FNDF vs. MIOIX

Last updated Apr 5, 2026

Compare and contrast key facts about Schwab Fundamental International Large Company Index ETF (FNDF) and Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX).

FNDF is a passively managed fund by Charles Schwab that tracks the performance of the Russell Fundamental Developed ex-U.S. Large Company Index. It was launched on Aug 15, 2013. MIOIX is managed by T. Rowe Price. It was launched on Mar 30, 2010.

Performance

FNDF vs. MIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Large Company Index ETF (FNDF) and Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDF achieves a 8.87% return, which is significantly higher than MIOIX's -9.76% return. Over the past 10 years, FNDF has outperformed MIOIX with an annualized return of 11.19%, while MIOIX has yielded a comparatively lower 8.63% annualized return.

FNDF

• 1D: -0.53%
• 1M: 0.35%
• YTD: 8.87%
• 6M: 15.94%
• 1Y: 53.22%
• 3Y*: 20.19%
• 5Y*: 12.57%
• 10Y*: 11.19%

MIOIX

• 1D: -0.85%
• 1M: -6.74%
• YTD: -9.76%
• 6M: -13.93%
• 1Y: 7.60%
• 3Y*: 8.14%
• 5Y*: -5.20%
• 10Y*: 8.63%

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

FNDF vs. MIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Large Company Index ETF	8.87%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	-9.76%	12.64%	19.32%	21.11%	-43.76%	-5.25%	55.49%	35.20%	-12.03%	53.41%

Correlation

The correlation between FNDF and MIOIX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

FNDF vs. MIOIX - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is lower than MIOIX's 1.00% expense ratio.

MIOIX

Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio

FNDF

Schwab Fundamental International Large Company Index ETF

Return for Risk

FNDF vs. MIOIX — Risk / Return Rank

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

FNDF

FNDF Risk / Return Rank: 92
FNDF Sharpe Ratio Rank: 94
FNDF Sortino Ratio Rank: 94
FNDF Omega Ratio Rank: 94
FNDF Calmar Ratio Rank: 90
FNDF Martin Ratio Rank: 90

MIOIX

MIOIX Risk / Return Rank: 3
MIOIX Sharpe Ratio Rank: 3
MIOIX Sortino Ratio Rank: 3
MIOIX Omega Ratio Rank: 3
MIOIX Calmar Ratio Rank: 4
MIOIX Martin Ratio Rank: 4

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. MIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Large Company Index ETF (FNDF) and Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX). 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.

	FNDF	MIOIX	Difference
Sharpe ratio Return per unit of total volatility	2.33	-0.07	+2.40
Sortino ratio Return per unit of downside risk	3.04	0.04	+3.00
Omega ratio Gain probability vs. loss probability	1.46	1.01	+0.46
Calmar ratio Return relative to maximum drawdown	3.68	-0.03	+3.71
Martin ratio Return relative to average drawdown	14.10	-0.11	+14.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDF vs. MIOIX - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.33, which is higher than the MIOIX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of FNDF and MIOIX, 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

	FNDF	MIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	-0.07	+2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	-0.21	+1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.39	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.43	+0.06

Drawdowns

FNDF vs. MIOIX - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum MIOIX drawdown of -60.88%. Use the drawdown chart below to compare losses from any high point for FNDF and MIOIX.

Drawdown Indicators

	FNDF	MIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-60.88%	+20.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-18.50%	+7.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-56.75%	+31.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-60.88%	+20.74%
Current Drawdown Current decline from peak	-6.71%	-33.72%	+27.01%
Average Drawdown Average peak-to-trough decline	-7.72%	-15.70%	+7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	5.43%	-2.54%

Volatility

FNDF vs. MIOIX - Volatility Comparison

The current volatility for Schwab Fundamental International Large Company Index ETF (FNDF) is 7.11%, while Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) has a volatility of 8.89%. This indicates that FNDF experiences smaller price fluctuations and is considered to be less risky than MIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	MIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	8.89%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	14.77%	-3.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	20.42%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	24.83%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	21.93%	-4.29%

Dividends

FNDF vs. MIOIX - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 3.16%, while MIOIX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Large Company Index ETF	3.16%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	0.00%	0.00%	0.16%	0.00%	9.25%	2.13%	0.24%	0.00%	0.24%	1.63%	0.02%	3.15%