FNDE vs. SSHQX

Last updated Jun 4, 2026

FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both funds - FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index, while SSHQX is a Foreign Large Cap Equities fund managed by State Street. Over the past 10 years, FNDE returned 11.28%/yr vs -10.86%/yr for SSHQX. A 0.62 correlation means they provide meaningful diversification when combined. FNDE charges 0.39%/yr vs 0.20%/yr for SSHQX.

Performance

FNDE vs. SSHQX - 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 State Street Hedged International Developed Equity Index Fund (SSHQX). 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 SSHQX's 10.20% return. Over the past 10 years, FNDE has outperformed SSHQX with an annualized return of 11.28%, while SSHQX has yielded a comparatively lower -10.86% 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%

SSHQX

• 1D: 0.43%
• 1M: 4.39%
• YTD: 10.20%
• 6M: 12.92%
• 1Y: 24.83%
• 3Y*: 18.08%
• 5Y*: 13.32%
• 10Y*: -10.86%

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

FNDE vs. SSHQX - 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%
SSHQX State Street Hedged International Developed Equity Index Fund	10.20%	23.42%	13.71%	19.74%	-4.73%	19.32%	-89.75%	24.83%	-9.27%	16.85%

Correlation

The correlation between FNDE and SSHQX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.62

The correlation between FNDE and SSHQX has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

FNDE vs. SSHQX — 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

SSHQX

SSHQX Risk / Return Rank: 50
SSHQX Sharpe Ratio Rank: 50
SSHQX Sortino Ratio Rank: 48
SSHQX Omega Ratio Rank: 55
SSHQX Calmar Ratio Rank: 45
SSHQX Martin Ratio Rank: 52

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. SSHQX - 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 State Street Hedged International Developed Equity Index Fund (SSHQX). 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	SSHQX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.09	+0.38
Sortino ratio: Return per unit of downside risk	3.28	2.93	+0.34
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.04
Calmar ratio: Return relative to maximum drawdown	3.62	2.56	+1.07
Martin ratio: Return relative to average drawdown	13.71	10.66	+3.06
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. SSHQX - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 2.47, which is comparable to the SSHQX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FNDE and SSHQX, 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	SSHQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.09	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	1.00	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	-0.34	+0.92
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	-0.34	+0.71

Drawdowns

FNDE vs. SSHQX - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, smaller than the maximum SSHQX drawdown of -92.12%. Use the drawdown chart below to compare losses from any high point for FNDE and SSHQX.

Drawdown Indicators

	FNDE	SSHQX	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-92.12%	+48.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-9.69%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-13.99%	-4.41%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-14.79%	-14.65%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-92.12%	+52.19%
Current Drawdown Current decline from peak	-1.61%	-78.98%	+77.37%
Average Drawdown Average peak-to-trough decline	-11.71%	-52.29%	+40.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.32%	+0.38%

Volatility

FNDE vs. SSHQX - Volatility Comparison

Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) has a higher volatility of 5.34% compared to State Street Hedged International Developed Equity Index Fund (SSHQX) at 3.49%. This indicates that FNDE's price experiences larger fluctuations and is considered to be riskier than SSHQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDE	SSHQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	3.49%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	9.73%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	11.84%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	13.42%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	32.24%	-12.94%

FNDE vs. SSHQX - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is higher than SSHQX's 0.20% expense ratio.

Dividends

FNDE vs. SSHQX - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.62%, more than SSHQX's 3.27% 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%
SSHQX State Street Hedged International Developed Equity Index Fund	3.27%	3.60%	3.11%	3.77%	22.27%	2.93%	2.03%	5.14%	7.33%	3.12%	4.30%	0.00%

Frequently Asked Questions

Can I hold both FNDE and SSHQX in my portfolio?

FNDE and SSHQX have a correlation of 0.59, 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 SSHQX?

FNDE has higher volatility (5.34%) compared to SSHQX (3.49%). In terms of maximum drawdown, FNDE dropped -43.55% vs SSHQX's -92.12%.

Which has better risk-adjusted returns?

FNDE currently has the higher Sharpe Ratio (2.47 vs 2.09), 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.