FEMS vs. FNDF

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and Schwab Fundamental International Large Company Index ETF (FNDF).

FEMS and FNDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEMS is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Small Cap Index. It was launched on Feb 15, 2012. FNDF is a passively managed fund by Charles Schwab that tracks the performance of the Russell Fundamental Developed ex-U.S. Large Company Index. It was launched on Aug 15, 2013. Both FEMS and FNDF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FEMS vs. FNDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and Schwab Fundamental International Large Company Index ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

FEMS vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund	8.94%	16.48%	1.88%	3.55%	1.85%	3.76%	7.85%	28.88%	-22.63%	49.02%
FNDF Schwab Fundamental International Large Company Index ETF	8.23%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%

Returns By Period

In the year-to-date period, FEMS achieves a 8.94% return, which is significantly higher than FNDF's 8.23% return. Over the past 10 years, FEMS has underperformed FNDF with an annualized return of 9.00%, while FNDF has yielded a comparatively higher 11.09% annualized return.

FEMS

• 1D: 2.29%
• 1M: -4.09%
• YTD: 8.94%
• 6M: 5.39%
• 1Y: 28.47%
• 3Y*: 11.79%
• 5Y*: 5.54%
• 10Y*: 9.00%

FNDF

• 1D: 2.95%
• 1M: -7.26%
• YTD: 8.23%
• 6M: 17.33%
• 1Y: 40.22%
• 3Y*: 20.38%
• 5Y*: 12.44%
• 10Y*: 11.09%

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

FEMS vs. FNDF - Expense Ratio Comparison

FEMS has a 0.80% expense ratio, which is higher than FNDF's 0.25% expense ratio.

FEMS

First Trust Emerging Markets Small Cap AlphaDEX Fund

FNDF

Schwab Fundamental International Large Company Index ETF

Return for Risk

FEMS vs. FNDF — Risk / Return Rank

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

FEMS

FEMS Risk / Return Rank: 80
FEMS Sharpe Ratio Rank: 83
FEMS Sortino Ratio Rank: 83
FEMS Omega Ratio Rank: 82
FEMS Calmar Ratio Rank: 77
FEMS Martin Ratio Rank: 76

FNDF

FNDF Risk / Return Rank: 95
FNDF Sharpe Ratio Rank: 95
FNDF Sortino Ratio Rank: 95
FNDF Omega Ratio Rank: 95
FNDF Calmar Ratio Rank: 94
FNDF Martin Ratio Rank: 94

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.

FEMS vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and Schwab Fundamental International Large Company Index ETF (FNDF). 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.

	FEMS	FNDF	Difference
Sharpe ratio Return per unit of total volatility	1.63	2.31	-0.68
Sortino ratio Return per unit of downside risk	2.17	3.02	-0.85
Omega ratio Gain probability vs. loss probability	1.32	1.46	-0.15
Calmar ratio Return relative to maximum drawdown	2.05	3.52	-1.47
Martin ratio Return relative to average drawdown	8.00	13.78	-5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMS vs. FNDF - Sharpe Ratio Comparison

The current FEMS Sharpe Ratio is 1.63, which is comparable to the FNDF Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FEMS and FNDF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FEMS	FNDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	2.31	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.78	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.63	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.49	-0.22

Correlation

The correlation between FEMS and FNDF is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FEMS vs. FNDF - Dividend Comparison

FEMS's dividend yield for the trailing twelve months is around 4.40%, more than FNDF's 3.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund	4.40%	4.27%	3.97%	4.65%	4.55%	6.25%	2.90%	4.37%	4.68%	3.39%	2.42%	3.28%
FNDF Schwab Fundamental International Large Company Index ETF	3.18%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%

Drawdowns

FEMS vs. FNDF - Drawdown Comparison

The maximum FEMS drawdown since its inception was -47.85%, which is greater than FNDF's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for FEMS and FNDF.

Drawdown Indicators

	FEMS	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-47.85%	-40.14%	-7.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-11.08%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.40%	-25.56%	-4.84%
Max Drawdown (10Y) Largest decline over 10 years	-47.85%	-40.14%	-7.71%
Current Drawdown Current decline from peak	-4.54%	-7.26%	+2.72%
Average Drawdown Average peak-to-trough decline	-17.59%	-7.72%	-9.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.83%	+0.57%

Volatility

FEMS vs. FNDF - Volatility Comparison

First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and Schwab Fundamental International Large Company Index ETF (FNDF) have volatilities of 7.87% and 8.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMS	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	8.06%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	11.42%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.58%	17.50%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	16.05%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.97%	17.64%	+2.33%