DFRA vs. FNDX

Last updated Jun 4, 2026

DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds - DFRA tracks the FCF Yield Enhanced Real Asset Index - Benchmark TR Net while FNDX tracks the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 3 years, DFRA returned 12.75%/yr vs 20.90%/yr for FNDX. Their correlation of 0.81 suggests significant overlap in exposure. DFRA charges 0.69%/yr vs 0.25%/yr for FNDX.

Performance

DFRA vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFRA achieves a 8.60% return, which is significantly lower than FNDX's 14.57% return.

DFRA

• 1D: -0.14%
• 1M: -2.02%
• YTD: 8.60%
• 6M: 8.04%
• 1Y: 15.09%
• 3Y*: 12.75%
• 5Y*: —
• 10Y*: —

FNDX

• 1D: -0.13%
• 1M: 3.88%
• YTD: 14.57%
• 6M: 14.58%
• 1Y: 32.32%
• 3Y*: 20.90%
• 5Y*: 12.82%
• 10Y*: 14.26%

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

DFRA vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	8.60%	6.64%	7.05%	18.89%	7.42%	3.86%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.57%	16.94%	16.77%	18.23%	-6.92%	2.91%

Correlation

The correlation between DFRA and FNDX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.81

The correlation between DFRA and FNDX has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

DFRA vs. FNDX - Sectors Allocation Comparison

Sectors	DFRA	FNDX
Industrials	35.7%	9.3%
Energy	26.3%	10.3%
Basic Materials	18.5%	3.7%
Real Estate	12.1%	1.8%
Consumer Defensive	3.2%	7.4%
Utilities	2.8%	3.2%
Technology	1.5%	19.1%
Communication Services	-	10.1%
Consumer Cyclical	-	9.2%
Financial Services	-	14.1%
Healthcare	-	12.0%

Return for Risk

DFRA vs. FNDX — Risk / Return Rank

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

DFRA

DFRA Risk / Return Rank: 29
DFRA Sharpe Ratio Rank: 29
DFRA Sortino Ratio Rank: 27
DFRA Omega Ratio Rank: 29
DFRA Calmar Ratio Rank: 27
DFRA Martin Ratio Rank: 31

FNDX

FNDX Risk / Return Rank: 90
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 89
FNDX Martin Ratio Rank: 90

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.

DFRA vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	DFRA	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	3.18	-2.15
Sortino ratio: Return per unit of downside risk	1.47	4.47	-3.00
Omega ratio: Gain probability vs. loss probability	1.19	1.59	-0.39
Calmar ratio: Return relative to maximum drawdown	1.30	5.35	-4.05
Martin ratio: Return relative to average drawdown	4.50	20.97	-16.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFRA vs. FNDX - Sharpe Ratio Comparison

The current DFRA Sharpe Ratio is 1.03, which is lower than the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of DFRA and FNDX, 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

	DFRA	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	3.18	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.79	-0.12

Drawdowns

DFRA vs. FNDX - Drawdown Comparison

The maximum DFRA drawdown since its inception was -19.35%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for DFRA and FNDX.

Drawdown Indicators

	DFRA	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-37.72%	+18.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-6.06%	-5.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-16.30%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.72%	—
Current Drawdown Current decline from peak	-7.31%	-0.13%	-7.18%
Average Drawdown Average peak-to-trough decline	-3.96%	-3.55%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.55%	+1.81%

Volatility

DFRA vs. FNDX - Volatility Comparison

Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) has a higher volatility of 4.52% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.25%. This indicates that DFRA's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFRA	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.25%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	7.25%	+5.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	10.22%	+4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	15.18%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	17.50%	+0.02%

DFRA vs. FNDX - Expense Ratio Comparison

DFRA has a 0.69% expense ratio, which is higher than FNDX's 0.25% expense ratio.

Dividends

DFRA vs. FNDX - Dividend Comparison

DFRA's dividend yield for the trailing twelve months is around 4.20%, more than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.20%	2.86%	10.13%	4.70%	8.40%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both DFRA and FNDX in my portfolio?

DFRA and FNDX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFRA or FNDX?

DFRA has higher volatility (4.52%) compared to FNDX (2.25%). In terms of maximum drawdown, DFRA dropped -19.35% vs FNDX's -37.72%.

Which ETF is better, DFRA or FNDX?

On 3-year performance, FNDX leads with 20.90% vs 12.75% for DFRA. On fees, FNDX is cheaper at 0.25% per year. On volatility, FNDX has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFRA or FNDX?

Over the 3-year period, FNDX has performed better with a 20.90% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFRA or FNDX?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.69% for DFRA.

Which ETF pays a higher dividend yield, DFRA or FNDX?

DFRA has the higher dividend yield at 4.20%, compared with 1.45% for FNDX.

What is the main difference between DFRA and FNDX?

DFRA tracks FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: Donoghue Forlines and Charles Schwab. Their fees differ too: 0.69% for DFRA and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs 1.03), 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.