FNDF vs. DGRO

Last updated Jun 18, 2026

FNDF (Schwab Fundamental International Equity ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, FNDF returned 12.05%/yr vs 13.42%/yr for DGRO. A 0.75 correlation means they provide meaningful diversification when combined. FNDF charges 0.25%/yr vs 0.08%/yr for DGRO.

Performance

FNDF vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Equity ETF (FNDF) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDF achieves a 19.13% return, which is significantly higher than DGRO's 9.00% return. Over the past 10 years, FNDF has underperformed DGRO with an annualized return of 12.05%, while DGRO has yielded a comparatively higher 13.42% annualized return.

FNDF

• 1D: -1.01%
• 1M: 1.74%
• YTD: 19.13%
• 6M: 21.69%
• 1Y: 42.19%
• 3Y*: 22.12%
• 5Y*: 13.97%
• 10Y*: 12.05%

DGRO

• 1D: -1.07%
• 1M: 2.07%
• YTD: 9.00%
• 6M: 9.32%
• 1Y: 23.07%
• 3Y*: 16.05%
• 5Y*: 11.42%
• 10Y*: 13.42%

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

FNDF vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Equity ETF	19.13%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
DGRO iShares Core Dividend Growth ETF	9.00%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between FNDF and DGRO is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.75

The correlation between FNDF and DGRO shifts across timeframes, from 0.65 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

FNDF vs. DGRO - Sectors Allocation Comparison

Sectors	FNDF	DGRO
Financial Services	16.2%	20.6%
Industrials	15.5%	10.4%
Technology	14.4%	22.0%
Basic Materials	11.3%	2.4%
Energy	10.9%	5.1%
Consumer Cyclical	10.8%	5.4%
Consumer Defensive	6.5%	11.1%
Healthcare	5.2%	16.5%
Communication Services	4.9%	0.1%
Utilities	3.5%	6.4%
Real Estate	0.8%	-

Return for Risk

FNDF vs. DGRO — Risk / Return Rank

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

FNDF

FNDF Risk / Return Rank: 84
FNDF Sharpe Ratio Rank: 88
FNDF Sortino Ratio Rank: 84
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 82
FNDF Martin Ratio Rank: 81

DGRO

DGRO Risk / Return Rank: 80
DGRO Sharpe Ratio Rank: 83
DGRO Sortino Ratio Rank: 86
DGRO Omega Ratio Rank: 80
DGRO Calmar Ratio Rank: 75
DGRO Martin Ratio Rank: 78

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.

FNDF vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) and iShares Core Dividend Growth ETF (DGRO). 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.

	FNDF	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.43	+0.23
Sortino ratio: Return per unit of downside risk	3.45	3.53	-0.08
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	4.00	3.58	+0.42
Martin ratio: Return relative to average drawdown	14.95	13.86	+1.09

FNDF vs. DGRO - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.66, which is comparable to the DGRO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FNDF and DGRO, 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

FNDF vs. DGRO - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for FNDF and DGRO.

Drawdown Indicators

	FNDF	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-35.10%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-6.47%	-4.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-14.03%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-19.31%	-6.25%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-35.10%	-5.04%
Current Drawdown Current decline from peak	-2.37%	-1.07%	-1.30%
Average Drawdown Average peak-to-trough decline	-7.63%	-3.43%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.67%	+1.16%

Volatility

FNDF vs. DGRO - Volatility Comparison

Schwab Fundamental International Equity ETF (FNDF) has a higher volatility of 6.43% compared to iShares Core Dividend Growth ETF (DGRO) at 2.68%. This indicates that FNDF's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	2.68%	+3.75%
Volatility (6M) Calculated over the trailing 6-month period	13.69%	7.00%	+6.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	9.57%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	13.84%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	16.63%	+1.07%

FNDF vs. DGRO - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNDF vs. DGRO - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 2.89%, more than DGRO's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.97%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
FNDF Schwab Fundamental International Equity ETF	2.89%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%

Frequently Asked Questions

Can I hold both FNDF and DGRO in my portfolio?

FNDF and DGRO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDF or DGRO?

FNDF has higher volatility (6.43%) compared to DGRO (2.68%). In terms of maximum drawdown, FNDF dropped -40.14% vs DGRO's -35.10%.

Which ETF is better, FNDF or DGRO?

On 10-year performance, DGRO leads with 13.42% vs 12.05% for FNDF. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or DGRO?

Over the 10-year period, DGRO has performed better with a 13.42% return vs 12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.25% for FNDF.

Which ETF pays a higher dividend yield, FNDF or DGRO?

FNDF has the higher dividend yield at 2.89%, compared with 1.97% for DGRO.

What is the main difference between FNDF and DGRO?

FNDF is categorized as Foreign Large Cap Equities, while DGRO is Large Cap Growth Equities. FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.25% for FNDF and 0.08% for DGRO.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.66 vs 2.43), 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.