FNDB vs. ILCV

Last updated Jun 4, 2026

FNDB (Schwab Fundamental U.S. Broad Market Index ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - FNDB tracks the RAFI Fundamental High Liquidity US All Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, FNDB returned 14.02%/yr vs 11.68%/yr for ILCV. Their correlation of 0.95 suggests significant overlap in exposure. FNDB charges 0.25%/yr vs 0.04%/yr for ILCV.

Performance

FNDB vs. ILCV - 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 iShares Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDB achieves a 14.46% return, which is significantly higher than ILCV's 7.75% return. Over the past 10 years, FNDB has outperformed ILCV with an annualized return of 14.02%, while ILCV has yielded a comparatively lower 11.68% annualized return.

FNDB

• 1D: -0.15%
• 1M: 3.71%
• YTD: 14.46%
• 6M: 14.53%
• 1Y: 32.19%
• 3Y*: 20.54%
• 5Y*: 12.39%
• 10Y*: 14.02%

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

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

FNDB vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDB Schwab Fundamental U.S. Broad Market Index ETF	14.46%	16.23%	16.25%	18.42%	-7.53%	31.55%	9.40%	28.88%	-8.20%	16.94%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between FNDB and ILCV is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.95

The correlation between FNDB and ILCV has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

FNDB vs. ILCV - Sectors Allocation Comparison

Sectors	FNDB	ILCV
Technology	18.8%	23.8%
Financial Services	14.1%	16.5%
Healthcare	11.6%	11.5%
Industrials	10.0%	8.8%
Energy	10.0%	6.0%
Communication Services	9.7%	8.0%
Consumer Cyclical	9.4%	9.5%
Consumer Defensive	7.2%	7.6%
Basic Materials	3.8%	2.4%
Utilities	3.1%	3.5%
Real Estate	2.4%	2.0%

Return for Risk

FNDB vs. ILCV — 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

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

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. ILCV - 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 iShares Morningstar Value ETF (ILCV). 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.

	FNDB	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.72	+0.30
Sortino ratio: Return per unit of downside risk	4.23	3.85	+0.38
Omega ratio: Gain probability vs. loss probability	1.55	1.50	+0.06
Calmar ratio: Return relative to maximum drawdown	5.14	4.08	+1.06
Martin ratio: Return relative to average drawdown	19.75	16.87	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDB vs. ILCV - Sharpe Ratio Comparison

The current FNDB Sharpe Ratio is 3.02, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FNDB and ILCV, 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

	FNDB	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.72	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.81	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.70	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.46	+0.33

Drawdowns

FNDB vs. ILCV - Drawdown Comparison

The maximum FNDB drawdown since its inception was -38.17%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for FNDB and ILCV.

Drawdown Indicators

	FNDB	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-38.17%	-58.63%	+20.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-6.55%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-14.95%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.29%	-18.58%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.17%	-35.53%	-2.64%
Current Drawdown Current decline from peak	-0.15%	-0.60%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.66%	-9.32%	+5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.58%	+0.05%

Volatility

FNDB vs. ILCV - Volatility Comparison

Schwab Fundamental U.S. Broad Market Index ETF (FNDB) has a higher volatility of 2.40% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that FNDB's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDB	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.01%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	7.60%	6.97%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	9.82%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	14.21%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.48%	16.66%	+0.82%

FNDB vs. ILCV - Expense Ratio Comparison

FNDB has a 0.25% expense ratio, which is higher than ILCV's 0.04% 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

FNDB vs. ILCV - Dividend Comparison

FNDB's dividend yield for the trailing twelve months is around 1.44%, less than ILCV's 1.63% 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%
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both FNDB and ILCV in my portfolio?

With a correlation of 0.94, FNDB and ILCV 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 ILCV?

FNDB has higher volatility (2.40%) compared to ILCV (2.01%). In terms of maximum drawdown, FNDB dropped -38.17% vs ILCV's -58.63%.

Which ETF is better, FNDB or ILCV?

On 10-year performance, FNDB leads with 14.02% vs 11.68% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDB or ILCV?

Over the 10-year period, FNDB has performed better with a 14.02% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDB or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.25% for FNDB.

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

ILCV has the higher dividend yield at 1.63%, compared with 1.44% for FNDB.

What is the main difference between FNDB and ILCV?

FNDB tracks RAFI Fundamental High Liquidity US All Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.25% for FNDB and 0.04% for ILCV.

Which has better risk-adjusted returns?

FNDB currently has the higher Sharpe Ratio (3.02 vs 2.72), 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.