FNDB vs. FNDX

Last updated Jun 24, 2026

FNDB (Schwab Fundamental U.S. Broad Market Index ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds from Charles Schwab - FNDB tracks the RAFI Fundamental High Liquidity US All Index while FNDX tracks the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 10 years, FNDB returned 14.26%/yr vs 14.48%/yr for FNDX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

FNDB vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Broad Market Index ETF (FNDB) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FNDB having a 14.40% return and FNDX slightly lower at 14.31%. Both investments have delivered pretty close results over the past 10 years, with FNDB having a 14.26% annualized return and FNDX not far ahead at 14.48%.

FNDB

• 1D: -0.46%
• 1M: 0.73%
• YTD: 14.40%
• 6M: 13.78%
• 1Y: 30.50%
• 3Y*: 20.08%
• 5Y*: 12.79%
• 10Y*: 14.26%

FNDX

• 1D: -0.42%
• 1M: 0.52%
• YTD: 14.31%
• 6M: 13.73%
• 1Y: 30.33%
• 3Y*: 20.33%
• 5Y*: 13.24%
• 10Y*: 14.48%

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

FNDB vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDB Schwab Fundamental U.S. Broad Market Index ETF	14.40%	16.23%	16.25%	18.42%	-7.53%	31.55%	9.40%	28.88%	-8.20%	16.94%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.31%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between FNDB and FNDX is 0.99 - 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	0.99
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	0.99
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.98

The correlation between FNDB and FNDX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

FNDB vs. FNDX - Sectors Allocation Comparison

Sectors	FNDB	FNDX
Technology	20.8%	22.1%
Financial Services	12.7%	13.3%
Healthcare	11.9%	11.9%
Industrials	10.0%	9.1%
Energy	9.3%	9.3%
Consumer Cyclical	9.2%	9.1%
Communication Services	8.9%	9.9%
Consumer Defensive	6.9%	7.0%
Basic Materials	3.7%	3.6%
Utilities	3.0%	3.0%
Real Estate	2.2%	1.7%

Return for Risk

FNDB vs. FNDX — Risk / Return Rank

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

FNDB

FNDB Risk / Return Rank: 88
FNDB Sharpe Ratio Rank: 88
FNDB Sortino Ratio Rank: 89
FNDB Omega Ratio Rank: 87
FNDB Calmar Ratio Rank: 87
FNDB Martin Ratio Rank: 88

FNDX

FNDX Risk / Return Rank: 89
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 89
FNDX Calmar Ratio Rank: 88
FNDX Martin Ratio Rank: 89

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.

FNDB vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Broad Market Index ETF (FNDB) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	FNDB	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.92	-0.12
Sortino ratio: Return per unit of downside risk	3.89	4.05	-0.16
Omega ratio: Gain probability vs. loss probability	1.51	1.53	-0.02
Calmar ratio: Return relative to maximum drawdown	4.87	5.02	-0.15
Martin ratio: Return relative to average drawdown	18.52	19.42	-0.90

FNDB vs. FNDX - Sharpe Ratio Comparison

The current FNDB Sharpe Ratio is 2.80, which is comparable to the FNDX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of FNDB and FNDX, 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

FNDB vs. FNDX - Drawdown Comparison

The maximum FNDB drawdown since its inception was -38.17%, roughly equal to the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for FNDB and FNDX.

Drawdown Indicators

	FNDB	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-38.17%	-37.72%	-0.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-6.06%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-16.30%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-19.29%	-19.06%	-0.23%
Max Drawdown (10Y) Largest decline over 10 years	-38.17%	-37.72%	-0.45%
Current Drawdown Current decline from peak	-1.46%	-1.43%	-0.03%
Average Drawdown Average peak-to-trough decline	-3.65%	-3.55%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	1.57%	+0.08%

Volatility

FNDB vs. FNDX - Volatility Comparison

Schwab Fundamental U.S. Broad Market Index ETF (FNDB) and Schwab Fundamental U.S. Large Company Index ETF (FNDX) have volatilities of 3.38% and 3.33%, 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

	FNDB	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	3.33%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	7.63%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	10.47%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	15.18%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	17.48%	-0.02%

FNDB vs. FNDX - Expense Ratio Comparison

Both FNDB and FNDX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FNDB vs. FNDX - Dividend Comparison

FNDB's dividend yield for the trailing twelve months is around 1.44%, which matches FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDB Schwab Fundamental U.S. Broad Market Index ETF	1.44%	1.62%	1.74%	1.80%	1.98%	1.63%	2.15%	2.23%	2.41%	1.91%	2.06%	2.26%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FNDB and FNDX in my portfolio?

With a correlation of 0.99, FNDB and FNDX 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, FNDB or FNDX?

FNDB has higher volatility (3.38%) compared to FNDX (3.33%). In terms of maximum drawdown, FNDB dropped -38.17% vs FNDX's -37.72%.

Which ETF is better, FNDB or FNDX?

On 10-year performance, FNDX leads with 14.48% vs 14.26% for FNDB. Both ETFs have the same 0.25% expense ratio. 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, FNDB or FNDX?

Over the 10-year period, FNDX has performed better with a 14.48% return vs 14.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDB or FNDX?

FNDB and FNDX have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, FNDB or FNDX?

FNDX has the higher dividend yield at 1.45%, compared with 1.44% for FNDB.

What is the main difference between FNDB and FNDX?

FNDB tracks RAFI Fundamental High Liquidity US All Index, while FNDX tracks RAFI Fundamental High Liquidity US Large Index.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (2.92 vs 2.80), 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.