FNDA vs. SPY

Last updated Aug 4, 2026

FNDA (Schwab Fundamental U.S. Small Company ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FNDA returned 10.85%/yr vs 15.09%/yr for SPY. Their correlation of 0.81 means they have usually moved in the same direction. FNDA charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

FNDA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Small Company ETF (FNDA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDA achieves a 20.40% return, which is significantly higher than SPY's 11.70% return. Over the past 10 years, FNDA has underperformed SPY with an annualized return of 10.85%, while SPY has yielded a comparatively higher 15.09% annualized return.

FNDA

• 1D: 1.63%
• 1M: 0.40%
• 6M: 12.61%
• YTD: 20.40%
• 1Y: 33.05%
• 3Y*: 14.30%
• 5Y*: 9.29%
• 10Y*: 10.85%
• ALL TIME*: 10.47%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

*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)
FNDA Schwab Fundamental U.S. Small Company ETF	$15.68M	$15.22M	$42.48M
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

FNDA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDA Schwab Fundamental U.S. Small Company ETF	20.40%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FNDA and SPY is 0.71, 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.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.81

The correlation between FNDA and SPY shifts across timeframes, from 0.71 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

FNDA vs. SPY - Sectors Allocation Comparison

Sectors	FNDA	SPY
Industrials	18.6%	7.6%
Financial Services	15.5%	12.5%
Technology	14.6%	36.9%
Consumer Cyclical	11.7%	8.9%
Real Estate	10.2%	2.0%
Healthcare	7.7%	9.4%
Energy	5.6%	3.4%
Basic Materials	5.1%	1.9%
Consumer Defensive	4.2%	4.8%
Communication Services	3.8%	9.7%
Utilities	2.7%	2.6%

Return for Risk

FNDA vs. SPY — Risk / Return Rank

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

FNDA

FNDA Risk / Return Rank: 83
FNDA Sharpe Ratio Rank: 82
FNDA Sortino Ratio Rank: 84
FNDA Omega Ratio Rank: 79
FNDA Calmar Ratio Rank: 87
FNDA Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

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.

FNDA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Small Company ETF (FNDA) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.82	+0.14
Sortino ratio: Return per unit of downside risk	2.84	2.50	+0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.55	2.62	+0.92
Martin ratio: Return relative to average drawdown	11.61	11.20	+0.42

FNDA vs. SPY - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 1.96, which is comparable to the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of FNDA and SPY, 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. SPY - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FNDA and SPY.

Drawdown Indicators

	FNDA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-55.19%	+10.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.88%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-25.92%	-18.76%	-7.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-24.50%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-33.72%	-10.92%
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-6.62%	-9.01%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.08%	+0.77%

Volatility

FNDA vs. SPY - Volatility Comparison

Schwab Fundamental U.S. Small Company ETF (FNDA) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.72% and 3.84%, 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	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.84%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	10.23%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.98%	12.87%	+4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	17.19%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	17.96%	+4.36%

FNDA vs. SPY - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.10%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental U.S. Small Company ETF	1.10%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
SPY State Street SPDR S&P 500 ETF	0.99%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FNDA and SPY in my portfolio?

FNDA and SPY have a correlation of 0.71, 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 SPY?

SPY has higher volatility (3.84%) compared to FNDA (3.72%). In terms of maximum drawdown, FNDA dropped -44.64% vs SPY's -55.19%.

Which ETF is better, FNDA or SPY?

On 10-year performance, SPY leads with 15.09% vs 10.85% for FNDA. On fees, SPY is cheaper at 0.09% per year. On volatility, FNDA has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDA or SPY?

Over the 10-year period, SPY has performed better with a 15.09% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for FNDA.

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

FNDA has the higher dividend yield at 1.10%, compared with 0.99% for SPY.

What is the main difference between FNDA and SPY?

FNDA is categorized as Small Cap Blend Equities, while SPY is S&P 500. FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index, while SPY tracks S&P 500 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.25% for FNDA and 0.09% for SPY.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.96 vs 1.82), 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.