FNDE vs. IVAL

Last updated Jun 4, 2026

FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) and IVAL (Alpha Architect International Quantitative Value ETF) are both exchange-traded funds - FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index, while IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect. FNDE is passively managed, while IVAL is actively managed. Over the past 10 years, FNDE returned 11.28%/yr vs 8.01%/yr for IVAL. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

FNDE vs. IVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) and Alpha Architect International Quantitative Value ETF (IVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDE achieves a 15.56% return, which is significantly higher than IVAL's 13.29% return. Over the past 10 years, FNDE has outperformed IVAL with an annualized return of 11.28%, while IVAL has yielded a comparatively lower 8.01% annualized return.

FNDE

• 1D: -1.61%
• 1M: 3.09%
• YTD: 15.56%
• 6M: 16.15%
• 1Y: 36.88%
• 3Y*: 21.61%
• 5Y*: 9.57%
• 10Y*: 11.28%

IVAL

• 1D: -0.50%
• 1M: 3.49%
• YTD: 13.29%
• 6M: 16.64%
• 1Y: 32.20%
• 3Y*: 19.90%
• 5Y*: 8.36%
• 10Y*: 8.01%

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

FNDE vs. IVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	15.56%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%
IVAL Alpha Architect International Quantitative Value ETF	13.29%	34.92%	-0.71%	20.61%	-10.06%	-0.22%	-4.94%	21.26%	-22.50%	31.03%

Correlation

The correlation between FNDE and IVAL is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 18, 2014	0.67

The correlation between FNDE and IVAL has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

FNDE vs. IVAL - Sectors Allocation Comparison

Sectors	FNDE	IVAL
Financial Services	23.8%	-
Technology	18.7%	3.9%
Energy	15.5%	11.6%
Basic Materials	13.6%	21.2%
Consumer Cyclical	9.5%	23.5%
Communication Services	6.6%	2.1%
Industrials	4.7%	28.5%
Consumer Defensive	3.1%	7.4%
Utilities	2.5%	-
Real Estate	1.5%	-
Healthcare	0.5%	1.8%

Return for Risk

FNDE vs. IVAL — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 72
FNDE Sharpe Ratio Rank: 74
FNDE Sortino Ratio Rank: 71
FNDE Omega Ratio Rank: 74
FNDE Calmar Ratio Rank: 72
FNDE Martin Ratio Rank: 72

IVAL

IVAL Risk / Return Rank: 61
IVAL Sharpe Ratio Rank: 63
IVAL Sortino Ratio Rank: 63
IVAL Omega Ratio Rank: 62
IVAL Calmar Ratio Rank: 58
IVAL Martin Ratio Rank: 57

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. IVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) and Alpha Architect International Quantitative Value ETF (IVAL). 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.

	FNDE	IVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.11	+0.36
Sortino ratio: Return per unit of downside risk	3.28	2.96	+0.32
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	3.62	2.88	+0.75
Martin ratio: Return relative to average drawdown	13.71	10.17	+3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDE vs. IVAL - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 2.47, which is comparable to the IVAL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FNDE and IVAL, 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

	FNDE	IVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.11	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.47	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.43	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.34	+0.03

Drawdowns

FNDE vs. IVAL - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, smaller than the maximum IVAL drawdown of -46.09%. Use the drawdown chart below to compare losses from any high point for FNDE and IVAL.

Drawdown Indicators

	FNDE	IVAL	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-46.09%	+2.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-11.24%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-14.92%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-31.01%	+1.57%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-46.09%	+6.16%
Current Drawdown Current decline from peak	-1.61%	-2.94%	+1.33%
Average Drawdown Average peak-to-trough decline	-11.71%	-12.00%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.18%	-0.48%

Volatility

FNDE vs. IVAL - Volatility Comparison

Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) has a higher volatility of 5.34% compared to Alpha Architect International Quantitative Value ETF (IVAL) at 3.82%. This indicates that FNDE's price experiences larger fluctuations and is considered to be riskier than IVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDE	IVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	3.82%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	12.00%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	15.37%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	17.74%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	18.84%	+0.46%

FNDE vs. IVAL - Expense Ratio Comparison

Both FNDE and IVAL have an expense ratio of 0.39%.

Dividends

FNDE vs. IVAL - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.62%, more than IVAL's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	3.62%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
IVAL Alpha Architect International Quantitative Value ETF	2.66%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%

Frequently Asked Questions

Can I hold both FNDE and IVAL in my portfolio?

FNDE and IVAL have a correlation of 0.63, 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 IVAL?

FNDE has higher volatility (5.34%) compared to IVAL (3.82%). In terms of maximum drawdown, FNDE dropped -43.55% vs IVAL's -46.09%.

Which ETF is better, FNDE or IVAL?

On 10-year performance, FNDE leads with 11.28% vs 8.01% for IVAL. Both ETFs have the same 0.39% expense ratio. On volatility, IVAL has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or IVAL?

Over the 10-year period, FNDE has performed better with a 11.28% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or IVAL?

FNDE and IVAL have the same expense ratio: 0.39% per year.

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

FNDE has the higher dividend yield at 3.62%, compared with 2.66% for IVAL.

What is the main difference between FNDE and IVAL?

FNDE is categorized as Emerging Markets Equities, while IVAL is Foreign Large Cap Equities. They also come from different issuers: Charles Schwab and Alpha Architect.

Which has better risk-adjusted returns?

FNDE currently has the higher Sharpe Ratio (2.47 vs 2.11), 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.