FNDE vs. PXF

Last updated Jun 13, 2026

FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index, while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, FNDE returned 11.35%/yr vs 12.26%/yr for PXF. A 0.78 correlation means they provide meaningful diversification when combined. FNDE charges 0.39%/yr vs 0.45%/yr for PXF.

Performance

FNDE vs. PXF - 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 Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDE achieves a 13.70% return, which is significantly lower than PXF's 18.79% return. Over the past 10 years, FNDE has underperformed PXF with an annualized return of 11.35%, while PXF has yielded a comparatively higher 12.26% annualized return.

FNDE

• 1D: 0.66%
• 1M: -0.85%
• YTD: 13.70%
• 6M: 15.79%
• 1Y: 29.82%
• 3Y*: 19.78%
• 5Y*: 9.29%
• 10Y*: 11.35%

PXF

• 1D: 0.34%
• 1M: 0.89%
• YTD: 18.79%
• 6M: 20.98%
• 1Y: 39.76%
• 3Y*: 23.81%
• 5Y*: 13.18%
• 10Y*: 12.26%

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

FNDE vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	13.70%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	18.79%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between FNDE and PXF is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.78

The correlation between FNDE and PXF has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

FNDE vs. PXF - Sectors Allocation Comparison

Sectors	FNDE	PXF
Financial Services	23.8%	19.7%
Technology	18.7%	11.4%
Energy	15.5%	10.6%
Basic Materials	13.6%	10.1%
Consumer Cyclical	9.5%	10.2%
Communication Services	6.6%	4.3%
Industrials	4.7%	15.1%
Consumer Defensive	3.1%	6.1%
Utilities	2.5%	3.6%
Real Estate	1.5%	1.8%
Healthcare	0.5%	7.2%

Return for Risk

FNDE vs. PXF — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 67
FNDE Sharpe Ratio Rank: 68
FNDE Sortino Ratio Rank: 65
FNDE Omega Ratio Rank: 69
FNDE Calmar Ratio Rank: 67
FNDE Martin Ratio Rank: 67

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

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. PXF - 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 Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). 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	PXF	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.47	-0.55
Sortino ratio: Return per unit of downside risk	2.58	3.25	-0.67
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.09
Calmar ratio: Return relative to maximum drawdown	2.93	3.66	-0.73
Martin ratio: Return relative to average drawdown	10.67	13.76	-3.08

FNDE vs. PXF - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 1.92, which is comparable to the PXF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FNDE and PXF, 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. PXF - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for FNDE and PXF.

Drawdown Indicators

	FNDE	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-64.74%	+21.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-10.91%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-14.06%	-4.34%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-26.82%	-2.62%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-41.59%	+1.66%
Current Drawdown Current decline from peak	-3.19%	-2.04%	-1.15%
Average Drawdown Average peak-to-trough decline	-11.69%	-15.25%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.90%	-0.10%

Volatility

FNDE vs. PXF - Volatility Comparison

The current volatility for Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) is 6.30%, while Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a volatility of 6.76%. This indicates that FNDE experiences smaller price fluctuations and is considered to be less risky than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDE	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	6.76%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	13.95%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	16.18%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	16.62%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	18.07%	+1.23%

FNDE vs. PXF - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is lower than PXF's 0.45% expense ratio.

Dividends

FNDE vs. PXF - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.68%, more than PXF's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	3.68%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.12%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Frequently Asked Questions

Can I hold both FNDE and PXF in my portfolio?

FNDE and PXF have a correlation of 0.80, 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 PXF?

PXF has higher volatility (6.76%) compared to FNDE (6.30%). In terms of maximum drawdown, FNDE dropped -43.55% vs PXF's -64.74%.

Which ETF is better, FNDE or PXF?

On 10-year performance, PXF leads with 12.26% vs 11.35% for FNDE. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 6.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or PXF?

Over the 10-year period, PXF has performed better with a 12.26% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or PXF?

FNDE is cheaper with a 0.39% expense ratio, compared with 0.45% for PXF.

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

FNDE has the higher dividend yield at 3.68%, compared with 3.12% for PXF.

What is the main difference between FNDE and PXF?

FNDE is categorized as Emerging Markets Equities, while PXF is Foreign Large Cap Equities. FNDE tracks Russell Fundamental Emerging Markets Large Company Index, while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.39% for FNDE and 0.45% for PXF.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.47 vs 1.92), 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.