FNDA vs. SMLF

Last updated Apr 4, 2026

Compare and contrast key facts about Schwab Fundamental US Small Co. Index ETF (FNDA) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF).

FNDA and SMLF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNDA is a passively managed fund by Charles Schwab that tracks the performance of the Russell RAFI Small Company US. It was launched on Aug 15, 2013. SMLF is a passively managed fund by iShares that tracks the performance of the MSCI USA Small Cap Diversified Multi-Factor. It was launched on Apr 28, 2015. Both FNDA and SMLF 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

FNDA vs. SMLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental US Small Co. Index ETF (FNDA) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). The values are adjusted to include any dividend payments, if applicable.

FNDA vs. SMLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDA Schwab Fundamental US Small Co. Index ETF	4.22%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	2.07%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%

Returns By Period

In the year-to-date period, FNDA achieves a 4.22% return, which is significantly higher than SMLF's 2.07% return. Over the past 10 years, FNDA has underperformed SMLF with an annualized return of 10.25%, while SMLF has yielded a comparatively higher 11.42% annualized return.

FNDA

• 1D: 0.46%
• 1M: -4.45%
• YTD: 4.22%
• 6M: 4.99%
• 1Y: 28.03%
• 3Y*: 12.02%
• 5Y*: 6.47%
• 10Y*: 10.25%

SMLF

• 1D: 0.25%
• 1M: -2.90%
• YTD: 2.07%
• 6M: 2.18%
• 1Y: 30.63%
• 3Y*: 15.56%
• 5Y*: 8.76%
• 10Y*: 11.42%

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

FNDA vs. SMLF - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is lower than SMLF's 0.30% expense ratio.

SMLF

iShares MSCI USA Small-Cap Multifactor ETF

FNDA

Schwab Fundamental US Small Co. Index ETF

Return for Risk

FNDA vs. SMLF — Risk / Return Rank

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

FNDA

FNDA Risk / Return Rank: 44
FNDA Sharpe Ratio Rank: 44
FNDA Sortino Ratio Rank: 47
FNDA Omega Ratio Rank: 42
FNDA Calmar Ratio Rank: 43
FNDA Martin Ratio Rank: 44

SMLF

SMLF Risk / Return Rank: 51
SMLF Sharpe Ratio Rank: 49
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 49
SMLF Martin Ratio Rank: 55

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. SMLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental US Small Co. Index ETF (FNDA) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.

	FNDA	SMLF	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.95	-0.08
Sortino ratio Return per unit of downside risk	1.36	1.46	-0.10
Omega ratio Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio Return relative to maximum drawdown	1.44	1.61	-0.17
Martin ratio Return relative to average drawdown	5.45	6.90	-1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDA vs. SMLF - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 0.87, which is comparable to the SMLF Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FNDA and SMLF, 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

	FNDA	SMLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.95	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.42	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.53	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.49	-0.03

Correlation

The correlation between FNDA and SMLF is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FNDA vs. SMLF - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.20%, more than SMLF's 1.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental US Small Co. Index ETF	1.20%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.16%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%

Drawdowns

FNDA vs. SMLF - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for FNDA and SMLF.

Drawdown Indicators

	FNDA	SMLF	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-41.89%	-2.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.71%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-26.28%	+0.36%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-41.89%	-2.75%
Current Drawdown Current decline from peak	-5.95%	-4.74%	-1.21%
Average Drawdown Average peak-to-trough decline	-6.76%	-6.68%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.41%	+0.40%

Volatility

FNDA vs. SMLF - Volatility Comparison

The current volatility for Schwab Fundamental US Small Co. Index ETF (FNDA) is 6.34%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 6.97%. This indicates that FNDA experiences smaller price fluctuations and is considered to be less risky than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDA	SMLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	6.97%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	12.76%	13.38%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	22.05%	22.68%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.00%	21.12%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	21.74%	+0.61%