FNDA vs. SPSM

Last updated Jun 25, 2026

FNDA (Schwab Fundamental US Small Co. Index ETF) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both Small Cap Blend Equities funds - FNDA tracks the Russell RAFI Small Company US while SPSM tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, FNDA returned 11.49%/yr vs 11.60%/yr for SPSM. With a 0.96 correlation, they move nearly in lockstep. FNDA charges 0.25%/yr vs 0.03%/yr for SPSM.

Performance

FNDA vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental US Small Co. Index ETF (FNDA) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDA achieves a 17.96% return, which is significantly lower than SPSM's 20.66% return. Both investments have delivered pretty close results over the past 10 years, with FNDA having a 11.49% annualized return and SPSM not far ahead at 11.60%.

FNDA

• 1D: 0.79%
• 1M: 3.92%
• YTD: 17.96%
• 6M: 15.68%
• 1Y: 31.65%
• 3Y*: 16.90%
• 5Y*: 7.55%
• 10Y*: 11.49%

SPSM

• 1D: 1.12%
• 1M: 5.43%
• YTD: 20.66%
• 6M: 17.75%
• 1Y: 34.79%
• 3Y*: 16.69%
• 5Y*: 6.58%
• 10Y*: 11.60%

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

FNDA vs. SPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDA Schwab Fundamental US Small Co. Index ETF	17.96%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	20.66%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%

Correlation

The correlation between FNDA and SPSM is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.96

The correlation between FNDA and SPSM has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

FNDA vs. SPSM - Sectors Allocation Comparison

Sectors	FNDA	SPSM
Industrials	19.3%	15.2%
Technology	16.2%	17.1%
Financial Services	14.1%	16.5%
Consumer Cyclical	12.2%	13.1%
Real Estate	9.8%	7.6%
Healthcare	7.1%	11.0%
Energy	5.5%	5.4%
Basic Materials	5.2%	5.0%
Communication Services	4.0%	3.7%
Consumer Defensive	3.9%	3.6%
Utilities	2.7%	1.9%

Return for Risk

FNDA vs. SPSM — Risk / Return Rank

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

FNDA

FNDA Risk / Return Rank: 65
FNDA Sharpe Ratio Rank: 61
FNDA Sortino Ratio Rank: 65
FNDA Omega Ratio Rank: 57
FNDA Calmar Ratio Rank: 74
FNDA Martin Ratio Rank: 67

SPSM

SPSM Risk / Return Rank: 73
SPSM Sharpe Ratio Rank: 68
SPSM Sortino Ratio Rank: 71
SPSM Omega Ratio Rank: 63
SPSM Calmar Ratio Rank: 83
SPSM Martin Ratio Rank: 78

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. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental US Small Co. Index ETF (FNDA) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.98	-0.15
Sortino ratio: Return per unit of downside risk	2.65	2.86	-0.21
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.40	4.01	-0.61
Martin ratio: Return relative to average drawdown	10.99	13.53	-2.54

FNDA vs. SPSM - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 1.83, which is comparable to the SPSM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FNDA and SPSM, 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. SPSM - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, roughly equal to the maximum SPSM drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for FNDA and SPSM.

Drawdown Indicators

	FNDA	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-42.89%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.72%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-25.92%	-27.94%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-27.94%	+2.02%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-42.89%	-1.75%
Current Drawdown Current decline from peak	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-6.67%	-7.89%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.58%	+0.31%

Volatility

FNDA vs. SPSM - Volatility Comparison

Schwab Fundamental US Small Co. Index ETF (FNDA) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) have volatilities of 4.97% and 4.98%, 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

	FNDA	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.98%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	12.08%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	17.64%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	21.42%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	22.99%	-0.63%

FNDA vs. SPSM - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is higher than SPSM's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNDA vs. SPSM - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.06%, less than SPSM's 1.40% 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%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.40%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both FNDA and SPSM in my portfolio?

With a correlation of 0.98, FNDA and SPSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNDA or SPSM?

SPSM has higher volatility (4.98%) compared to FNDA (4.97%). In terms of maximum drawdown, FNDA dropped -44.64% vs SPSM's -42.89%.

Which ETF is better, FNDA or SPSM?

On 10-year performance, SPSM leads with 11.60% vs 11.49% for FNDA. On fees, SPSM is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDA or SPSM?

Over the 10-year period, SPSM has performed better with a 11.60% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDA or SPSM?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.25% for FNDA.

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

SPSM has the higher dividend yield at 1.40%, compared with 1.06% for FNDA.

What is the main difference between FNDA and SPSM?

FNDA tracks Russell RAFI Small Company US, while SPSM tracks S&P SmallCap 600 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.25% for FNDA and 0.03% for SPSM.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.98 vs 1.83), 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.