FNDE vs. IMFL

Last updated Jul 16, 2026

FNDE (Schwab Fundamental Emerging Markets Equity ETF) and IMFL (Invesco International Developed Dynamic Multifactor ETF) are both exchange-traded funds - FNDE is a Emerging Markets Equities fund tracking the RAFI Fundamental High Liquidity Emerging Markets Index (Net), while IMFL is a Global Equities fund tracking the FTSE Developed ex US Invesco Dynamic Multifactor Index. Both are passively managed. Over the past 5 years, FNDE returned 10.20%/yr vs 8.82%/yr for IMFL. A 0.71 correlation means they provide meaningful diversification when combined. FNDE charges 0.39%/yr vs 0.34%/yr for IMFL.

Performance

FNDE vs. IMFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco International Developed Dynamic Multifactor ETF (IMFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDE achieves a 13.31% return, which is significantly lower than IMFL's 15.24% return.

FNDE

• 1D: 0.57%
• 1M: -1.71%
• 6M: 7.89%
• YTD: 13.31%
• 1Y: 26.74%
• 3Y*: 19.15%
• 5Y*: 10.20%
• 10Y*: 10.04%

IMFL

• 1D: 1.35%
• 1M: -1.72%
• 6M: 11.79%
• YTD: 15.24%
• 1Y: 28.53%
• 3Y*: 15.62%
• 5Y*: 8.82%
• 10Y*: —

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

FNDE vs. IMFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNDE Schwab Fundamental Emerging Markets Equity ETF	13.31%	29.46%	12.10%	14.99%	-15.58%	5.77%
IMFL Invesco International Developed Dynamic Multifactor ETF	15.24%	30.89%	-3.57%	25.51%	-17.32%	7.00%

Correlation

The correlation between FNDE and IMFL is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021	0.71

The correlation between FNDE and IMFL has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

FNDE vs. IMFL - Sectors Allocation Comparison

Sectors	FNDE	IMFL
Technology	22.7%	16.3%
Financial Services	22.4%	10.8%
Basic Materials	10.7%	6.4%
Energy	10.5%	6.1%
Consumer Cyclical	8.4%	7.8%
Communication Services	5.5%	4.0%
Industrials	3.7%	19.0%
Consumer Defensive	3.0%	11.7%
Utilities	2.1%	4.0%
Real Estate	1.4%	1.6%
Healthcare	1.1%	12.4%

Return for Risk

FNDE vs. IMFL — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 63
FNDE Sharpe Ratio Rank: 63
FNDE Sortino Ratio Rank: 60
FNDE Omega Ratio Rank: 63
FNDE Calmar Ratio Rank: 65
FNDE Martin Ratio Rank: 61

IMFL

IMFL Risk / Return Rank: 62
IMFL Sharpe Ratio Rank: 64
IMFL Sortino Ratio Rank: 61
IMFL Omega Ratio Rank: 63
IMFL Calmar Ratio Rank: 61
IMFL Martin Ratio Rank: 61

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. IMFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco International Developed Dynamic Multifactor ETF (IMFL). 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	IMFL	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.69	-0.01
Sortino ratio: Return per unit of downside risk	2.27	2.31	-0.04
Omega ratio: Gain probability vs. loss probability	1.31	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.63	2.43	+0.19
Martin ratio: Return relative to average drawdown	8.52	8.49	+0.04

FNDE vs. IMFL - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 1.68, which is comparable to the IMFL Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FNDE and IMFL, 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. IMFL - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, which is greater than IMFL's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for FNDE and IMFL.

Drawdown Indicators

	FNDE	IMFL	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-33.26%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-11.77%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-13.52%	-4.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-33.26%	+3.82%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	—	—
Current Drawdown Current decline from peak	-3.52%	-2.72%	-0.80%
Average Drawdown Average peak-to-trough decline	-11.65%	-7.13%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.37%	-0.23%

Volatility

FNDE vs. IMFL - Volatility Comparison

Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco International Developed Dynamic Multifactor ETF (IMFL) have volatilities of 5.15% and 5.31%, 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

	FNDE	IMFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	5.31%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	14.71%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	16.96%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	16.26%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	16.14%	+2.99%

FNDE vs. IMFL - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is higher than IMFL's 0.34% expense ratio.

Dividends

FNDE vs. IMFL - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.65%, more than IMFL's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Equity ETF	3.65%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
IMFL Invesco International Developed Dynamic Multifactor ETF	2.94%	2.88%	3.56%	3.85%	3.35%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNDE and IMFL in my portfolio?

FNDE and IMFL have a correlation of 0.73, 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 IMFL?

IMFL has higher volatility (5.31%) compared to FNDE (5.15%). In terms of maximum drawdown, FNDE dropped -43.55% vs IMFL's -33.26%.

Which ETF is better, FNDE or IMFL?

On 5-year performance, FNDE leads with 10.20% vs 8.82% for IMFL. On fees, IMFL is cheaper at 0.34% per year. On volatility, FNDE has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or IMFL?

Over the 5-year period, FNDE has performed better with a 10.20% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or IMFL?

IMFL is cheaper with a 0.34% expense ratio, compared with 0.39% for FNDE.

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

FNDE has the higher dividend yield at 3.65%, compared with 2.94% for IMFL.

What is the main difference between FNDE and IMFL?

FNDE is categorized as Emerging Markets Equities, while IMFL is Global Equities. FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net), while IMFL tracks FTSE Developed ex US Invesco Dynamic Multifactor Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.39% for FNDE and 0.34% for IMFL.

Which has better risk-adjusted returns?

IMFL currently has the higher Sharpe Ratio (1.69 vs 1.68), 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.