EFNL vs. FNDA

Last updated Aug 2, 2026

EFNL (iShares MSCI Finland ETF) and FNDA (Schwab Fundamental U.S. Small Company ETF) are both exchange-traded funds - EFNL is a Europe Equities fund tracking the MSCI Finland IMI 25/50 Index, while FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Over the past 10 years, EFNL returned 8.71%/yr vs 10.90%/yr for FNDA. Their 0.58 correlation means they have sometimes moved together and sometimes differently. EFNL charges 0.53%/yr vs 0.25%/yr for FNDA.

Performance

EFNL vs. FNDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Finland ETF (EFNL) and Schwab Fundamental U.S. Small Company ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFNL achieves a 9.24% return, which is significantly lower than FNDA's 18.48% return. Over the past 10 years, EFNL has underperformed FNDA with an annualized return of 8.71%, while FNDA has yielded a comparatively higher 10.90% annualized return.

EFNL

• 1D: -0.09%
• 1M: -0.57%
• 6M: 6.20%
• YTD: 9.24%
• 1Y: 30.08%
• 3Y*: 18.45%
• 5Y*: 3.99%
• 10Y*: 8.71%
• ALL TIME*: 8.58%

FNDA

• 1D: -0.09%
• 1M: -1.21%
• 6M: 11.94%
• YTD: 18.48%
• 1Y: 30.92%
• 3Y*: 13.16%
• 5Y*: 8.52%
• 10Y*: 10.90%
• ALL TIME*: 10.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EFNL iShares MSCI Finland ETF	$520.43K	$2.79M	$3.90M
FNDA Schwab Fundamental U.S. Small Company ETF	$15.42M	$15.07M	$42.17M

EFNL vs. FNDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFNL iShares MSCI Finland ETF	9.24%	53.59%	-5.28%	-0.12%	-17.29%	10.50%	20.19%	13.64%	-6.86%	23.77%
FNDA Schwab Fundamental U.S. Small Company ETF	18.48%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%

Correlation

The correlation between EFNL and FNDA is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.58

The correlation between EFNL and FNDA has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

EFNL vs. FNDA - Sectors Allocation Comparison

Sectors	EFNL	FNDA
Financial Services	28.6%	15.5%
Industrials	21.0%	18.6%
Technology	16.4%	14.6%
Basic Materials	9.7%	5.1%
Energy	5.0%	5.6%
Consumer Cyclical	4.4%	11.7%
Healthcare	4.4%	7.7%
Utilities	3.8%	2.7%
Consumer Defensive	3.2%	4.2%
Communication Services	2.3%	3.8%
Real Estate	0.8%	10.2%

Return for Risk

EFNL vs. FNDA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EFNL

EFNL Risk / Return Rank: 66
EFNL Sharpe Ratio Rank: 70
EFNL Sortino Ratio Rank: 65
EFNL Omega Ratio Rank: 64
EFNL Calmar Ratio Rank: 72
EFNL Martin Ratio Rank: 61

FNDA

FNDA Risk / Return Rank: 78
FNDA Sharpe Ratio Rank: 75
FNDA Sortino Ratio Rank: 78
FNDA Omega Ratio Rank: 72
FNDA Calmar Ratio Rank: 83
FNDA Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EFNL vs. FNDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Finland ETF (EFNL) and Schwab Fundamental U.S. Small Company ETF (FNDA). 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.

	EFNL	FNDA	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.71	-0.12
Sortino ratio: Return per unit of downside risk	2.14	2.51	-0.36
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.52	3.10	-0.58
Martin ratio: Return relative to average drawdown	7.34	10.14	-2.80

EFNL vs. FNDA - Sharpe Ratio Comparison

The current EFNL Sharpe Ratio is 1.59, which is comparable to the FNDA Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EFNL and FNDA, 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

EFNL vs. FNDA - Drawdown Comparison

The maximum EFNL drawdown since its inception was -38.70%, smaller than the maximum FNDA drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for EFNL and FNDA.

Drawdown Indicators

	EFNL	FNDA	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-44.64%	+5.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-9.36%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-25.92%	+10.14%
Max Drawdown (5Y) Largest decline over 5 years	-38.70%	-25.92%	-12.78%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-44.64%	+5.94%
Current Drawdown Current decline from peak	-10.24%	-2.35%	-7.89%
Average Drawdown Average peak-to-trough decline	-10.90%	-6.62%	-4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.86%	+1.31%

Volatility

EFNL vs. FNDA - Volatility Comparison

iShares MSCI Finland ETF (EFNL) has a higher volatility of 5.85% compared to Schwab Fundamental U.S. Small Company ETF (FNDA) at 3.40%. This indicates that EFNL's price experiences larger fluctuations and is considered to be riskier than FNDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFNL	FNDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.40%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	11.81%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	17.02%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	20.71%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	22.31%	-2.41%

EFNL vs. FNDA - Expense Ratio Comparison

EFNL has a 0.53% expense ratio, which is higher than FNDA's 0.25% expense ratio.

Dividends

EFNL vs. FNDA - Dividend Comparison

EFNL's dividend yield for the trailing twelve months is around 1.04%, less than FNDA's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFNL iShares MSCI Finland ETF	1.04%	3.40%	5.05%	4.31%	5.94%	2.29%	2.94%	5.70%	3.83%	3.30%	2.40%	1.57%
FNDA Schwab Fundamental U.S. Small Company ETF	1.12%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%

Frequently Asked Questions

Can I hold both EFNL and FNDA in my portfolio?

EFNL and FNDA have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFNL or FNDA?

EFNL has higher volatility (5.85%) compared to FNDA (3.40%). In terms of maximum drawdown, EFNL dropped -38.70% vs FNDA's -44.64%.

Which ETF is better, EFNL or FNDA?

On 10-year performance, FNDA leads with 10.90% vs 8.71% for EFNL. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFNL or FNDA?

Over the 10-year period, FNDA has performed better with a 10.90% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFNL or FNDA?

FNDA is cheaper with a 0.25% expense ratio, compared with 0.53% for EFNL.

Which ETF pays a higher dividend yield, EFNL or FNDA?

FNDA has the higher dividend yield at 1.12%, compared with 1.04% for EFNL.

What is the main difference between EFNL and FNDA?

EFNL is categorized as Europe Equities, while FNDA is Small Cap Blend Equities. EFNL tracks MSCI Finland IMI 25/50 Index, while FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.53% for EFNL and 0.25% for FNDA.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.71 vs 1.59), 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.