FNDC vs. FEZ

Last updated Jun 23, 2026

FNDC (Schwab Fundamental International Small Co. Index ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both exchange-traded funds - FNDC is a Foreign Small & Mid Cap Equities fund tracking the Russell RAFI Small Company Developed x US, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, FNDC returned 9.32%/yr vs 11.73%/yr for FEZ. Their correlation of 0.85 suggests significant overlap in exposure. FNDC charges 0.39%/yr vs 0.29%/yr for FEZ.

Performance

FNDC vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Small Co. Index ETF (FNDC) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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 FEZ's 8.33% return. Over the past 10 years, FNDC has underperformed FEZ with an annualized return of 9.32%, while FEZ has yielded a comparatively higher 11.73% 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%

FEZ

• 1D: -0.59%
• 1M: 3.65%
• YTD: 8.33%
• 6M: 8.58%
• 1Y: 22.55%
• 3Y*: 18.76%
• 5Y*: 11.08%
• 10Y*: 11.73%

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

FNDC vs. FEZ - 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%
FEZ State Street SPDR EURO STOXX 50 ETF	8.33%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between FNDC and FEZ is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.85

The correlation between FNDC and FEZ has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

FNDC vs. FEZ - Sectors Allocation Comparison

Sectors	FNDC	FEZ
Industrials	25.3%	19.3%
Consumer Cyclical	12.9%	9.3%
Financial Services	11.4%	23.8%
Basic Materials	11.3%	3.8%
Technology	10.1%	19.6%
Real Estate	6.6%	-
Consumer Defensive	6.1%	5.9%
Healthcare	4.8%	5.6%
Communication Services	4.7%	2.6%
Energy	4.1%	5.3%
Utilities	2.6%	5.0%

Return for Risk

FNDC vs. FEZ — 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

FEZ

FEZ Risk / Return Rank: 35
FEZ Sharpe Ratio Rank: 35
FEZ Sortino Ratio Rank: 36
FEZ Omega Ratio Rank: 34
FEZ Calmar Ratio Rank: 34
FEZ Martin Ratio Rank: 38

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. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Co. Index ETF (FNDC) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.24	+0.59
Sortino ratio: Return per unit of downside risk	2.56	1.82	+0.74
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	2.40	1.66	+0.74
Martin ratio: Return relative to average drawdown	8.83	5.66	+3.17

FNDC vs. FEZ - Sharpe Ratio Comparison

The current FNDC Sharpe Ratio is 1.82, which is higher than the FEZ Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FNDC and FEZ, 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. FEZ - Drawdown Comparison

The maximum FNDC drawdown since its inception was -43.22%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for FNDC and FEZ.

Drawdown Indicators

	FNDC	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-43.22%	-64.21%	+20.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-13.63%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-12.98%	-15.85%	+2.87%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-35.05%	+2.92%
Max Drawdown (10Y) Largest decline over 10 years	-43.22%	-39.69%	-3.53%
Current Drawdown Current decline from peak	-2.31%	-0.59%	-1.72%
Average Drawdown Average peak-to-trough decline	-8.42%	-17.04%	+8.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.99%	-0.95%

Volatility

FNDC vs. FEZ - Volatility Comparison

The current volatility for Schwab Fundamental International Small Co. Index ETF (FNDC) is 5.11%, while State Street SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.54%. This indicates that FNDC experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDC	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.54%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	15.47%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	18.35%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	20.69%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	21.07%	-4.26%

FNDC vs. FEZ - Expense Ratio Comparison

FNDC has a 0.39% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

FNDC vs. FEZ - Dividend Comparison

FNDC's dividend yield for the trailing twelve months is around 3.47%, less than FEZ's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	4.16%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
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 FEZ in my portfolio?

FNDC and FEZ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDC or FEZ?

FEZ has higher volatility (5.54%) compared to FNDC (5.11%). In terms of maximum drawdown, FNDC dropped -43.22% vs FEZ's -64.21%.

Which ETF is better, FNDC or FEZ?

On 10-year performance, FEZ leads with 11.73% vs 9.32% for FNDC. On fees, FEZ is cheaper at 0.29% per year. On volatility, FNDC has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDC or FEZ?

Over the 10-year period, FEZ has performed better with a 11.73% return vs 9.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDC or FEZ?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.39% for FNDC.

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

FEZ has the higher dividend yield at 4.16%, compared with 3.47% for FNDC.

What is the main difference between FNDC and FEZ?

FNDC is categorized as Foreign Small & Mid Cap Equities, while FEZ is Europe Equities. FNDC tracks Russell RAFI Small Company Developed x US, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.39% for FNDC and 0.29% for FEZ.

Which has better risk-adjusted returns?

FNDC currently has the higher Sharpe Ratio (1.82 vs 1.24), 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.