FNDA vs. SMH

Last updated Jun 16, 2026

FNDA (Schwab Fundamental US Small Co. Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FNDA is a Small Cap Blend Equities fund tracking the Russell RAFI Small Company US, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, FNDA returned 11.33%/yr vs 38.18%/yr for SMH. A 0.62 correlation means they provide meaningful diversification when combined. FNDA charges 0.25%/yr vs 0.35%/yr for SMH.

Performance

FNDA vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental US Small Co. Index ETF (FNDA) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDA achieves a 18.37% return, which is significantly lower than SMH's 79.69% return. Over the past 10 years, FNDA has underperformed SMH with an annualized return of 11.33%, while SMH has yielded a comparatively higher 38.18% annualized return.

FNDA

• 1D: 0.05%
• 1M: 6.71%
• YTD: 18.37%
• 6M: 16.02%
• 1Y: 35.48%
• 3Y*: 15.76%
• 5Y*: 7.73%
• 10Y*: 11.33%

SMH

• 1D: 4.38%
• 1M: 16.31%
• YTD: 79.69%
• 6M: 83.94%
• 1Y: 152.58%
• 3Y*: 62.32%
• 5Y*: 39.72%
• 10Y*: 38.18%

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

FNDA vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDA Schwab Fundamental US Small Co. Index ETF	18.37%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%
SMH VanEck Semiconductor ETF	79.69%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FNDA and SMH is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.62

The correlation between FNDA and SMH has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

FNDA vs. SMH - Sectors Allocation Comparison

Sectors	FNDA	SMH
Industrials	19.3%	-
Technology	16.2%	100.0%
Financial Services	14.1%	-
Consumer Cyclical	12.2%	-
Real Estate	9.8%	-
Healthcare	7.1%	-
Energy	5.5%	-
Basic Materials	5.2%	-
Communication Services	4.0%	-
Consumer Defensive	3.9%	-
Utilities	2.7%	-

Return for Risk

FNDA vs. SMH — Risk / Return Rank

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

FNDA

FNDA Risk / Return Rank: 72
FNDA Sharpe Ratio Rank: 70
FNDA Sortino Ratio Rank: 72
FNDA Omega Ratio Rank: 65
FNDA Calmar Ratio Rank: 80
FNDA Martin Ratio Rank: 72

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

FNDA vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental US Small Co. Index ETF (FNDA) and VanEck Semiconductor ETF (SMH). 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.

	FNDA	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.06	4.61	-2.55
Sortino ratio: Return per unit of downside risk	2.93	4.60	-1.67
Omega ratio: Gain probability vs. loss probability	1.35	1.65	-0.30
Calmar ratio: Return relative to maximum drawdown	3.81	10.28	-6.48
Martin ratio: Return relative to average drawdown	12.33	37.77	-25.44

FNDA vs. SMH - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 2.06, which is lower than the SMH Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of FNDA and SMH, 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

FNDA vs. SMH - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FNDA and SMH.

Drawdown Indicators

	FNDA	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-84.96%	+40.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-14.93%	+5.57%
Max Drawdown (3Y) Largest decline over 3 years	-25.92%	-35.74%	+9.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-45.30%	+19.38%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-45.30%	+0.66%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.68%	-41.04%	+34.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	4.06%	-1.18%

Volatility

FNDA vs. SMH - Volatility Comparison

The current volatility for Schwab Fundamental US Small Co. Index ETF (FNDA) is 5.14%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.71%. This indicates that FNDA experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDA	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	16.71%	-11.57%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	27.97%	-15.87%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	33.39%	-16.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	35.53%	-14.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	32.86%	-10.46%

FNDA vs. SMH - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

FNDA vs. SMH - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.06%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental US Small Co. Index ETF	1.06%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both FNDA and SMH in my portfolio?

FNDA and SMH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDA or SMH?

SMH has higher volatility (16.71%) compared to FNDA (5.14%). In terms of maximum drawdown, FNDA dropped -44.64% vs SMH's -84.96%.

Which ETF is better, FNDA or SMH?

On 10-year performance, SMH leads with 38.18% vs 11.33% for FNDA. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDA or SMH?

Over the 10-year period, SMH has performed better with a 38.18% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDA or SMH?

FNDA is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.

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

FNDA has the higher dividend yield at 1.06%, compared with 0.17% for SMH.

What is the main difference between FNDA and SMH?

FNDA is categorized as Small Cap Blend Equities, while SMH is Semiconductors. FNDA tracks Russell RAFI Small Company US, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Charles Schwab and VanEck. Their fees differ too: 0.25% for FNDA and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.61 vs 2.06), 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.