FNDE vs. FNDA

Last updated Jul 21, 2026

FNDE (Schwab Fundamental Emerging Markets Equity ETF) and FNDA (Schwab Fundamental U.S. Small Company ETF) are both exchange-traded funds - FNDE is a Emerging Markets Equities fund tracking the RAFI Fundamental High Liquidity Emerging Markets Index (Net), while FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Over the past 10 years, FNDE returned 9.83%/yr vs 10.83%/yr for FNDA. A 0.61 correlation means they provide meaningful diversification when combined. FNDE charges 0.39%/yr vs 0.25%/yr for FNDA.

Performance

FNDE vs. FNDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Schwab Fundamental U.S. Small Company ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDE achieves a 12.14% return, which is significantly lower than FNDA's 19.19% return. Over the past 10 years, FNDE has underperformed FNDA with an annualized return of 9.83%, while FNDA has yielded a comparatively higher 10.83% annualized return.

FNDE

• 1D: 0.32%
• 1M: -1.23%
• 6M: 7.12%
• YTD: 12.14%
• 1Y: 24.57%
• 3Y*: 19.07%
• 5Y*: 10.23%
• 10Y*: 9.83%
• ALL TIME*: 7.00%

FNDA

• 1D: -0.69%
• 1M: 1.37%
• 6M: 10.86%
• YTD: 19.19%
• 1Y: 28.58%
• 3Y*: 14.05%
• 5Y*: 8.71%
• 10Y*: 10.83%
• ALL TIME*: 10.42%

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

FNDE vs. FNDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDE Schwab Fundamental Emerging Markets Equity ETF	12.14%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%
FNDA Schwab Fundamental U.S. Small Company ETF	19.19%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%

Correlation

The correlation between FNDE and FNDA is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.61

The correlation between FNDE and FNDA has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

FNDE vs. FNDA - Sectors Allocation Comparison

Sectors	FNDE	FNDA
Financial Services	25.0%	14.8%
Technology	22.3%	15.2%
Energy	13.2%	5.6%
Basic Materials	12.0%	4.3%
Consumer Cyclical	8.9%	12.4%
Communication Services	6.6%	3.7%
Industrials	4.6%	19.1%
Consumer Defensive	3.3%	3.9%
Utilities	2.4%	3.0%
Real Estate	1.4%	10.0%
Healthcare	0.4%	7.8%

Return for Risk

FNDE vs. FNDA — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 61
FNDE Sharpe Ratio Rank: 62
FNDE Sortino Ratio Rank: 58
FNDE Omega Ratio Rank: 62
FNDE Calmar Ratio Rank: 65
FNDE Martin Ratio Rank: 60

FNDA

FNDA Risk / Return Rank: 72
FNDA Sharpe Ratio Rank: 70
FNDA Sortino Ratio Rank: 73
FNDA Omega Ratio Rank: 66
FNDA Calmar Ratio Rank: 79
FNDA Martin Ratio Rank: 74

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.

FNDE vs. FNDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Schwab Fundamental U.S. Small Company ETF (FNDA). 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.

	FNDE	FNDA	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.68	-0.14
Sortino ratio: Return per unit of downside risk	2.10	2.48	-0.37
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.41	3.07	-0.65
Martin ratio: Return relative to average drawdown	7.74	9.90	-2.16

FNDE vs. FNDA - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 1.54, which is comparable to the FNDA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FNDE and FNDA, 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

FNDE vs. FNDA - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, roughly equal to the maximum FNDA drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for FNDE and FNDA.

Drawdown Indicators

	FNDE	FNDA	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-44.64%	+1.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-9.36%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-25.92%	+7.52%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-25.92%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-44.64%	+4.71%
Current Drawdown Current decline from peak	-4.52%	-1.76%	-2.76%
Average Drawdown Average peak-to-trough decline	-11.64%	-6.64%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.90%	+0.28%

Volatility

FNDE vs. FNDA - Volatility Comparison

Schwab Fundamental Emerging Markets Equity ETF (FNDE) has a higher volatility of 4.79% compared to Schwab Fundamental U.S. Small Company ETF (FNDA) at 3.51%. This indicates that FNDE's price experiences larger fluctuations and is considered to be riskier than FNDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDE	FNDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	3.51%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	13.61%	12.09%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.06%	17.10%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	20.74%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	22.32%	-3.19%

FNDE vs. FNDA - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is higher than FNDA's 0.25% expense ratio.

Dividends

FNDE vs. FNDA - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.69%, more than FNDA's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental U.S. Small Company ETF	1.11%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
FNDE Schwab Fundamental Emerging Markets Equity ETF	3.69%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%

Frequently Asked Questions

Can I hold both FNDE and FNDA in my portfolio?

FNDE and FNDA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDE or FNDA?

FNDE has higher volatility (4.79%) compared to FNDA (3.51%). In terms of maximum drawdown, FNDE dropped -43.55% vs FNDA's -44.64%.

Which ETF is better, FNDE or FNDA?

On 10-year performance, FNDA leads with 10.83% vs 9.83% for FNDE. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or FNDA?

Over the 10-year period, FNDA has performed better with a 10.83% return vs 9.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or FNDA?

FNDA is cheaper with a 0.25% expense ratio, compared with 0.39% for FNDE.

Which ETF pays a higher dividend yield, FNDE or FNDA?

FNDE has the higher dividend yield at 3.69%, compared with 1.11% for FNDA.

What is the main difference between FNDE and FNDA?

FNDE is categorized as Emerging Markets Equities, while FNDA is Small Cap Blend Equities. FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net), while FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index. Their fees differ too: 0.39% for FNDE and 0.25% for FNDA.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.68 vs 1.54), 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.