FNDC vs. DLS

Last updated Jun 23, 2026

FNDC (Schwab Fundamental International Small Co. Index ETF) and DLS (WisdomTree International SmallCap Dividend) are both Foreign Small & Mid Cap Equities funds - FNDC tracks the Russell RAFI Small Company Developed x US while DLS tracks the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, FNDC returned 9.32%/yr vs 8.34%/yr for DLS. With a 0.95 correlation, they move nearly in lockstep. FNDC charges 0.39%/yr vs 0.58%/yr for DLS.

Performance

FNDC vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Small Co. Index ETF (FNDC) and WisdomTree International SmallCap Dividend (DLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDC achieves a 11.11% return, which is significantly higher than DLS's 6.66% return. Over the past 10 years, FNDC has outperformed DLS with an annualized return of 9.32%, while DLS has yielded a comparatively lower 8.34% annualized return.

FNDC

• 1D: -0.54%
• 1M: -0.66%
• YTD: 11.11%
• 6M: 11.31%
• 1Y: 26.81%
• 3Y*: 18.70%
• 5Y*: 7.78%
• 10Y*: 9.32%

DLS

• 1D: -0.01%
• 1M: -0.67%
• YTD: 6.66%
• 6M: 7.69%
• 1Y: 22.64%
• 3Y*: 17.89%
• 5Y*: 7.27%
• 10Y*: 8.34%

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

FNDC vs. DLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDC Schwab Fundamental International Small Co. Index ETF	11.11%	35.65%	1.38%	14.92%	-14.71%	10.26%	6.58%	20.58%	-19.10%	29.22%
DLS WisdomTree International SmallCap Dividend	6.66%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%

Correlation

The correlation between FNDC and DLS 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	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.95

The correlation between FNDC and DLS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

FNDC vs. DLS - Sectors Allocation Comparison

Sectors	FNDC	DLS
Industrials	25.3%	27.8%
Consumer Cyclical	12.9%	12.7%
Financial Services	11.4%	13.4%
Basic Materials	11.3%	9.2%
Technology	10.1%	8.9%
Real Estate	6.6%	7.6%
Consumer Defensive	6.1%	7.6%
Healthcare	4.8%	3.6%
Communication Services	4.7%	4.3%
Energy	4.1%	2.7%
Utilities	2.6%	2.0%

Return for Risk

FNDC vs. DLS — Risk / Return Rank

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

FNDC

FNDC Risk / Return Rank: 54
FNDC Sharpe Ratio Rank: 55
FNDC Sortino Ratio Rank: 55
FNDC Omega Ratio Rank: 55
FNDC Calmar Ratio Rank: 50
FNDC Martin Ratio Rank: 53

DLS

DLS Risk / Return Rank: 47
DLS Sharpe Ratio Rank: 49
DLS Sortino Ratio Rank: 50
DLS Omega Ratio Rank: 49
DLS Calmar Ratio Rank: 43
DLS Martin Ratio Rank: 46

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.

FNDC vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Co. Index ETF (FNDC) and WisdomTree International SmallCap Dividend (DLS). 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.

	FNDC	DLS	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.65	+0.17
Sortino ratio: Return per unit of downside risk	2.56	2.37	+0.19
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.40	2.06	+0.34
Martin ratio: Return relative to average drawdown	8.83	7.37	+1.46

FNDC vs. DLS - Sharpe Ratio Comparison

The current FNDC Sharpe Ratio is 1.82, which is comparable to the DLS Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FNDC and DLS, 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

FNDC vs. DLS - Drawdown Comparison

The maximum FNDC drawdown since its inception was -43.22%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for FNDC and DLS.

Drawdown Indicators

	FNDC	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-43.22%	-63.13%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-11.04%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.98%	-12.69%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-32.22%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	-43.22%	-44.77%	+1.55%
Current Drawdown Current decline from peak	-2.31%	-3.18%	+0.87%
Average Drawdown Average peak-to-trough decline	-8.42%	-13.62%	+5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.08%	-0.04%

Volatility

FNDC vs. DLS - Volatility Comparison

Schwab Fundamental International Small Co. Index ETF (FNDC) has a higher volatility of 5.11% compared to WisdomTree International SmallCap Dividend (DLS) at 4.38%. This indicates that FNDC's price experiences larger fluctuations and is considered to be riskier than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDC	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.38%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	11.49%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	13.78%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	15.62%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	16.65%	+0.16%

FNDC vs. DLS - Expense Ratio Comparison

FNDC has a 0.39% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

FNDC vs. DLS - Dividend Comparison

FNDC's dividend yield for the trailing twelve months is around 3.47%, which matches DLS's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend	3.50%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
FNDC Schwab Fundamental International Small Co. Index ETF	3.47%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%

Frequently Asked Questions

Can I hold both FNDC and DLS in my portfolio?

With a correlation of 0.94, FNDC and DLS 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, FNDC or DLS?

FNDC has higher volatility (5.11%) compared to DLS (4.38%). In terms of maximum drawdown, FNDC dropped -43.22% vs DLS's -63.13%.

Which ETF is better, FNDC or DLS?

On 10-year performance, FNDC leads with 9.32% vs 8.34% for DLS. On fees, FNDC is cheaper at 0.39% per year. On volatility, DLS has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDC or DLS?

Over the 10-year period, FNDC has performed better with a 9.32% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDC or DLS?

FNDC is cheaper with a 0.39% expense ratio, compared with 0.58% for DLS.

Which ETF pays a higher dividend yield, FNDC or DLS?

DLS has the higher dividend yield at 3.50%, compared with 3.47% for FNDC.

What is the main difference between FNDC and DLS?

FNDC tracks Russell RAFI Small Company Developed x US, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: Charles Schwab and WisdomTree. Their fees differ too: 0.39% for FNDC and 0.58% for DLS.

Which has better risk-adjusted returns?

FNDC currently has the higher Sharpe Ratio (1.82 vs 1.65), 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.