FNDC vs. GWX

Last updated Jun 5, 2026

FNDC (Schwab Fundamental International Small Co. Index ETF) and GWX (SPDR S&P International Small Cap ETF) are both Foreign Small & Mid Cap Equities funds - FNDC tracks the Russell RAFI Small Company Developed x US while GWX tracks the S&P Developed Ex-U.S. Under USD2 Billion Index. Both are passively managed. Over the past 10 years, FNDC returned 8.64%/yr vs 7.61%/yr for GWX. With a 0.95 correlation, they move nearly in lockstep. FNDC charges 0.39%/yr vs 0.40%/yr for GWX.

Performance

FNDC vs. GWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Small Co. Index ETF (FNDC) and SPDR S&P International Small Cap ETF (GWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDC achieves a 11.83% return, which is significantly lower than GWX's 12.82% return. Over the past 10 years, FNDC has outperformed GWX with an annualized return of 8.64%, while GWX has yielded a comparatively lower 7.61% annualized return.

FNDC

• 1D: 0.42%
• 1M: 0.40%
• YTD: 11.83%
• 6M: 14.14%
• 1Y: 26.84%
• 3Y*: 18.52%
• 5Y*: 7.26%
• 10Y*: 8.64%

GWX

• 1D: 0.92%
• 1M: 0.17%
• YTD: 12.82%
• 6M: 15.59%
• 1Y: 31.16%
• 3Y*: 17.59%
• 5Y*: 5.81%
• 10Y*: 7.61%

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

FNDC vs. GWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDC Schwab Fundamental International Small Co. Index ETF	11.83%	35.65%	1.38%	14.92%	-14.71%	10.26%	6.58%	20.58%	-19.10%	29.22%
GWX SPDR S&P International Small Cap ETF	12.82%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%

Correlation

The correlation between FNDC and GWX 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	0.95
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 16, 2013	0.95

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

FNDC vs. GWX - Sectors Allocation Comparison

Sectors	FNDC	GWX
Industrials	25.8%	22.0%
Consumer Cyclical	12.8%	11.2%
Financial Services	11.5%	7.8%
Basic Materials	11.0%	14.5%
Technology	8.7%	15.1%
Real Estate	6.9%	7.2%
Consumer Defensive	6.3%	4.7%
Healthcare	4.9%	8.5%
Communication Services	4.8%	2.9%
Energy	4.6%	4.7%
Utilities	2.8%	1.3%

Return for Risk

FNDC vs. GWX — Risk / Return Rank

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

FNDC

FNDC Risk / Return Rank: 55
FNDC Sharpe Ratio Rank: 57
FNDC Sortino Ratio Rank: 57
FNDC Omega Ratio Rank: 56
FNDC Calmar Ratio Rank: 49
FNDC Martin Ratio Rank: 53

GWX

GWX Risk / Return Rank: 58
GWX Sharpe Ratio Rank: 61
GWX Sortino Ratio Rank: 60
GWX Omega Ratio Rank: 58
GWX Calmar Ratio Rank: 54
GWX Martin Ratio Rank: 59

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. GWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Co. Index ETF (FNDC) and SPDR S&P International Small Cap ETF (GWX). 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.

	FNDC	GWX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.02	-0.12
Sortino ratio: Return per unit of downside risk	2.68	2.79	-0.10
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.41	2.63	-0.22
Martin ratio: Return relative to average drawdown	9.02	10.19	-1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDC vs. GWX - Sharpe Ratio Comparison

The current FNDC Sharpe Ratio is 1.90, which is comparable to the GWX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FNDC and GWX, 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

	FNDC	GWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.02	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.35	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.44	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.23	+0.27

Drawdowns

FNDC vs. GWX - Drawdown Comparison

The maximum FNDC drawdown since its inception was -43.22%, smaller than the maximum GWX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for FNDC and GWX.

Drawdown Indicators

	FNDC	GWX	Difference
Max Drawdown Largest peak-to-trough decline	-43.22%	-63.25%	+20.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-11.91%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-12.98%	-14.73%	+1.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-34.58%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	-43.22%	-45.27%	+2.05%
Current Drawdown Current decline from peak	-1.68%	-1.96%	+0.28%
Average Drawdown Average peak-to-trough decline	-8.45%	-14.73%	+6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.07%	-0.09%

Volatility

FNDC vs. GWX - Volatility Comparison

The current volatility for Schwab Fundamental International Small Co. Index ETF (FNDC) is 4.55%, while SPDR S&P International Small Cap ETF (GWX) has a volatility of 5.12%. This indicates that FNDC experiences smaller price fluctuations and is considered to be less risky than GWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDC	GWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	5.12%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	12.85%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	15.54%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	16.74%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	17.36%	-0.56%

FNDC vs. GWX - Expense Ratio Comparison

FNDC has a 0.39% expense ratio, which is lower than GWX's 0.40% expense ratio.

Dividends

FNDC vs. GWX - Dividend Comparison

FNDC's dividend yield for the trailing twelve months is around 3.45%, more than GWX's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDC Schwab Fundamental International Small Co. Index ETF	3.45%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%
GWX SPDR S&P International Small Cap ETF	2.51%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%

Frequently Asked Questions

Can I hold both FNDC and GWX in my portfolio?

With a correlation of 0.94, FNDC and GWX 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 GWX?

GWX has higher volatility (5.12%) compared to FNDC (4.55%). In terms of maximum drawdown, FNDC dropped -43.22% vs GWX's -63.25%.

Which ETF is better, FNDC or GWX?

On 10-year performance, FNDC leads with 8.64% vs 7.61% for GWX. On fees, FNDC is cheaper at 0.39% per year. On volatility, FNDC has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDC or GWX?

Over the 10-year period, FNDC has performed better with a 8.64% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDC or GWX?

FNDC is cheaper with a 0.39% expense ratio, compared with 0.40% for GWX.

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

FNDC has the higher dividend yield at 3.45%, compared with 2.51% for GWX.

What is the main difference between FNDC and GWX?

FNDC tracks Russell RAFI Small Company Developed x US, while GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.39% for FNDC and 0.40% for GWX.

Which has better risk-adjusted returns?

GWX currently has the higher Sharpe Ratio (2.02 vs 1.90), 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.