Sed/awk to tell differences between two lists

Greetings all, I have two output lists from a log that I am working with. Below are the examples. except, the lists are in the thousands.

list1.out


FEA1234
FEA4343
FEA3453
FEA3413
FEA34A3
FEA3433
....

list2.out


FEA1235
FEA4343
FEA3323
FEA3413
FEA34A3
FEA3433
....

I need to be able to find the differences in the list, and output things that are in list one, and not in list two, and vice versa, and somewhat easily identify them. I tried doing this a few different ways in excel with no luck. Wondering if I can use sed/awk or some other type of bash utility to accomplish this. I may also be overthinking this.

Thanks in advance.

Have you tried:

diff list1.out list2.out

or

diff -y list1.out list2.out
awk '
{files[FILENAME]; list[$0]; items[$0, FILENAME]=$0;}
END {
for (file in files) printf "%-15s", file FS;
print "";
for (item in list) {
for (file in files) printf "%-15s", items[item, file] FS;
print "";
}
}' list*
comm <(sort file1) <(sort file2)
FEA1234
         FEA1235
         FEA3323
                 FEA3413
                 FEA3433
FEA3453
                 FEA34A3
                 FEA4343
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