FNDC vs. FNDF

Last updated Aug 4, 2026

FNDC (Schwab Fundamental International Small Equity ETF) and FNDF (Schwab Fundamental International Equity ETF) are both exchange-traded funds - FNDC is a Foreign Small & Mid Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Small Index (Net), while FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Both are passively managed. Over the past 10 years, FNDC returned 8.65%/yr vs 11.76%/yr for FNDF. Their correlation of 0.93 means they have usually moved in the same direction. FNDC charges 0.39%/yr vs 0.25%/yr for FNDF.

Performance

FNDC vs. FNDF - Performance Comparison

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

Returns By Period

In the year-to-date period, FNDC achieves a 11.89% return, which is significantly lower than FNDF's 20.34% return. Over the past 10 years, FNDC has underperformed FNDF with an annualized return of 8.65%, while FNDF has yielded a comparatively higher 11.76% annualized return.

FNDC

• 1D: 0.69%
• 1M: 1.39%
• 6M: 5.12%
• YTD: 11.89%
• 1Y: 22.97%
• 3Y*: 17.45%
• 5Y*: 7.83%
• 10Y*: 8.65%
• ALL TIME*: 7.87%

FNDF

• 1D: 0.17%
• 1M: 2.58%
• 6M: 11.58%
• YTD: 20.34%
• 1Y: 40.46%
• 3Y*: 22.54%
• 5Y*: 14.10%
• 10Y*: 11.76%
• ALL TIME*: 9.08%

*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)
FNDC Schwab Fundamental International Small Equity ETF	$3.68M	$3.93M	$9.60M
FNDF Schwab Fundamental International Equity ETF	$75.53M	$72.26M	$76.64M

FNDC vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDC Schwab Fundamental International Small Equity ETF	11.89%	35.65%	1.38%	14.92%	-14.71%	10.26%	6.58%	20.58%	-19.10%	29.22%
FNDF Schwab Fundamental International Equity ETF	20.34%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%

Correlation

The correlation between FNDC and FNDF is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.93

The correlation between FNDC and FNDF has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

FNDC vs. FNDF - Sectors Allocation Comparison

Sectors	FNDC	FNDF
Industrials	24.6%	12.8%
Consumer Cyclical	13.4%	8.2%
Financial Services	11.9%	20.2%
Basic Materials	10.2%	10.0%
Technology	9.7%	11.5%
Real Estate	7.2%	0.9%
Consumer Defensive	6.1%	6.2%
Healthcare	5.5%	6.0%
Communication Services	4.9%	3.4%
Energy	3.9%	10.6%
Utilities	2.6%	4.3%

Return for Risk

FNDC vs. FNDF — Risk / Return Rank

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

FNDC

FNDC Risk / Return Rank: 61
FNDC Sharpe Ratio Rank: 64
FNDC Sortino Ratio Rank: 65
FNDC Omega Ratio Rank: 64
FNDC Calmar Ratio Rank: 56
FNDC Martin Ratio Rank: 58

FNDF

FNDF Risk / Return Rank: 91
FNDF Sharpe Ratio Rank: 93
FNDF Sortino Ratio Rank: 91
FNDF Omega Ratio Rank: 92
FNDF Calmar Ratio Rank: 90
FNDF Martin Ratio Rank: 88

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.

FNDC vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Equity ETF (FNDC) and Schwab Fundamental International Equity ETF (FNDF). 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	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.51	-0.98
Sortino ratio: Return per unit of downside risk	2.20	3.29	-1.09
Omega ratio: Gain probability vs. loss probability	1.28	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.06	3.84	-1.78
Martin ratio: Return relative to average drawdown	7.14	13.43	-6.29

FNDC vs. FNDF - Sharpe Ratio Comparison

The current FNDC Sharpe Ratio is 1.53, which is lower than the FNDF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FNDC and FNDF, 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. FNDF - Drawdown Comparison

The maximum FNDC drawdown since its inception was -43.22%, which is greater than FNDF's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for FNDC and FNDF.

Drawdown Indicators

	FNDC	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-43.22%	-40.14%	-3.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-10.60%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-12.00%	-13.89%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-25.56%	-6.57%
Max Drawdown (10Y) Largest decline over 10 years	-43.22%	-40.14%	-3.08%
Current Drawdown Current decline from peak	-1.63%	-1.38%	-0.25%
Average Drawdown Average peak-to-trough decline	-8.38%	-7.59%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.02%	+0.21%

Volatility

FNDC vs. FNDF - Volatility Comparison

Schwab Fundamental International Small Equity ETF (FNDC) and Schwab Fundamental International Equity ETF (FNDF) have volatilities of 4.23% and 4.42%, 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

	FNDC	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	4.42%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	14.19%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	16.21%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	16.34%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	17.44%	-0.76%

FNDC vs. FNDF - Expense Ratio Comparison

FNDC has a 0.39% expense ratio, which is higher than FNDF's 0.25% expense ratio.

Dividends

FNDC vs. FNDF - Dividend Comparison

FNDC's dividend yield for the trailing twelve months is around 3.64%, more than FNDF's 3.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDC Schwab Fundamental International Small Equity ETF	3.64%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%
FNDF Schwab Fundamental International Equity ETF	3.03%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%

Frequently Asked Questions

Can I hold both FNDC and FNDF in my portfolio?

With a correlation of 0.91, FNDC and FNDF 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 FNDF?

FNDF has higher volatility (4.42%) compared to FNDC (4.23%). In terms of maximum drawdown, FNDC dropped -43.22% vs FNDF's -40.14%.

Which ETF is better, FNDC or FNDF?

On 10-year performance, FNDF leads with 11.76% vs 8.65% for FNDC. On fees, FNDF is cheaper at 0.25% per year. On volatility, FNDC has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDC or FNDF?

Over the 10-year period, FNDF has performed better with a 11.76% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDC or FNDF?

FNDF is cheaper with a 0.25% expense ratio, compared with 0.39% for FNDC.

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

FNDC has the higher dividend yield at 3.64%, compared with 3.03% for FNDF.

What is the main difference between FNDC and FNDF?

FNDC is categorized as Foreign Small & Mid Cap Equities, while FNDF is Foreign Large Cap Equities. FNDC tracks RAFI Fundamental High Liquidity Developed ex US Small Index (Net), while FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Their fees differ too: 0.39% for FNDC and 0.25% for FNDF.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.51 vs 1.53), 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.