FNDF vs. FEZ

Last updated Jul 21, 2026

FNDF (Schwab Fundamental International Equity ETF) and FEZ (State Street SPDR EURO STOXX 50 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 FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, FNDF returned 11.49%/yr vs 10.83%/yr for FEZ. Their correlation of 0.90 suggests significant overlap in exposure. FNDF charges 0.25%/yr vs 0.29%/yr for FEZ.

Performance

FNDF vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Equity ETF (FNDF) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDF achieves a 16.58% return, which is significantly higher than FEZ's 6.18% return. Over the past 10 years, FNDF has outperformed FEZ with an annualized return of 11.49%, while FEZ has yielded a comparatively lower 10.83% annualized return.

FNDF

• 1D: -0.63%
• 1M: -2.61%
• 6M: 11.64%
• YTD: 16.58%
• 1Y: 35.80%
• 3Y*: 20.51%
• 5Y*: 13.79%
• 10Y*: 11.49%
• ALL TIME*: 8.84%

FEZ

• 1D: -0.80%
• 1M: -2.56%
• 6M: 2.67%
• YTD: 6.18%
• 1Y: 16.45%
• 3Y*: 15.93%
• 5Y*: 11.10%
• 10Y*: 10.83%
• ALL TIME*: 7.67%

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

FNDF vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Equity ETF	16.58%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
FEZ State Street SPDR EURO STOXX 50 ETF	6.18%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between FNDF and FEZ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.90

The correlation between FNDF and FEZ has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

FNDF vs. FEZ - Sectors Allocation Comparison

Sectors	FNDF	FEZ
Financial Services	20.1%	26.2%
Industrials	12.6%	22.1%
Technology	11.9%	16.6%
Energy	10.1%	4.5%
Basic Materials	9.9%	3.5%
Consumer Cyclical	8.5%	9.5%
Consumer Defensive	6.3%	5.6%
Healthcare	5.9%	5.3%
Utilities	4.3%	4.9%
Communication Services	3.5%	1.9%
Real Estate	0.9%	-

Return for Risk

FNDF vs. FEZ — Risk / Return Rank

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

FNDF

FNDF Risk / Return Rank: 85
FNDF Sharpe Ratio Rank: 88
FNDF Sortino Ratio Rank: 85
FNDF Omega Ratio Rank: 86
FNDF Calmar Ratio Rank: 84
FNDF Martin Ratio Rank: 83

FEZ

FEZ Risk / Return Rank: 33
FEZ Sharpe Ratio Rank: 33
FEZ Sortino Ratio Rank: 33
FEZ Omega Ratio Rank: 31
FEZ Calmar Ratio Rank: 32
FEZ Martin Ratio Rank: 37

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. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.90	+1.32
Sortino ratio: Return per unit of downside risk	2.94	1.37	+1.56
Omega ratio: Gain probability vs. loss probability	1.40	1.16	+0.24
Calmar ratio: Return relative to maximum drawdown	3.39	1.21	+2.18
Martin ratio: Return relative to average drawdown	11.89	4.15	+7.73

FNDF vs. FEZ - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.22, which is higher than the FEZ Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of FNDF and FEZ, 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. FEZ - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for FNDF and FEZ.

Drawdown Indicators

	FNDF	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-64.21%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-13.63%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-15.85%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-35.05%	+9.49%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-39.69%	-0.45%
Current Drawdown Current decline from peak	-4.46%	-3.38%	-1.08%
Average Drawdown Average peak-to-trough decline	-7.60%	-16.99%	+9.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.97%	-0.95%

Volatility

FNDF vs. FEZ - Volatility Comparison

Schwab Fundamental International Equity ETF (FNDF) and State Street SPDR EURO STOXX 50 ETF (FEZ) have volatilities of 4.42% and 4.58%, 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

	FNDF	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	4.58%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	15.84%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	18.46%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	20.66%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	20.68%	-3.27%

FNDF vs. FEZ - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is lower than FEZ's 0.29% expense ratio.

Dividends

FNDF vs. FEZ - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 3.12%, more than FEZ's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.65%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
FNDF Schwab Fundamental International Equity ETF	3.12%	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 FEZ in my portfolio?

FNDF and FEZ have a correlation of 0.86, 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 FEZ?

FEZ has higher volatility (4.58%) compared to FNDF (4.42%). In terms of maximum drawdown, FNDF dropped -40.14% vs FEZ's -64.21%.

Which ETF is better, FNDF or FEZ?

On 10-year performance, FNDF leads with 11.49% vs 10.83% for FEZ. On fees, FNDF is cheaper at 0.25% per year. On volatility, FNDF has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or FEZ?

Over the 10-year period, FNDF has performed better with a 11.49% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or FEZ?

FNDF is cheaper with a 0.25% expense ratio, compared with 0.29% for FEZ.

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

FNDF has the higher dividend yield at 3.12%, compared with 2.65% for FEZ.

What is the main difference between FNDF and FEZ?

FNDF is categorized as Foreign Large Cap Equities, while FEZ is Europe Equities. FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.25% for FNDF and 0.29% for FEZ.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.22 vs 0.90), 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.