FNDF vs. PIZ

Last updated Apr 1, 2026

Compare and contrast key facts about Schwab Fundamental International Large Company Index ETF (FNDF) and Invesco DWA Developed Markets Momentum ETF (PIZ).

FNDF and PIZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. PIZ is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Developed Markets Technical Leaders Index. It was launched on Dec 28, 2007. Both FNDF and PIZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FNDF vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Large Company Index ETF (FNDF) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

FNDF vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Large Company Index ETF	8.23%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
PIZ Invesco DWA Developed Markets Momentum ETF	1.42%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Returns By Period

In the year-to-date period, FNDF achieves a 8.23% return, which is significantly higher than PIZ's 1.42% return. Over the past 10 years, FNDF has outperformed PIZ with an annualized return of 11.09%, while PIZ has yielded a comparatively lower 9.66% annualized return.

FNDF

• 1D: 2.95%
• 1M: -7.26%
• YTD: 8.23%
• 6M: 17.33%
• 1Y: 40.22%
• 3Y*: 20.38%
• 5Y*: 12.44%
• 10Y*: 11.09%

PIZ

• 1D: 4.43%
• 1M: -10.41%
• YTD: 1.42%
• 6M: 4.63%
• 1Y: 32.20%
• 3Y*: 20.23%
• 5Y*: 9.25%
• 10Y*: 9.66%

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

FNDF vs. PIZ - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is lower than PIZ's 0.80% expense ratio.

PIZ

Invesco DWA Developed Markets Momentum ETF

FNDF

Schwab Fundamental International Large Company Index ETF

Return for Risk

FNDF vs. PIZ — Risk / Return Rank

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

FNDF

FNDF Risk / Return Rank: 95
FNDF Sharpe Ratio Rank: 95
FNDF Sortino Ratio Rank: 95
FNDF Omega Ratio Rank: 95
FNDF Calmar Ratio Rank: 94
FNDF Martin Ratio Rank: 94

PIZ

PIZ Risk / Return Rank: 82
PIZ Sharpe Ratio Rank: 81
PIZ Sortino Ratio Rank: 83
PIZ Omega Ratio Rank: 81
PIZ Calmar Ratio Rank: 81
PIZ Martin Ratio Rank: 83

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. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Large Company Index ETF (FNDF) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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	PIZ	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.51	+0.80
Sortino ratio Return per unit of downside risk	3.02	2.11	+0.91
Omega ratio Gain probability vs. loss probability	1.46	1.31	+0.16
Calmar ratio Return relative to maximum drawdown	3.52	2.19	+1.33
Martin ratio Return relative to average drawdown	13.78	9.18	+4.60
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. PIZ - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.31, which is higher than the PIZ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of FNDF and PIZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FNDF	PIZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.51	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.48	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.50	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.25	+0.24

Correlation

The correlation between FNDF and PIZ is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FNDF vs. PIZ - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 3.18%, more than PIZ's 1.54% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Large Company Index ETF	3.18%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
PIZ Invesco DWA Developed Markets Momentum ETF	1.54%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Drawdowns

FNDF vs. PIZ - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for FNDF and PIZ.

Drawdown Indicators

	FNDF	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-60.61%	+20.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-14.35%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-40.93%	+15.37%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-40.93%	+0.79%
Current Drawdown Current decline from peak	-7.26%	-10.56%	+3.30%
Average Drawdown Average peak-to-trough decline	-7.72%	-14.99%	+7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.42%	-0.59%

Volatility

FNDF vs. PIZ - Volatility Comparison

The current volatility for Schwab Fundamental International Large Company Index ETF (FNDF) is 8.06%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 10.37%. This indicates that FNDF experiences smaller price fluctuations and is considered to be less risky than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	10.37%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	14.75%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	21.44%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	19.44%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	19.32%	-1.68%