov 17, 2020
#14	-2.33% May 15, 2024 - Jun 5, 2024	-3.53% Feb 11, 2021 - Apr 14, 2021
#15	-2.20% Jan 12, 2026 - Jan 26, 2026	-2.67% Feb 11, 2016 - Feb 25, 2016

Correlation

Correlation between FEDM and NMS is 0.49 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.49

-101

Dividend Comparison (2014 - 2026)

FEDM vs NMS dividend yield comparison.

Year	FEDM	NMS
2026	1.67%	3.75%
2025	2.97%	7.29%
2024	2.94%	6.05%
2023	2.61%	4.03%
2022	2.53%	5.24%
2021	0.62%	4.19%
2020	0.00%	3.93%
2019	0.00%	4.05%
2018	0.00%	5.52%
2017	0.00%	5.20%
2016	0.00%	4.68%
2015	0.00%	5.60%
2014	0.00%	0.96%